воскресенье, 16 июля 2017 г.
Методология оценки реализации принципов группы G20/ОЭСР по корпоративному управлению
A historical account of corporate governance in a country is not intended. Among the most important forces to be considered would appear to be the recent pattern of privatisation (especially in transition economies), industrial policy and especially protection against imports, all of which have often led to highly concentrated and leveraged ownership and control, together with tight interest group representation, an emphasis on good contacts with some authorities (often termed rent seeking behaviour), and weak minority rights. Other influences include the tax treatment of intercorporate dividends and capital gains if company investments are liquidated, the tax treatment of capital gains and dividend distributions to shareholders by companies, and the nature of inheritance taxes. Thus the absence of taxes on inter-company dividends has facilitated the development of corporate groups and especially those taking the form of pyramids in many jurisdictions, while in others taxes have been used to discourage the formation of such groups.
The development of corporate groups might also have been influenced by policy with respect to sharing of tax losses and provisions making easier and more efficient the movement of capital or goods between and among member companies. Other policy-related systemic factors include the legal and regulatory provisions governing the ownership and control relationships of listed companies with banks and other financial institutions and institutional investors that also set the backdrop to what are likely to be the key corporate governance issues.