The progress made and the next steps in strengthening corporate governance in the Republic of Moldova were discussed today at the wrap-up event of the project "Technical Assistance to the Public Property Agency and the Ministry of Economic Development and Digitalization for the Adoption of International Best Practices and Standards in the Field of Corporate Governance of State-Owned Companies". The event brought together representatives of the Government, experts, donors and civil society, who discussed future directions for ensuring the sustainability of the project results.

 

The project included measures to strengthen corporate governance in the energy sector, such as the development and implementation of a corporate governance program for 7 state-owned companies and the development of mandates for them. These are the Transmission Operator Î.S. "Moldelectrica", S.A. "Retéle Electrice de Distribucie Nord", the thermal power units "Termoelectrica S.A." and "CET Nord" S.A., Î.S. Costești Hydropower Node FEE-Nord and Energocom S.A.

 

Present at the event, the State Secretary of the Ministry of Energy, Constantin Borosan, highlighted that the energy sector has a significant impact on society and the economy, which is why the Ministry of Energy has set out to ensure a decision-making process aligned with international best practices. The official thanked the Soros Foundation Moldova and the Expert-Group Center for the technical assistance provided within this project.

 

"Transparency and accountability are essential for ensuring efficient administration and for strengthening public trust in the management of state assets. In this context, we have developed fundamental documents that guide these practices, starting from the Corporate Governance Code, the Regulation of the Board of Directors, the Regulation of the Censors Commission, the Regulation of the Audit Committee and the Regulation of the Executive Body for seven enterprises in the energy sector. To ensure transparency and public access, all these documents were published on the websites of the companies, so that every consumer can understand how decisions are made within the companies in the energy sector", emphasized Constantin Borosan.

 

Also, through the project, the triage of state-owned companies was carried out in 5 categories: those not susceptible to privatization, those susceptible to immediate privatization, those susceptible to privatization after restructuring, companies that need to be restructured into public authorities and companies that need to be liquidated.

 

During the meeting, the executive director of the Soros Foundation Moldova, Daniela Vidaicu, mentioned that the digitalization of the public sector will contribute to increasing the efficiency of the sector: "We welcome the commitment of the authorities to act for the transparent administration of state property. In this regard, it is clear that digitalization offers us solutions both for increasing transparency and for greater efficiency of administration. The Soros Foundation Moldova reiterates its support for the development of public policies that ensure good governance and increase the well-being of our society".

 

The event was organized by the Independent Analytical Center "Expert-Grup" in partnership with the Public Property Agency, with the financial support of the Soros Foundation Moldova.