Corporate governance of SOEs

The Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) provides an assessment of financial and sustainability reporting and auditing requirements and practices within the corporate sector in North Macedonia and sets forth areas for consideration for improving the institutional environment for accounting and auditing. The ROSC A&A uses international benchmarks of good practice governing financial reporting and auditing in the assessment, including International Financial Reporting Standards and International Standards on Auditing.

This report analyzes the growing trend among countries in Europe and Central Asia (ECA) of issuing standalone corporate governance codes specifically for State-Owned Enterprises (SOEs), a departure from OECD recommendations that SOEs should follow the same codes as listed private firms. Drawing on a sample of 29 ECA countries, the report examines the rationales for developing SOE-specific codes, compares their content with general corporate governance codes for listed companies across 20 thematic areas, and explores legal and regulatory alternatives.