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Argentina-SOE-Review.Pdf OECD REVIEW OF THE CORPORATE GOVERNANCE OF STATE-OWNED ENTERPRISES ARGENTINA OECD Review of the Corporate Governance of State-Owned Enterprises ARGENTINA Please cite this publication as: OECD (2018), OECD Review of the Corporate Governance of State-Owned Enterprises: Argentina This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the OECD or of the governments of its member countries or those of the European Union. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2018 FOREWORD │ 3 Foreword This report evaluates the corporate governance framework for the Argentinian state- owned enterprise sector relative to the OECD Guidelines on Corporate Governance of State-Owned Enterprises (the “SOE Guidelines”). It was prepared at the request of the Republic of Argentina and is the fourth country review conducted by the OECD Working Party on State Ownership and Privatisation Practices (the "Working Party"), the body responsible for encouraging and overseeing the effective implementation of the SOE Guidelines. The review process is open to OECD as well as partner countries. The report is based on information as of 31 December 2017 that was volunteered by the Argentinian authorities and independently researched by the OECD Secretariat. It was produced by Arijete Idrizi and Héctor Lehuedé of the OECD Corporate Affairs Division that provides secretariat support to the Working Party. Guidance was provided by the Chair of the Working Party, Lars Erik Fredriksson of the Swedish Ministry of Enterprise and Innovation, and Hans Christiansen from the OECD Secretariat. The report was approved for publication by the Working Party in March 2018. The report is structured as follows. Part A provides information about the context in which Argentinian SOEs operate. Part B refers successively to the different chapters of the SOE Guidelines, assessing Argentinian norms and practices in their light. The final section sets out the conclusions and recommendations for improving the corporate governance framework applicable to Argentinian SOEs. The recommendations are forward-looking, aiming to assist policymakers and government bodies exercising ownership functions in responding to remaining challenges and needed developments. Additional information is provided in the four annexes. OECD REVIEW OF THE CORPORATE GOVERNANCE OF STATE-OWNED ENTERPRISES: ARGENTINA © OECD 2018 TABLE OF CONTENTS │ 5 Table of contents List of Abbreviations ............................................................................................................................. 9 Introduction ......................................................................................................................................... 11 Part A Argentinian corporate governance landscape 1. Economic and political context in Argentina ................................................................................ 15 2. Legal and regulatory environment in Argentina .......................................................................... 21 2.1. Main laws and administrative regulations on corporate governance .......................................... 21 2.2. Legal and regulatory framework applicable to SOEs ................................................................. 23 2.3. Legislative and regulatory framework specific to corporate governance ................................... 26 3. Overview of the Argentinian state-owned sector .......................................................................... 30 3.1. Legal forms of Argentinian SOEs ............................................................................................... 30 3.2. Type of SOEs and sectoral distribution ...................................................................................... 30 3.3. Evolution of the SOEs sector: a historical perspective ............................................................... 33 3.4. Operational performance of SOEs .............................................................................................. 35 4. Ownership arrangements and responsibilities.............................................................................. 37 4.1. Ownership coordination .............................................................................................................. 38 4.2. Main ministries ........................................................................................................................... 38 4.3. Description of selected Argentinian SOEs ................................................................................. 42 4.4. Financial control over the SOE Sector ........................................................................................ 47 4.5. Boards of directors of SOEs ....................................................................................................... 49 4.6. Roadmap of ongoing reform ....................................................................................................... 52 Part B Review against the OECD Guidelines 1. Rationales for state ownership ....................................................................................................... 54 1.1. Articulating the rationales for state ownership ........................................................................... 54 1.2. Ownership policy ........................................................................................................................ 55 1.3. Ownership policy accountability, disclosure and review ............................................................ 56 1.4. Defining SOE objectives............................................................................................................. 57 2. The state’s role as an owner ........................................................................................................... 58 2.1. Simplification of operational practices and legal form ............................................................... 58 2.2. Political intervention and operational autonomy ........................................................................ 59 2.3. Independence of boards .............................................................................................................. 59 2.4. Centralisation of ownership function .......................................................................................... 60 2.5. Accountability of the ownership entity ....................................................................................... 60 2.6. The state’s exercise of ownership rights ..................................................................................... 60 3. State-owned enterprises in the marketplace ................................................................................. 64 3.1. Separation of functions ............................................................................................................... 64 3.2. Stakeholders' rights ..................................................................................................................... 66 OECD REVIEW OF THE CORPORATE GOVERNANCE OF STATE-OWNED ENTERPRISES: ARGENTINA © OECD 2018 6 │ TABLE OF CONTENTS 3.3. Identifying the cost of public policy objectives .......................................................................... 66 3.4. Funding of public policy objectives ............................................................................................ 66 3.5. General application of laws and regulations ............................................................................... 67 3.6. Market consistent financing conditions ...................................................................................... 68 3.7. Public procurement procedures ................................................................................................... 70 4. Equitable treatment of shareholders and other investors ........................................................... 73 4.1. Ensuring equitable treatment of shareholders ............................................................................. 73 4.2. Adherence to corporate governance codes.................................................................................. 76 4.3. Disclosure of public policy objectives ........................................................................................ 77 4.4. Joint ventures and public private partnerships ............................................................................ 77 5. Stakeholder relations and responsible business ............................................................................ 77 5.1. Recognising and respecting stakeholders’ rights ........................................................................ 77 5.2. Reporting on stakeholder relations ............................................................................................. 78 5.3. Internal controls, ethics and compliance programmes ................................................................ 78 5.4. Responsible business conduct ..................................................................................................... 80 5.5. Financing political activities ......................................................................................................
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