Corporate Governance In Development: The Experiences Of by Charles P. Oman

By Charles P. Oman

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Extra info for Corporate Governance In Development: The Experiences Of Brazil, Chile, India, And South Africa (Oecd Development Centre)

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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.

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