Revised guidelines on corporate governance of state-owned enterprises (SOEs) by the Organisation for Economic Co-operation and Development (OECD), considered to be an international standard for the good governance of SOEs, were introduced to the Latvian, Lithuanian and Estonian SOEs representatives and policy makers in Riga on Tuesday.
Launched in Paris last month, the revised guidelines emphasize active, informed and professional state ownership; improving SOEs corporate governance frameworks (including integrity, transparency and disclosure); maintaining a level playing field when SOEs compete in the marketplace; as well as leading by example in sustainability and responsible business conduct.
“Among the key points in the revised guidelines we can also find a call for boards to have the necessary competencies, integrity and autonomy to carry out their functions, including endorsement for independent board members and chairs. It is extremely important, especially in those cases where there is a lack of shareholder professionalism,” says Rytis Ambrazevičius, President of the Baltic Institute of Corporate Governance (BICG).
Full text of the revised guidelines | https://ej.uz/oecdrevised
First adopted in 2005 and then updated in 2015, the newest version of the guidelines builds on nearly two decades of the implementation experience.
The Baltic launch was organized by the OECD, State Chancellery of Latvia as well as BICG, and hosted by ALTUM.
