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Reforming corporate governance of state owned enterprises

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Centre for Public Policy PROVIDUS
Centre for Public Policy PROVIDUS

Adomas Ąžuolas Audickas, Lietuvas Republikas ekonomikas ministra padomnieka prezentācija konferencē ”Valsts un pašvaldību kapitālsabiedrības: rīcībpolitikas meklējumi augošai vērtībai” 2011.gada

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Reforming corporate governance of state owned enterprises March, 2011
Content ,[object Object],[object Object],[object Object]
[object Object]
Origins of SOEs ,[object Object],[object Object],[object Object],[object Object],Build up of the SOE economy Privatisation Stage II Stage I 1940 1991 2011 1995
The size and the sectoral distribution of the SOE economy 9% 26% Forestry Energy Transportation Other EUR 3 . 2 billion 28% 36% The estimated potential value of SOEs amounted to EUR 3.2 billion in 2009
Largest SOEs * Book value of equity Company name Activity Market cap mEUR Ownership Lesto Electricity power distribution 588.8 83% Litgrid Electricity power transmission 295.0 98% Lietuvos Energija Electricity power generation 260.8 98% Lietuvos geležinkeliai Operator of rail infrastructure, provider of cargo and passenger transportation services 755.6* 100% Klaipėdos valstybinio jūrų uosto direkcija Operator of Klaipėda sea port 282.1* 100% Klaipėdos Nafta Operator of oil and oil products terminals in Klaipėda sea port 172.4 71% Lietuvos paštas Postal services 53.3* 100%
[object Object]
Governance – a brief overveiw ,[object Object],[object Object],[object Object],[object Object],[object Object],State Ministry General meeting Supervisory Board Board Company management
Legal forms of SOEs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
State enterprises ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Limited liability companies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object]
Problems to be addressed Unclear objectives, none or low standards of strategic planning Lack of transparency Inadequate boards Poor supervisory function Poor motivation system 1 2 3 4 5
Reforming corporate governance of SOEs ,[object Object],[object Object],[object Object],[object Object],[object Object]
Strengthening of the ownership function Separation of commercial and non-commercial activities
Transparency ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Separation of non-commercial activities ,[object Object],[object Object],[object Object],[object Object],[object Object]
Separation of ownership and regulatory Functions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Clear objectives Commercial Commercial/regulated monopolies State enterprises ROE, dividend yield , operating objectives ROE, dividend yield , operating objectives in accordance with regulators Operating objectives (focus), financial objectives
Key challenges ,[object Object],[object Object],[object Object],[object Object]

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Reforming corporate governance of state owned enterprises

  • 1. Reforming corporate governance of state owned enterprises March, 2011
  • 2.
  • 3.
  • 4.
  • 5. The size and the sectoral distribution of the SOE economy 9% 26% Forestry Energy Transportation Other EUR 3 . 2 billion 28% 36% The estimated potential value of SOEs amounted to EUR 3.2 billion in 2009
  • 6. Largest SOEs * Book value of equity Company name Activity Market cap mEUR Ownership Lesto Electricity power distribution 588.8 83% Litgrid Electricity power transmission 295.0 98% Lietuvos Energija Electricity power generation 260.8 98% Lietuvos geležinkeliai Operator of rail infrastructure, provider of cargo and passenger transportation services 755.6* 100% Klaipėdos valstybinio jūrų uosto direkcija Operator of Klaipėda sea port 282.1* 100% Klaipėdos Nafta Operator of oil and oil products terminals in Klaipėda sea port 172.4 71% Lietuvos paštas Postal services 53.3* 100%
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12.
  • 13. Problems to be addressed Unclear objectives, none or low standards of strategic planning Lack of transparency Inadequate boards Poor supervisory function Poor motivation system 1 2 3 4 5
  • 14.
  • 15. Strengthening of the ownership function Separation of commercial and non-commercial activities
  • 16.
  • 17.
  • 18.
  • 19. Clear objectives Commercial Commercial/regulated monopolies State enterprises ROE, dividend yield , operating objectives ROE, dividend yield , operating objectives in accordance with regulators Operating objectives (focus), financial objectives
  • 20.