• Foreword

  Page 5

• Table of Contents

  Page 7

• + Chapter 1. Assessment and Recommendations

  Page 9

  • 1. Corporate governance framework

    Page 10

  • 2. Assessment

    Page 12

  • 3. Recommendations

    Page 14

• + Chapter 2 . Corporate Governance Review

  Page 17

  • + 1. Slovenia’s corporate governance framework

    Page 18

    • + 1.1. The structure of ownership and control

      Page 20

      • Table 2.1. Ownership structure at the time of privatisation

        Page 21

      • Figure 2.1. Share ownership structure, listed companies, Slovenia 2007

        Page 22

      • Table 2.2. Growth in institutional funds

        Page 23

      • Table 2.3. Selected data on managed funds as at 31 December 2007

        Page 23

    • 1.2. The corporate governance framework

      Page 27

    • 1.3. The legal and regulatory framework for SOEs

      Page 32

  • + 2. Ensuring a consistent regulatory framework

    Page 34

    • 2.1. The regulatory framework for corporations

      Page 34

    • 2.2. Equitable treatment for shareholders of state-owned enterprises

      Page 43

    • 2.3. Conclusions regarding the rights and equitable treatment of shareholders

      Page 44

  • + 3. Disclosure of corporate information

    Page 45

    • 3.1. The regulatory framework covering disclosure

      Page 45

    • 3.2. Non-financial disclosure

      Page 48

    • 3.3. SOE disclosure and transparency

      Page 49

    • 3.4. Conclusions regarding transparency and disclosure

      Page 50

  • + 4. Separation of ownership and regulation

    Page 50

    • 4.1. Exercising ownership rights over SOE

      Page 50

    • 4.2. Conclusions regarding separation of ownership and regulation

      Page 54

  • + 5. Ensuring a level playing field

    Page 54

    • 5.1. The institutional arrangements role in promoting a level playing field

      Page 54

    • 5.2. Conclusions regarding a level playing field

      Page 56

  • + 6. Stakeholder rights and boards of directors

    Page 56

    • 6.1. Stakeholder rights

      Page 57

    • 6.2. The rights, duties and responsibilities of boards of directors

      Page 58

    • 6.3. SOE boards

      Page 60

    • 6.4. Conclusions regarding stakeholders and boards

      Page 61

  • 7. Conclusions

    Page 61

  • Notes

    Page 63

  • Bibliography

    Page 65

• + Annex A. Analytical Framework for the Accession Review

  Page 67

  • Box A.1. Five core corporate governance features of the Accession Roadmap and the relevance of individual Principles of Corporate Governance and Guidelines for State-Owned Enterprises

    Page 68

This Review of Corporate Governance in Slovenia describes the corporate governance setting including the structure and ownership concentration of listed companies and the structure and operation of the state-owned sector. The Review then examines the legal and regulatory framework and company practices to assess the degree to which the recommendations of the OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance of State-Owned Enterprises have been implemented.