World Bank Document

45. 

Enhancement of corporate governance and facilitation of efficient and transparent 

privatization are essential. The WBG plans to help improve the efficiency, accountability, and 

transparency of SOEs by introducing international best practices in corporate governance, in line 

with the Roadmap on SOE Governance Reforms signed by the government. Corporate governance 

reforms include: (a) establishing good practice regulation on transparency and accountability, 

including a requirement for an internal audit function, publication of public-interest and large-

entity annual financial statements with audits; (b) sectoral analysis and criteria for optimizing state 

participation; (c) improving the performance-monitoring of SOEs and business entities with state 

ownership; and (d) establishing a centralized database covering all entities (including subsidiaries 

and branches). In addition, assistance will be provided to strengthen the Center of Excellence in 

Corporate Governance

9

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46. 

As for Public Private Partnerships (PPPs), the WBG will engage in policy dialogue 

with the government to open opportunities for private investors and other service providers