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Chapter 41

An Overview of Corporate Governance


Practices in Mauritius

Robert W. McGee

Introduction

The World Bank has published a series of reports on corporate governance as part of
its project on the Reports on the Observance of Standards and Codes (ROSC). The
corporate governance principles in ROSC are benchmarked against the OECD’s
Principles of Corporate Governance (OECD, 2004). The main categories of
principles are discussed below.

Methodology

The corporate governance topics discussed in the World Bank’s ROSC were classi-
fied into categories based on the extent of compliance with the OECD’s Principles
of Corporate Governance (OECD, 2004). Points were then assigned to each category,
as follows:

O = Observed = 5 points
LO = Largely Observed = 4 points
PO = Partially Observed = 3 points
MNO = Materially Not Observed = 2 points
NO = Not Observed = 1 point

Summary of Findings

Table 41.1 summarizes the scores in the various categories. The table categorizes
compliance with corporate governance principles into five categories.

R.W. McGee ( )
Florida International University, Miami, FL, USA
e-mail: bob414@hotmail.com

R.W. McGee (ed.), Corporate Governance in Developing Economies, 279


DOI 10.1007/978-0-387-84833-4_41, © Springer Science+Business Media, LLC 2009
280 R.W. McGee

Table 41.1 Summary of scores by category


O LO PO MNO NO
I Rights of shareholders
A Protect shareholder rights X
B Shareholders have the right to participate in, X
and to be sufficiently informed on, decisions
concerning fundamental corporate changes
C Shareholders should have the opportunity to X
participate effectively and vote in general
shareholder meetings
D Capital structures and arrangements that allow X
disproportionate control
E Markets for corporate control should be allowed to X
function in an efficient and transparent manner
F Shareholders should consider the costs and X
benefits of exercising their voting rights
II Equitable treatment of shareholders
A The corporate governance framework should X
ensure the equitable treatment of all
shareholders, including minority and
foreign shareholders
B Insider trading and abusive self-dealing should X
be prohibited
C Board members and managers should be required X
to disclose material interests in transactions
or matters affecting the corporation
III Role of stakeholders in corporate governance
A The corporate governance framework should X
recognize the rights of stakeholders
B Stakeholders should have the opportunity to X
obtain effective redress for violation of their
rights
C The corporate governance framework should X
permit performance-enhancement
mechanisms for stakeholder participation
D Stakeholders should have access to relevant X
information
IV Disclosure and transparency
A The corporate governance framework should X
ensure that timely and accurate disclosure is
made on all material matters
B Information should be prepared, audited, and X
disclosed in accordance with high quality
standards of accounting, financial and
nonfinancial disclosure, and audit
C An independent audit should be conducted by X
an independent auditor
D Channels for disseminating information should X
provide for fair, timely, and cost-effective
access to relevant information by users