17/10/2014 - OECD Secretary-General Angel Gurría today welcomed the passage into law of Latvia's “Public Persons Enterprises and Capital Shares Governance Law”.
"The law's passage by the Saiema is a welcome development," said Secretary-General Gurria. "We look forward to seeing how this new law will help ensure the efficiency and transparency of Latvia's state-owned enterprises." Key elements in the new law, such as the reintroduction of boards of directors, the establishment of an entity coordinating state ownership and the start of annual aggregate reporting by the government are consistent with OECD recommendations.
Latvia's implementation of the new law, and the extent to which it reflects the OECD Guidelines on Corporate Governance of State-Owned Enterprises, will be closely monitored by the OECD as Latvia continues its path to OECD accession. "The passage of the law shows a positive commitment by Latvia to the OECD accession process", said Secretary-General Gurria.
Latvia began its path to OECD membership in October 2013.
For further information on the OECD’s work on SOE corporate governance, visit: http://www.oecd.org/daf/ca/soemarket.htm.