Action DPF Indicative Trigger DPF Result Framework Indicator Baseline Target Pillar 3. Improve the transparency and Governance of state-owned enterprises Prior Action #9: The Council of Ministers’ Indicative Trigger #11: The Council of Improved SOEs transparency and 2015: 0 % 2018: > 15 % and Secretariat has published on its website a Ministers approves an SOE Charter of Good governance as measured by the governance report detailing the financial results based on Governance, to improve Iraq's SOE ISAR Benchmark of Corporate of SOEs: FY 2015 closed financial statements of the corporate governance framework. Governance Disclosures to largest nine (9) non-financial SOEs including measure corporate governance taxes, dividends, subsidies/transfers, loans disclosure changes at a regulatory (principal and interest), and loan guarantees. level as well as the disclosure of key financial information at a company level. Indicative Trigger #12: The Central Bank of Reduction of state-owned banks’ Baseline to be Target to be Iraq issues regulations directing state-owned exposure to non-financial SOEs, as determined determined following banks to reduce their total lending exposure measured by the share of following the the completion of to non-financial SOEs as per a time bound banks’ outstanding stock of completion of the the IFRS audits of action plan. lending to non-financial SOEs in IFRS audits of Rasheed and Rafidain their total lending. Rasheed and banks Rafidain
Action DPF Indicative Trigger DPF Result Framework Indicator Baseline Target Pillar 3. Improve the transparency and Governance of state-owned enterprises and governance of SOEs: Prior Action #9: The Council of Ministers’ Secretariat has published on its website a report detailing the financial results based on FY 2015 closed financial statements of the largest nine (9) non-financial SOEs including taxes, dividends, subsidies/transfers, loans (principal and interest), and loan guarantees. Indicative Trigger #11: The Council of Ministers approves an SOE Charter of Good Governance, to improve Iraq's SOE corporate governance framework. Improved SOEs transparency and governance as measured by the ISAR Benchmark of Corporate Governance Disclosures to measure corporate governance disclosure changes at a regulatory level as well as the disclosure of key financial information at a company level. 2015: 0 % 2018: > 15 % Indicative Trigger #12: The Central Bank of Iraq issues regulations directing state-owned banks to reduce their total lending exposure to non-financial SOEs as per a time bound action plan. Reduction of state-owned banks’ exposure to non-financial SOEs, as measured by the share of banks’ outstanding stock of lending to non-financial SOEs in their total lending. Baseline to be determined following the completion of the IFRS audits of Rasheed and Rafidain Target to be determined following the completion of the IFRS audits of Rasheed and Rafidain banks
Iraq-2nd-Expenditure-Rationalization-Energy-Efficiency-and-SOE-Governance-v-Board-RVP-cleared-12022016.docx