This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance. It seeks to encourage the emergence of active and informed owners as an important lever for influencing better corporate governance, adapted to the Latin American context.
Tables des matières:
Executive Summary Chapter 1. The importance of institutional investors in promoting good governance -1.1. The Current Consensus: Recommendations of the Latin American White Paper on Corporate Governance, OECD Principles of Corporate Governance and other Global Experience Chapter 2.The Latin American context: market and institutional investor characteristics -2.1. Economic and Capital Market Developments in Latin America -2.2. Characteristics of institutional investors in Latin American Markets -2.3. Overcoming Barriers to Positive II influence on Corporate Governance in Latin America Chapter 3.Recommendations to strengthen policy and good practices -3.1. Policies and good practices to encourage more active involvement of institutional investors (IIs) in promoting better governance -3.2. Distinguishing better-governed companies for investment purposes -3.3. Formalizing and disclosing the policies of institutional investors related to corporate governance of investee companies -3.4. Exercising ownership rights in portfolio companies -3.5. Voting at General Meetings of Shareholders -3.6. Encouraging communication between IIs and investee companies -3.7. Encouraging communication among various IIs -3.8. Improving the functioning of Boards of Directors -3.9. Strengthening the accountability of management -3.10. Addressing internal corporate governance issues of institutional investors -3.11. Exiting from the investment as last resort Chapter 4.Additional steps: strengthening market forces -4.1. Supporting better market conditions for an effective institutional investor role -4.2. The role of media, credit rating agencies, and advisory services -4.3. Enhancing II effectiveness through associations -4.4. Supporting effective conflict resolution Bibliography