An overview of the corporate governance framework in Libya

Download This Article

This work is licensed under a Creative Commons Attribution 4.0 International License.

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.

Keywords: Corporate Governance, Legal Framework, Board of Directors, Libya

Authors’ individual contribution: The author is responsible for all the contributions to the paper according to CRediT (Contributor Roles Taxonomy) standards.

Acknowledgment: The author expresses his deep gratitude to Professor Christine Helliar for their valuable assistance, support and guidance. Also the author thanks the reviewers and the Editor of Research in Virtus Interpress for the constructive comments.

JEL Classification: M4, M14, M40, M41, M42, M48, M49

Received: 26.08.2019
Accepted: 10.10.2019
Published online: 22.10.2019

How to cite this paper: Zagoub, A. A. (2019). An overview of the corporate governance framework in Libya. Corporate Ownership & Control, 17(1), 95-106. https://doi.org/10.22495/cocv17i1art9