Chapter 4 applies a broad definition of “level playing field”, which is taken to indicate different treatment of state-owned enterprises (SOEs) in the competitive landscape, with respect to corruption and other irregular practices, as well as the conduct of SOEs active in foreign jurisdictions. It demonstrates that SOEs active in certain sectors – notably steel production – tend to be less profitable than private peers, yet less likely to go out of business. Similarly, SOEs appear to have a heightened risk of getting involved in some forms of corruption, but they are less likely than private companies to divest from certain projects or disengage from business partners due to integrity concerns. The chapter finally takes stock of ongoing OECD initiatives that either aim directly at, or could have as an outcome, raising trust in state-owned enterprises and their commercial operations.