Entreprises publiques : enjeux comparatifs de gouvernance

Bonjour à toutes et à tous, Curtis Milhaupt et Mariana Pargendler offre un bel article sur SSRN intitulé : « Governance Challenges of Listed State-Owned Enterprises Around the World: National Experiences and a Framework for Reform ».

 

The national experiences we discuss are rich and diverse. The principal takeaway from the effort to discern patterns in SOE governance in the countries we have surveyed is the lack of pattern. Diversity appears to be the hallmark of governance of listed SOEs around the world. This finding is probably not surprising, given that SOEs are products of states and often enjoy privileged access to lawmakers and regulators by virtue of their provenance. As such, it is natural for SOE governance to reflect the characteristics of national governance—that is, the characteristics and quality of a national regulatory regime for SOEs are deeply influenced by the prevailing national philosophy about the proper scope of state ownership of enterprises, separation of powers, the level of corruption in society, and related factors.

Moreover, at least a level of informal observation, the quality of SOE governance appears to be quite closely correlated with the quality of political governance in a given country. But clearly there are examples of sound SOE governance around the world and innovative approaches to the challenge of SOE governance that may offer guidance to policymakers elsewhere. The diversity of approaches to SOE governance revealed by our study—even among countries that have managed the challenges relatively well—may be cause for optimism, by suggesting that effective governance strategies can be forged with the tools at hand in a given institutional environment, when coupled with appropriate doses of imagination and political will.

In contrast to the implicit message of the international best practice guidelines prescribed by the OECD and the World Bank, there is also no set ‘roadmap’ for successful SOE governance. Indeed, ‘success’ in this field may be a contestable term. Based on the foreign experience we have surveyed and our own analysis of the governance challenges of listed SOEs, we suggest that policy makers seeking to improve the existing regime for mixed-ownership enterprises consider a number of areas from ownership structure and board composition to structural incentives and enforcement.

 

À la prochaine…

Ivan

Ce contenu a été mis à jour le 23 août 2018 à 14 h 28 min.

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