Corporate Governance Code for State-Owned Enterprises

The Code is addressed to state-owned enterprises (SOEs). It should also be applied by subsidiary companies in a Group in which the position of the controlling company is held by a SOE. The said companies should apply the Code as their code of reference.

The Code contains principles and recommendations for good practice in corporate governance of SOEs. Some recommendations are common and refer to all SOEs, while some recommendations refer to SOEs with a specific legal organisational form, taking into account the size, the ownership structure of a company and the fact whether company’s securities are traded on the regulated securities market (listed companies). The Code complements the statutory arrangement and summarizes it, however, only to a lesser extent. The Code's recommendations should meet the requirements of the majority of companies being addressed.
The Code also includes certain general expectations on the part of SSH in relation to SOEs.