Business and Economics > Corporate Governance

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International Monetary Fund. Fiscal Affairs Dept.
Over the past decades the Republic of Armenia has implemented significant reforms to reduce the state footprint in their economy and to improve the performance of the State Owned Enterprises (SOEs) where the Government intends to retain ownership. The Government has taken concrete steps focusing on improving the financial transparency and fiscal viability of SOEs. This report discusses how the Government can further strengthen the SOE financial accountability, transparency and oversight, and SOEs corporate governance in line with good international practices. These measures should be combined with further efforts in reducing the number of SOEs, focusing on those that do not align with the Government strategic priorities and the state ownership policy.
International Monetary Fund. Fiscal Affairs Dept.
Cyprus’s government has enhanced financial oversight and governance of public entities over the past decade. Several legal and administrative measures have been implemented to support the oversight functions of the Ministry of Finance and introduce elements of good governance and accountability of public entities. As a result, the liabilities of public entities have remained stable and government guarantees have decreased. Looking ahead, the government plans to further strengthen the governance of public entities in line with best international practices. This report provides practical recommendations for improving corporate governance, enhancing accountability practices in public entities, and strengthening their financial oversight.
Mr. Tobias Adrian, Ms. Marina Moretti, Ana Carvalho, Hee Kyong Chon, Katharine Seal, Fabiana Melo, and Jay Surti
Keeping banks safe and sound hinges on good supervision. The bank failures of March 2023 precipitated questions about the effectiveness of supervision. This paper reflects on lessons learned from this banking turmoil and reviews global progress in delivering effective supervision over the past ten years. It finds progress in areas like risk monitoring, stress testing, and business model analysis. Yet, progress has also been hampered by deficiencies in supervisory approaches, techniques, tools, and (use of) corrective and sanctioning powers, as well as by unclear mandates, inadequate powers, and lack of independence and resources. Overcoming these deficiencies requires supervisors to improve their own performance and other policy makers to contribute to ensuring vigilant, independent and accountable supervision.
Peter Lindner and Kay Chung
This paper aims to provide guidance to issuers of sovereign ESG bonds, with a focus on Emerging Market and Developing Economies (EMDEs). An overview of the ESG financing options available to sovereign issuers is followed by an analysis of the operational requirements and costs that the issuance of sovereign ESG bonds entails. While green bonds are the instruments used to describe the issuance process, the paper also covers alternative instruments, including social and sustainability-linked bonds to provide issuers and other stakeholders with a comprehensive view of the ESG bond marketplace.