Government owned companies and assets such as the forestry industry and the railroad company will now have to submit detailed projections and reports of their performance.
The government has in principal endorsed the decision which is binding on the state-owned enterprises (SOEs) and requires that the companies compile enterprise strategy plans.
The strategic plans will have to include the enterprise management quality evaluation as well as steps to be taken to improve the enterprise management.
The new impetus from the central government to create better-run SOEs comes after an independent audit last year that showed the country is losing billions of litas from state assets due to corruption and incompetence.
"The strategic plans to be submitted to the Government before 15 July will also have to contain the information necessary for the shareholders to adopt decisions on the payment of dividends, performance and financial objectives in the period of the coming 3–7 years, enterprise operation efficiency and enterprise management quality evaluation, and the impact made by the projects of strategic importance on the enterprise activities and the enterprise value," the Ministry of Economy wrote in a press release.
"Such strategic plans should reflect the long-term enterprise performance scenarios which will contain the enterprise performance results aiming at better operation efficiency," the release said.
Since late 2010, SOEs were informed that they had to set high performance and financial indicators.
Such ambitious indicators were set by most of the enterprises as early as the beginning of this year and only a small number of the SOEs have requested a transitional period.
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