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Corporate Governance Country Assessment : MalawiThis ROSC assessment of corporate
 governance in Malawi benchmarks law and practice against the
 Organization for Economic Cooperation and Development (OECD)
 Principles of Corporate Governance and covers public
 interest entities (including public limited companies,
 financial institutions, and parastatal companies) with
 special focus on the companies listed on the MSE. This
 report should be read in conjunction with the Accounting and
 Auditing ROSC Malawi, which reviews issues related to
 accounting, auditing, and financial reporting in more
 detail. Growth in 2006 has been estimated at 6.5 percent.
 Inflation and bank lending rates have declined significantly
 over the past few years. Malawi qualified for debt relief
 under the World Bank s Heavily Indebted Poor Countries
 (HIPC) initiative in 2006. The business environment has
 improved, and the private sector is optimistic about the
 future; the Malawi Business Survey 2006 conducted by the
 Malawi Confederation of the Chambers of Commerce and
 Industry (MCCI) rated the business environment good to very
 good with better expectations in the next 12 months. The
 Malawi Growth and Development Strategy (MGDS) 2006-2011 sets
 a future growth target of more than 6 percent annually for
 the five-year period, which will increase per capita income
 to US$450 by the end of 2011. For this purpose, Malawi is
 seeking to increase domestic and foreign investment.
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Corporate Governance Country Assessment : United KingdomThe UK has one of the most complete corporate governance frameworks in the world. Key to its success are a strong and self-aware institutional investor community, an innovative and flexible set of regulations (including the Combined Code on corporate governance, which can claim to be the first and most influential of its kind), and a deep awareness of the benefits of good corporate governance. The consultation process is broad and deep. Emerging market countries can learn a great deal from the UK's experience. The existing regulatory structure is complex; over the past 10 years many UK listed companies (and foreign companies with shares traded in the UK) have migrated to market tiers with relatively low corporate governance requirements. The growth of foreign ownership has raised questions as to whether or not the UK's shareholder engagement-based approach can continue to be effective. As in many countries, the 2008 global financial crisis has raised concerns about the fundamental ability of the corporate governance framework to deliver long-term sustainability. This report assesses the United Kingdom's corporate governance policy framework for listed companies. It describes the corporate governance framework, assesses compliance with the OECD Principles of Corporate Governance, and provides policy recommendations. Some of the recommendations are based on the indirect impact of the UK's corporate governance framework on corporate governance reform in other countries.
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Corporate Governance Country Assessment : TogoThe purpose of this ROSC assessment of corporate governance in Togo is to help improve corporate governance in the country by assessing law and practice, suggesting reforms, and supporting the country in its effort to implement changes for better corporate governance. Corporate governance refers to the structures and processes for the direction and control of companies. Corporate governance concerns the relationships among the management, board of directors, controlling shareholders, minority shareholders and other stakeholders. This definition focuses on company performance and shareholder value. For emerging market countries, improving corporate governance can serve a number of important public policy objectives. Good corporate governance reduces emerging market vulnerability to financial crises, reinforces property rights, reduces transaction costs and the cost of capital, and leads to capital market development. Weak corporate governance frameworks reduce investor confidence, and can discourage outside investment. In state-owned enterprises (SOEs), good corporate governance could improve performance and social service, and lessen impact on state budget. Due to the small market size for listed securities in Togo, the scope of the present report is broadened to include a corporate governance assessment of non-listed public limited companies, SOEs, as well as private and state-owned banks (SOBs).