Corporate Governance In Costa Rica

This review of Corporate Governance in Costa Rica was prepared as part of Costa Rica’s accession process for OECD membership. During the three-year period of the review, the government made substantial progress in strengthening its institutional and legal framework in line with the G20/OECD Principles of Corporate Governance and OECD Guidelines on Corporate Governance of State-Owned Enterprises (SOEs).

This review of Corporate Governance in Costa Rica was prepared as part of Costa Rica's accession process for OECD membership. During the three-year period of the review, the government made substantial progress in strengthening its institutional and legal framework in line with the G20/OECD Principles of Corporate Governance and OECD Guidelines on Corporate Governance of State-Owned Enterprises (SOEs). The report evaluates Costa Rica's corporate governance policies and practices for both listed and state-owned companies. It finds that while Costa Rica's capital market is quite small, its framework for corporate governance of listed companies is largely consistent with the Principles. Costa Rica has seen particular progress in issuing a new corporate governance code and requirements related to ownership disclosure. For SOEs, which play a key role in the Costa Rican economy, the Presidency has taken important steps to establish a co-ordinating unit which has spearheaded numerous reforms. These reforms include issuing a government ownership policy, more transparent and structured appointments of SOE board members (while removing politicians from boards), and reporting on SOEs' performance. To further strengthen SOE performance and accountability, the report recommends additional steps to improve board practices, clarify performance objectives and implement International Financial Reporting Standards.

The OECD Corporate Governance Factbook provides easily accessible and up-to-date information on the institutional, legal and regulatory frameworks for corporate governance across 49 jurisdictions worldwide. Issued every two years, the Factbook complements the G20/OECD Principles of Corporate Governance and serves as a useful tool to track how the Principles are being implemented.

These principles of corporate governance, endorsed by the OECD Council at Ministerial level in 1999, provide guidelines and standards to insure inclusion, accountability and abilit to attract capital.

Presents the OECD Guidelines on Corporate Governance of State-Owned Enterprises as well as a comparative overview of main practices and issues related to corporate governance of state-owned enterprises in the OECD area.

This report serves to support the development of Latin America’s legal and regulatory frameworks for sustainability disclosure, the responsibilities of company boards and shareholder rights. The report presents the results of two OECD surveys on sustainability practices of listed companies and asset managers in the region.

This review analyses key areas of public governance in Costa Rica, identifying opportunities to improve the performance of the state in order to ensure more effective and efficient service delivery for all.