Emergency Ordinance no. 109/2011 on corporate governance of public entities, 2011

Romania Current 2011

Government Emergency Ordinance no. 109/2011 concerning the corporate governance of state‐owned enterprises (OUG no. 109/2011) expects mandatory compliance for Romanian public enterprises. It includes reporting requirements for public entities related to corporate governance, including specific disclosures related to management and the supervisory board. The Ordinance represents the first systematic introduction of corporate governance rules specific to SOEs in Romania. Corporate governance principles addressed include the separation between the ownership and policy-making function of the government, as well as full transparency on strategic decisions, related-party transactions and audited financial information. Since 2011 Parliament has been examining ways of improving its implementation to enhance transparency, compliance monitoring and enforcement. This includes the monitoring role of the Ministry of Public Finance.

 

Scope

Governance

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

Public sector and state-owned organizations

Issuer type

Finance/Treasury

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners