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Baltic Institute: Lithuania state-company management contradicts OECD norms
BC, Vilnius, 22.05.2013.
Print version
Print versionLithuania does not meet standards for running state-owned companies set by the Organization for Economic Cooperation and Development (OECD), which Lithuania plans to join, Bloomberg reported referring to the Baltic Institute of Corporate Governance, cites LETA.
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Undue political influence on business decisions and weak anti-corruption efforts are hurting profits from the roughly nine billion euros of assets in Lithuania’s 137 state-owned companies, the institute based in the Lithuanian capital, Vilnius, said in a report.
The governance flaws are also harming the country’s reputation, BICG said.
BICG is an association that speaks on behalf of its more than 100 members, according to its website. Corporate members include Baltic units of the Nasdaq OMX exchange group, auditor Ernst & Young, Nordic lenders DNB, SEB, Swedbank, and Nordea, Statoil Fuel & Retail, Novo Nordisk, and others.
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