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    Finding Balance 2016: Benchmarking the Performance of State-Owned Enterprise in Island Countries
    Finding Balance 2016: Benchmarking the Performance of State-Owned Enterprise in Island Countries
    Finding Balance 2016: Benchmarking the Performance of State-Owned Enterprise in Island Countries
    Ebook240 pages2 hours

    Finding Balance 2016: Benchmarking the Performance of State-Owned Enterprise in Island Countries

    By Asian Development Bank

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    Pacific state-owned enterprises (SOEs) are often formed to increase service delivery effectiveness and accountability. However, historical and financial indicators show that long-term government ownership of SOEs often result in outcomes counter to these goals. Weak governance and regulatory frameworks make it difficult for SOEs to operate on strict commercial principles over the long term. This fifth study of SOE performance in the Pacific emphasizes political commitment to reform as a key driver for commercial results, as demonstrated by the experience of each of the countries benchmarked. This report was produced by the Pacific Private Sector Development Initiative, a regional technical assistance facility cofinanced by ADB, the Government of Australia, and the Government of New Zealand.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateSep 1, 2016
    ISBN9789292575823
    Finding Balance 2016: Benchmarking the Performance of State-Owned Enterprise in Island Countries

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      Book preview

      Finding Balance 2016 - Asian Development Bank

      FINDING BALANCE 2016

      BENCHMARKING THE PERFORMANCE OF STATE–OWNED ENTERPRISES IN ISLAND COUNTRIES

      Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)

      © 2016 Asian Development Bank

      6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

      Tel +63 2 632 4444; Fax +63 2 636 2444

      www.adb.org

      Pacific Liaison and Coordination Office

      Level 20, 45 Clarence Street

      Sydney, NSW 2000, Australia

      Tel + 612 8270 9444; Fax + 612 8270 9445

      www.adb.org/offices/pacific/pacific-private-sector-development-initiative

      Some rights reserved. Published in 2016.

      Printed in the Philippines.

      ISBN 978-92-9257-581-6 (Print), 978-92-9257-582-3 (e-ISBN)

      Publication Stock No. RPT168402-2

      Cataloging-In-Publication Data

      Asian Development Bank.

      Finding balance: Benchmarking the performance of state-owned enterprises in island countries.

      Mandaluyong City, Philippines: Asian Development Bank, 2016.

      1. State-owned enterprises.      2. Financial performance.      3. Benchmarking.      4. Pacific region.      I. Asian Development Bank.

      The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

      ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.

      By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

      This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of this license.

      This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.

      Attribution—You should always acknowledge ADB as the source using the following format:

      [Author]. [Year of publication]. [Title of the work in italics]. [City of publication]: [Publisher]. © ADB. [URL or DOI] [license].

      Translations—Any translations you create should carry the following disclaimer:

      Originally published by ADB in English under the title [title in italics]. © ADB. [URL or DOI] [license]. The quality of the translation and its coherence with the original text is the sole responsibility of the translator. The English original of this work is the only official version.

      Adaptations—Any adaptations you create should carry the following disclaimer:

      This is an adaptation of an original work titled [title in italics]. © ADB. [URL or DOI][license]. The views expressed here are those of the authors and do not necessarily reflect the views and policies of ADB or its Board of Governors or the governments they represent. ADB does not endorse this work or guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.

      Please contact pubsmarketing@adb.org if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo.

      Notes:

      In this publication, $ refers to US dollars.

      ADB recognizes China as the People’s Republic of China.

      Corrigenda to ADB publications may be found at: http://www.adb.org/publications/corrigenda

      CONTENTS

      TABLES, FIGURES, AND BOXES

      FOREWORD

      Pacific island countries recognize the importance of trade, investment, and private sector development to inclusive economic growth. For more than a decade, Pacific island countries have been introducing policy, legal, and institutional reforms to improve their business environments, including reforms to state-owned enterprises (SOEs) that provide many of the basic infrastructure services on which private firms depend for their competitiveness. These reforms have translated into improved SOE performance, increased formal business creation, and new investment. The lesson from this experience is that reform takes time and political commitment, but it works.

      SOEs remain a dominant feature of Pacific island economies, providing core infrastructure services (e.g., airports, broadcasting, postal services, power, sanitation, seaports, telecommunication, and water) on a monopoly basis, as well as a range of other commercial activities, often in competition with the private sector. Reforms have strengthened the legal, regulatory, and governance frameworks under which they operate, and introduced partnerships with the private sector, bringing new investments, innovation, and management expertise.

      This is the fifth comparative study of SOE performance in the Pacific undertaken by the Asian Development Bank (ADB), and the first to include Kiribati and Vanuatu. At the request of the Pacific island countries participating in the study, each edition expands the number of countries covered. In this edition, New Zealand and Singapore were added to enrich the global benchmark.

      The study demonstrates the importance of political commitment to drive SOE reform. When this commitment wanes, SOE performance tends to follow. Involving the private sector through public–private partnerships and privatization is a more sustainable way to improve SOE performance. Competition for investment capital means that the private sector will always have stronger performance incentives than the public sector. These incentives can be harnessed to support public

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