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Economic & Sector Work :: Corporate Governance Assessment (ROSC)

Corporate Governance Country Assessment : Republic of South Africa

ACCESS TO INFORMATION ACCOUNTABILITY ADVISORY SERVICES AUTHORITY AUTHORIZATION AUTHORIZED CAPITAL BALANCE SHEET BOARD MEMBERS BOARD OF DIRECTORS CAPITAL MARKET CAPITAL MARKETS CASH FLOW CASH-FLOW CHARTERED ACCOUNTANTS CLASSES OF SHARES COMPANY CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSTITUTION CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE PERFORMANCE CORPORATE RESPONSIBILITY CORPORATE STRATEGY CORPORATION CORPORATIONS DEGREE OF CONTROL DISCIPLINARY COMMITTEE DISCLOSURE DISCLOSURE REQUIREMENT DISCLOSURE REQUIREMENTS DISCRIMINATION DIVIDENDS DOMESTIC INSTITUTIONAL INVESTORS DUE DILIGENCE EMPLOYMENT ENFORCEMENT POWERS EQUITY CAPITAL EXECUTION EXECUTIVE DIRECTORS EXPENDITURES EXTERNAL AUDITORS FINANCIAL CONTROL FINANCIAL MARKETS FINANCIAL RESULTS FINANCIAL SERVICES FINANCIAL SITUATION FINANCIAL STATEMENTS FIRMS FOREIGN SHAREHOLDERS HOLDING COMPANY INCENTIVE SCHEMES INSIDER TRADING INSTITUTIONAL CAPACITY INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INTERNAL AUDIT LEGAL FRAMEWORK LEGISLATION LEGISLATIVE REFORM LIFE INSURANCE COMPANIES LIQUIDATION LISTED COMPANIES MANAGEMENT MARKET PRICE MERGERS MINISTRY OF FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDERS NUMBER OF SHARES OWNERSHIP STRUCTURE PAYOUT PENSION FUND PENSION FUNDS PORTFOLIOS PRIVATE PENSION PRIVATE SECTOR PUBLIC COMPANIES PUBLIC COMPANY PUBLIC DOMAIN REGULATORY ACTION REGULATORY BODIES REGULATORY FRAMEWORK REPRESENTATIVES RISK ASSESSMENT RISK MANAGEMENT SHARE CAPITAL SHARE OWNERSHIP SHARE PRICE SHARE PURCHASE SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDERS STAKEHOLDERS STATEMENT STATEMENTS STOCK EXCHANGE TOTAL MARKET CAPITALIZATION TRANSPARENCY VOTING
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Washington, DC
Africa | South Africa
2013-07-23T16:19:39Z | 2013-07-23T16:19:39Z | 2003-07

This report assesses the corporate governance practices of listed companies in South Africa, within the broader context of the institutional capacity needed to ensure compliance and enforcement. The diagnostic reflects the corporate governance framework as of December 2001. South Africa has a well developed equity market with a market capitalization of 154 percent of GDP. Listed companies account for half of the corporate sector by value. As of 2001, on average, listed firms used equity financing for 35 percent of total funding. Given capital account restrictions, issuers operate largely in a captive market for domestic institutional investors. Institutional investors, however, take a passive attitude with respect to corporate governance. The policy recommendations herewith, can be grouped under three broad categories: legislative reform, institutional strengthening and voluntary/private initiatives. The legislative and regulatory framework dealing with corporate governance practices is undergoing substantial changes, and it is anticipated that most of the pending legislative and regulatory issues will be resolved. The most serious problems are compliance and enforcement. Hence, one of the key recommendations for policymakers is to strengthen the enforcement powers of the securities regulator.

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