State as owner – Limits of compliance of national legislation with corporate governance principles of state owned enterprises
State as owner – Limits of compliance of national legislation with corporate governance principles of state owned enterprises

Summary/Abstract: The article analyzes national legislation in the light of recommendation number two of the 2015 edition of the Guideline of the Organization for Economic Co operation and Development (OECD) on Corporate Governance for State Owned Enterprises, which deals with the role of the State as a major or sole shareholder of state owned enterprises. Thus, the following aspects were studied: the registration and functioning of state owned enterprises, their operational autonomy, the independence in decision making and the freedom of action of the members of the boards of directors or super¬visors, the central tutelary public authority, the responsibility of the state owned enterprises towards the institutions representing the public interest, as well as the exercise of the majority or sole shareholder rights of the State in view of implementing the recommendations of the aforementioned guideline.The paper concluded that there is a high degree of implementation of recom¬mendations on corporate governance of state owned enterprises in terms of procedures and regulation of specific processes, but there is insufficient institutional development, incomplete structuring or even the absence of organizational entities associated with the field. At the same time, the unclear allocation of attributions and responsibilities to the organizational structures of the corporate governance system of state owned enterprises leads to the impossibility of ensuring guarantees for the application of the principles of corporate governance at the level recommended by OECD documents.

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