Ministry of Economy to implement corporate governance principles
Ministry of Economy to implement corporate governance principles in 23 of the 56 state-owned companies
In 2016, the Ministry of Economy, Trade and Relations with the Business Environment will be implementing corporate governance principles in 23 of the 56 state-owned companies in its portfolio; 13 of them will undergo this process in the first half of the year, the ministry reported on Monday.
The Economy Ministry has completed the basic rules and principles for the management of state-owned companies following an analysis of the latest developments in the implementation of government emergency ordinance 109/2011. The three main principles underpinning corporate governance at state-run enterprises are ethics and integrity, professionalism and performance, and transparency and predictability.
The first 13 companies to have the principles implemented in the H1, 2016 are the Plafar National Corporation, the Salt National Corporation, the Mineral Waters National Corporation, the Cuprumin National Corporation, the 2 Mai Shipyard National Corporation, the CNCIR National Corporation for Control of Boilers, Elevators and Pressure Equipment, the Tourist Investment Corporation, Iprochim, the ICEM Metallurgy Research Institute, Neptun Olimp, the IOR optical glass maker, Conversmin, and Smart (a branch of the power transmission grid operator Transelectrica).
Following in the second half will be 10 companies Baita, the Romarm National Arsenal Corporation, the Cugir Arms Factory, Arsenal Resita, Pirochim Victoria, the Cugir Mechanical Factory, the Mangalia Shipyard, the IAR Aeronautics Corporation, Romaero, and the Craiova Aircraft maker.