Directorate for Financial and Enterprise Affairs

Corporate Governance in Lithuania

In series:Corporate Governanceview more titles

Published on July 26, 2018

book

This review of Corporate Governance in Lithuania was prepared in the context of Lithuania’s accession process to the OECD. It assesses Lithuania’s corporate governance arrangements – the laws, regulations and institutions that shape company oversight – for listed companies and state-owned enterprises (SOEs) against the standards of the G20/OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance of State-Owned Enterprises. The report reaches a positive overall assessment of Lithuania’s willingness and ability to implement these corporate governance standards and makes a number of recommendations to address remaining weaknesses. With respect to listed companies, the report notably recommends that Lithuania give priority to monitoring implementation of recent legislative reforms to strengthen corporate boards of directors and, in the medium term, consider further strengthening and clarifying their legal responsibilities. With respect to SOEs, this report recommends that Lithuania give priority to further strengthening the effectiveness of the state’s ownership coordination function, ensuring that the state’s requirements on board composition and disclosure practices are fully implemented by the SOEs for which they are mandatory and moving forward with plans to convert commercially-oriented statutory SOEs to limited liability companies.

TABLE OF CONTENTS

Foreword
Executive summary
Introduction to the corporate governance review of Lithuania
Lithuania's corporate governance landscape
The Roadmap for Accession: Review against core Corporate Governance Principles
Conclusions and recommendations for strengthening corporate governance in Lithuania
Annex 1. List of Lithuanian state-owned enterprises according to objectives (end 2015)
Annex 2. Status of board appointments in Lithuanian state-owned enterprises (February 2018)
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