Despite changes that took place in recent years, Lithuania’s state-owned energy companies lack openness, the think-tank said also noting difficulties in the auditing of their performance and the fact that the influence of political authorities on their activities is stronger than commercial logic.
However, former energy deputy minister Romas Švedas believes that the state-owned energy companies will start aligning their governance with the best governance practice in five years.
“Lithuania’s energy companies implement several objectives. They have to find a balance between strategic interests of the state and the efficiency of operations. Therefore, energy companies are not the best example to decide on the quality of corporate governance ...,” he told the daily.
Moreover, the governance of state-owned public companies shall be as transparent as possible irrespective of its organizational principles, Svedas added.
2012-05-31 11:08
Lithuania’s energy giants receive mediocre score in regional corporate governance study
Three Lithuania’s largest energy companies – Lesto, Litgrid and Lietuvos Energija (Lithuanian Energy) – earned average-to-low marks in the study of corporate governance of state-owned companies in the Baltic countries conducted by the Baltic Corporate Governance Institute (BCGI), the Verslo Žinios business daily reports.
„Lietuvos energija“ / L+ nuotr.
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