State-owned enterprises play an important role in the global economy. The 33 800 companies covered in the OECD’s new Global State-Owned Enterprises Dataset held USD 141 trillion in assets and employed 43 million people in 2024. They deliver essential services, manage critical infrastructure and invest in strategic sectors. Strong governance can help these enterprises perform better, while safeguarding public resources and supporting fair competition.
This year’s edition of Ownership and Governance of State-Owned Enterprises brings fresh evidence to help governments strengthen governance, improve enterprise performance and deliver better outcomes from state ownership. It combines firm-level data with a comparative assessment of national policies and practices. Across the six industries examined, state-owned enterprises were less profitable overall, more leveraged and generally invested less than comparable private companies between 2013 and 2024. While these patterns vary across sectors and regions, they point to opportunities to improve performance and economic outcomes.
The foundations of sound state-owned enterprise governance include clear mandates, measurable objectives and transparent funding. Compensation for public service obligations that is proportionate to net costs helps companies fulfil their objectives while supporting fair competition. Regularly assessing both commercial performance and public policy outcomes can guide improvements and inform future ownership decisions.
Many governments are already taking steps towards more professional and better co-ordinated ownership, but there are significant opportunities to go further: clearly separating the state’s ownership function from regulatory and policy roles, ensuring boards have the skills, independence and authority to provide effective oversight, and being transparent with citizens about performance and state support. These arrangements enable informed decisions, strengthen accountability and build trust.
Together with the OECD Guidelines on Corporate Governance of State-Owned Enterprises, this report provides evidence and practical direction for reform. By drawing on these insights, governments can ensure that state ownership supports productive investment and creates lasting value for citizens.
Mathias Cormann,
OECD Secretary-General