OECD Review of the Corporate Governance of State-Owned Enterprises in Romania
The Romanian government has undertaken important legal and institutional changes over the past decade to improve the governance and performance of its state-owned enterprises (SOEs), yet significant implementation shortcomings persist. This review describes and assesses the corporate governance framework of the Romanian SOE sector against the OECD Guidelines on Corporate Governance of State-Owned Enterprises. It also makes recommendations to help the Romanian authorities design adequate mechanisms to ensure the implementation of applicable rules for the exercise of state ownership and the governance of SOEs.
The state‑owned enterprise landscape in Romania
This chapter first discusses the Romanian business environment and capital market before providing an overview of the state‑owned enterprise sector – including information regarding its size, sectoral distribution, and economic and financial performance. It then outlines the legal and regulatory frameworks bearing on SOE governance, including details on the general corporate governance framework as well as on sectoral laws and regulations applicable to SOEs. It finally describes ownership arrangements and examines how the state exercises its ownership rights, with a particular focus on policies and practices underpinning board and executive appointments, performance monitoring and financial oversight of SOEs.
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