Rabat, 14-15 September 2005
Working Group 5 reconvened a plenary session in Rabat, on 14-15 September 2005 to discuss corporate governance of state-owned enterprises and progress in implementing the above outputs. Special attention was paid to the MENA regional corporate governance survey and initial results from the development and endorsement of national corporate governance codes. The Moroccan Ministry of Economic and General Affairs and the General Confederation of Moroccan Enterprises co-hosted the event.
Participants recognized the importance of corporate governance in attracting patient capital to the region and in contributing to enterprise performance. They have identified substantial challenges in addressing: the ownership responsibilities of the state, managing related party transactions, strengthening the role of the board (professional qualifications and fiduciary duties), improving corporate governance of non-listed companies, including family-owned, emphasizing the role of the market and regulators in implementing corporate governance codes, addressing barriers to monitoring by creditors with respect to corporate governance, and improving risk management and the role of internal and external audit. Improving the legal, regulatory and enforcement framework, together with awareness raising and education were defined as additional important areas of focus for Working Group 5 and its partners.
Participants also agreed that public and private governance go hand in hand and the public, private sector and civil society need to work together if corporate governance is to advance substantially in the region. Finally, the working group emphasized that home grown efforts in improving corporate governance and raising awareness must occur and international support to these initiatives is of the essence.
SESSION I: OPENING STATEMENTS
SESSION II: The MENA experience with the development and enforcement of CG Codes
SESSION III: The framework and practices of SOE governance in the region
SESSION IV: Corporate Governance reforms in Morocco
SESSION V: Progress with WG5 outputs and other corporate governance initiatives