EBRD holds workshop on corporate governance of state-owned enterprises in Romania

The European Bank for Reconstruction and Development (EBRD) and the Romanian Ministry of Economy organised on July 29 in Bucharest a two-day workshop, which focused on the good corporate governance of state-owned enterprises, according to the EBRD.

The event was led by the Dutch corporate governance scholar Michiel Boersma and brought together 30 officials from the Romanian Ministry of Economy and other government departments. Participants discussed how the state, as a company owner, should manage its responsibilities more effectively and make its enterprises more competitive, efficient and transparent.

“Corporate governance is the pre-requisite for value creation in any company and is critical for the long-term sustainable development of state-owned companies. The government of Romania has made significant efforts in the last six months to improve corporate governance and strengthen the regulatory framework. This workshop jointly organised by the EBRD and the Romanian Ministry of Economy is part of the ministry’s efforts to strengthen the state’s role as a responsible and active shareholder to foster the implementation of proper corporate governance standards in its companies,” said Sorana Baciu, state secretary at the Ministry of Economy.

“Improved efficiency and better transparency in the state sector leads to economic gains and helps create a level playing field for private and public enterprises. This in turn encourages a sound and competitive business sector. The EBRD can share valuable lessons from its investments in Romania and elsewhere. The current review of the relevant Romanian legislation provides us with an opportunity to support the government in adopting best international practices,” added Mihnea Craciun (in photo), EBRD deputy director for Romania.