“One of major priorities of the current Government is the reorganisation of state-owned enterprises. Main challenges in the SOE sector are increasing the efficiency and transparency – a tangible return to the State, processes of selection and activity of the transparent management and ambitious goals. It is important to note that about 17 “inherited’ state-owned enterprises whose governance is considered regressive by international standards still exist in the SOEs portfolio. They are not small enterprises; we are talking even about certain strategic companies. It does not imply per se that enterprises operate inefficiently and non-transparently, however, I am convinced that the State, having all leverage at its disposal, must be a professional and responsible owner of the enterprises and ensure the highest standard of governance. Therefore, it is sought to reorganise some part of these enterprises into state-owned enterprises, to form highly professional bodies of governance and supervision, and in certain cases to refuse enterprises on the whole, if the State no longer sees the expediency of their activities”, Minister of the Economy and Innovations Aušrinė Armonaitė says.
The Governance Coordination Centre informs that during the forthcoming twelve months terms of office of every other state-owned enterprise shall come to an end. This year selections of collegial managing bodies shall be announced by the largest SOEs, such as Ignitis group, Valstybinių miškų urėdija [State Forest enterprise], Klaipėdos valstybinio jūrų uosto direkcija [Klaipėda State Seaport Authority], Klaipėdos nafta, Registrų centras [State Enterprise Centre of Registers (SECR)], Kelių priežiūra [Supervision of Roads] and others.
“The formation of independent, depoliticised and competent boards of state-owned enterprises is an essential task for the State. We hope that the new SOE collegial board members, with independent governance experts forming their basis, shall not only successfully continue work that has been started but shall also help to manage our - the state - assets more effectively, transparently and professionally. We are ready to cooperate closely with both SOEs in assisting them in organising the selection process, and the candidate themselves, who, according to need, we are going to consult and provide with necessary methodological recommendations”, Vidas Danielius, Director of the Governance Coordination Centre, states.
Professionals in different fields who, applying their knowledge, experience and best practices for business management want to contribute to the improvement of SOEs governance are already being invited to register with the database of governance experts being created by the Governance Coordination Centre https://governance.lt/kolegialus-organai/#informavimas. Those who have registered and expressed a strong interest in getting engaged in SOE management shall be separately informed about every new selection initiated by a state-owned enterprise and shall be provided with detailed information about the nomination of candidature to the collegial board member of a specific enterprise.
Vidas Danielius notes that selections of SOEs collegial board members are made in accordance with the standard established by the Government, following the principles of good governance. The Governance Coordination Centre has prepared an exhaustive memo about the way selections are made for those who stand for independent SOE collegial board members.
At the present time there is 57 per cent of independent members on the SOEs boards, and as many as 73 per cent of independent members hold the office of the Chairman of the SOE Boards.
About the Governance Coordination Centre
The Governance Coordination Centre is the analytical centre founded by the Government for the purpose of implementing good governance principles and ensuring consistent and professional governance of state-owned enterprises. The functions carried out by the Centre include a broad spectrum of coordination of the activities of the state-owned enterprises: selection of the independent board members, supervision of the implementation of strategic plans, preparation of reports about SOEs performance and enhancement of the visibility of the SOE activities, assistance in the formation of the policy of the SOE sector and consultations on the issues of the implementation of best practices and good governance. The Governance Coordination Centre also represents Lithuania in the OESD Working Party on Ownership and Privatisation Practices. The State is the only owner of the public body Governance Coordination Centre.
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