OECD experts welcome the reform of state-owned enterprises in Lithuania2017-04-03
On 24 March of this year, the Lithuanian representatives participated in the OECD Corporate Governance Committee’s State property and privatisation practitioners working group meeting, in which the Lithuanian representatives presented the progress achieved by Lithuania is the field of state-owned enterprises.
The Lithuanian delegation included representatives from the Ministry of Economy, the Ministry of Environment, the Ministry of Transport and Communications and the Ministry of Foreign Affairs. The OECD experts have very positively assessed Lithuania’s efforts to eliminate the availability of becoming members of corporate boards of state-owned enterprises for politicians and to ensure the independence of collegiate bodies of enterprises with more than half of the board positions to be offered to independent professional selected on the basis of transparent selection procedures. Such provisions have been provided following the adoption of the amendments to relevant legislation last week.
The Minister of Enviroment of the Republic of Lithuania Kęstutis Navickas says that one of the most important issues in assessing Lithuania‘s progress remains the management consolidation of state enterprises forest enterprises. The Law Amending the Republic of Lithuania Forestry Law submitted to the Seimas for consideration is an important step towards transparency and the optimisation of the management of these companies; the experts however will be able to objectively assess the efforts of Lithuania only following the adoption and the implementation of the amendments to the Forest law by the Seimas.
Lithuania was invited to start the process of accession to the OECD in June 2015 and seeks to become a full member of the OECD in 2018. The OECD has approved an individual action plan for the accession which sets out requirements for Lithuania as well as further conditions for accession. Meanwhile, the plan implementation is ongoing in the light of the OECD recommendations.