Almost no government guidance of business

There is almost no government guidance of business, although there are many
restrictions and prohibitions designed to protect business and non-business
interests and to prevent abuses. Within the business and economic
environments, the overall intention is to ensure as far as possible equality of
treatment between the different players and to avoid hindering the entry of new
businesses into a given market. Some monopolies and semi-monopolies
remain, however.

Government policy is to encourage competition on a level playing-field. One of
the principle instruments for this is the Unfair Competition Act, which contains,
among other things, detailed regulations prohibiting unfair advertising,
antitrust and anti-cartel provisions that are particularly relevant to large
acquisitions, as well as rules for the protection of the general public. Stock
exchange takeovers are regulated by a Securities Acquisition and Takeover Act
designed to ensure that management’s recommendations are not coloured by
self-interest. However, it also allows a 95% majority shareholder to requisition
minority interests against reasonable cash compensation (“squeeze-out” rules).