Ministry of Energy recognised as the most professional state-owned enterprise controller


2020 11 30

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The Governance Coordination Centre presented the traditional State-Owned Enterprise (SOE) Good Corporate Governance Index. The Ministry of Energy was distinguished for its professionalism and recognised as the institution that best ensures the supervision of SOEs and implements key good governance practices.

“This is an important and meaningful acknowledgement of the work of the Ministry of Energy. Energy undertakings play a particularly important strategic and economic role, so we have constantly paid considerable attention to ensuring that the companies we manage clearly know and fulfil the expectations and goals of the main shareholder – the state – and work with quality, professionalism and progress,” says Minister of Energy Žygimantas Vaičiūnas.

At today’s presentation of the results of the 2019-2020 SOE Good Corporate Governance Index, the most important aspects of the management of state-owned enterprises and the results of their evaluation were discussed, and the best performing SOEs in this field were awarded.

All of the SOEs managed by the Ministry of Energy were given a positive rating (A + or A), and the EPSO-G group of companies and AB Klaipėdos Nafta were recognised as leaders in governance among large SOEs.

Even two SOEs managed by the Ministry of Energy – the EPSO-G group of companies and AB Klaipėdos Nafta – received awards this year and maintained their position as leaders. The energy holding company Ignitis Group also received an award.

The purpose of the SOE Good Corporate Governance Index is to evaluate and measure how state-owned enterprises and the institutions representing the state that control them implement key good governance practices, which include the recommendations of the Organisation for Economic Co-operation and Development (OECD), the provisions of the Ownership Guidelines, Transparency Guidelines and Nomination Guidelines, as well as other documents regulating the activities of SOEs and global best practices. This is currently the only tool developed by the Governance Coordination Centre to assess the quality of governance of all SOEs and their subsidiaries, as well as their compliance with legal provisions.