Abstract
This paper provides an overview of the corporate governance framework in Libya, and the effort establishing corporate governance in the Libyan banks and companies. For this, this article depends on a review and analysis of the available literature on corporate governance in Libya conducted during the period from 2010 to 2017 such as laws, regulations, academic and professional research. The paper concluded that the concept of governance is still very limited in the Libyan Business environment, corporate governance adoption in Libya is still in its early stages due to the political and security situation in Libya. There is a need to adopt a strategy for the implementation of governance in Libya, based on raising awareness at all levels, and training leaders in various institutions on them, while developing the legislative tool to comply with the requirements of governance
Highlights
The failures and collapses of a number of prominent companies have brought corporate governance issues to attention
This paper provides an overview of the corporate governance framework in Libya, and the effort establishing corporate governance in the Libyan banks and companies
Corporate governance in Libya did not receive any attention until the Central Bank of Libya (CBL) issued its “Corporate Governance Guideline for Libyan Commercial Banks” in 2006, and the Libyan Stock Market (LSM) issued its Corporate Governance Code for Listed companies in 2007 (Zagoub, 2011)
Summary
The failures and collapses of a number of prominent companies have brought corporate governance issues to attention. Corporate governance in Libya did not receive any attention until the Central Bank of Libya (CBL) issued its “Corporate Governance Guideline for Libyan Commercial Banks” in 2006, and the Libyan Stock Market (LSM) issued its Corporate Governance Code for Listed companies in 2007 (Zagoub, 2011). This development was part of the reform plan initiated by the Libyan government in the former Gaddafi’s regime since the 2000s to reform and move the Libyan economy from a planned economy to a free market economy, after 42 years of economic mismanagement and a chronic lack of investment (Dempsey, 2013).
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