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Extra info for Corporate Governance In Development: The Experiences Of Brazil, Chile, India, And South Africa (Oecd Development Centre)
Along with measures to enhance protection of minority shareholders’ rights and others to strengthen corporate governance per se. In the real economy, policy-makers must simultaneously give attention to three sets of institutions: • the institutions of corporate governance per se (see the Annex); • the institutions of market competition; • the institutions of regulation that are generally required in certain non-financial sectors (notably such infrastructure network industries as telecommunications, electricity, gas, water and rail, land and air transportation) including many where major state-owned corporations have recently been privatized.
3 per cent of the total capital. It would be difficult to say which of these instruments – dual-class shares and pyramid structures – is more important for corporate control in Brazil. What can be said is that combined they provide an efficient method for a large shareholder to ensure control over a group of firms with a small percentage of total capital. Complicated ownership structures were also created in some cases for purposes of tax planning. A second issue, in the case of family-controlled firms, is the separation of ownership and management.
Foreign direct investment has come to dominate 2003 © CIPE and OECD 41 CORPORATE GOVERNANCE IN DEVELOPMENT important services and infrastructure sectors that produce non-tradables and therefore cannot export – and because they are quite profitable those sectors will tend to generate a continuous outflow of profits, royalties and other income remittances, overburdening the country’s balance of payments. Brazilianowned corporations remain dominant almost only in industrial sectors of low value-added activity (commodities) and in other sectors of lower profitability.