2024-05-05-世界银行-中东和北非地区国有企业治理_六国国有企业治理综述的综合与交叉研究（英）_58页_6mb

SOE Governance in the MENA Region: Key Findings and Recommendations

Executive Summary

• MENA countries have initiated significant SOE governance reforms, focusing on performance management, transparency, and state ownership structures. Despite progress, challenges include political economy issues, institutional weaknesses, and inefficiencies.
• SOEs in MENA are numerous (e.g., Egypt has ~381 SOEs) and influence GDP (up to 47% in Egypt). They often suffer from financial underperformance, excess employment, and lack of transparency.
• Good governance is essential for sustainable reforms. Key barriers include lack of separation between ownership and regulation, weak boards, and inadequate enforcement of disclosure frameworks.

Key Findings

1. Legal Framework:

   • Fragmented ownership structures with line ministries dominating oversight. Centralized ownership entities (e.g., Oman Investment Authority) are emerging but inconsistent (only Morocco and Oman have centralized SOE holding companies).
   • SOE legal forms are varied, hindering harmonization (e.g., many use non-corporatized entities). A push towards standard legal forms (e.g., limited liability companies) is needed.

2. Performance Management:

   • Limited aggregate reporting and monitoring frameworks. SOEs often lack defined performance targets, key performance indicators (KPIs), and transparent accountability systems.
   • Cross-country fiscal risks due to diverse state support mechanisms, including implicit and explicit subsidies.

3. Board Governance:

   • Boards frequently lack independence and effectiveness due to political patronage, weak skills, and limited expertise. Nomination processes are opaque and non-transparent.
   • Autonomy is constrained, and conflicts of interest remain unmanaged in many cases.

4. Transparency & Accountability:

   • Financial disclosure is poor, with inadequate external audits (qualified opinions common). Many SOEs do not adopt International Financial Reporting Standards (IFRS) or International Standards on Auditing (ISA).
   • Public Service Obligations (PSOs) are often undercosted or unbudgeted, undermining fiscal discipline.

5. Procurement:

   • Public procurement rules apply to SOEs but enforcement and transparency are limited, sometimes leading to favors or local protectionism.

6. Climate Change and ESG:

   • SOEs disclose minimal ESG data, though pressure for climate-related reporting (e.g., following TCFD recommendations) is growing. Integration into SOE boards and strategy remains nascent.

Recommendations

• Legal and Ownership: Develop a unified SOE ownership policy, establish a central coordination body, and harmonize legal forms (citing OECD Guidelines).
• Performance Management: Mandate performance contracts, multi-year strategic plans, and clear KPIs. Enhance aggregate reporting from a shareholder perspective.
• Board Structures: Implement transparent, merit-based board appointments; strengthen board independence and autonomy, especially in appointments and day-to-day oversight.
• Transparency/Disclosure: Adopt IFRS/ISA standards for financial reporting; ensure regular external audits and enforce PSO costing transparency.
• Climate Governance: Implement TCFD-aligned climate reporting; integrate ESG metrics into SOE strategy and boards.

Conclusion

• MENA regions' SOE governance remains constrained by political economy issues and institutional weaknesses. While reforms have been initiated, a leap toward professional, transparent, and accountable governance is essential. The ongoing MENA SOE Compact offers a mechanism for regionalized reform, but political commitment and cross-sectoral alignment are crucial for success.