The OECD has approved of the efforts by the Latvian Inter-Institutional Coordination Center (PKC) towards improving coordination in management of the state-owned companies in Latvia but has called for greater activity to achieve progress in critical management aspects, the BNS newswire was told at the PKC.
The PKC top officials represented Latvia at the talks in Paris in late October and reported to the OECD officials about Latvia’s progress in implementation of the OECD recommendations and adoption of the OECD good practices in management of state-owned companies.
"During the meeting when we reported about Latvia’s progress, the OECD approved of the work accomplished by the PKC towards coordinating management of the state-owned companies, including the adoption of the Law on Annual Reports which gives an opportunity for large state-owned companies to prepare their annual reports in accordance with the International Financial Reporting Standards as well as development of the draft Cabinet regulations and guidelines for management of the state-owned companies,” the PCK head, Peteris Vilks, said.
He said the OECD representatives had appreciated the work done so far but had called for greater activity on part of Latvia to make progress in critical management aspects such as establishing professional and independent supervisory boards at large state-owned companies, starting with 2016, to ensure professional management of the state-owned assets to increase their value.
The process of Latvia’s accession to the OECD was formally launched in December 2013.
Latvian officials have previously expressed hopes that full membership might be attained in 2016, but a recent report by the OECD on corruption and risks posed by the banking sector have raised questions about twhether that will now happen without further reforms.
The Inter-Institutional Coordination Center (PKC) was founded in late 2011 to ensure coordinated development planning in Latvia, to draft long-term planning documents, tying them with the available national financing and the EU funds, and to see that those priorities are observed throughout the decision-taking processes in the country.
