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State-Owned Enterprises (SOE’s) are an important part of the economy in the Baltic States, how they are
managed and governed impact the economy and set the tone at the top for not only for SOE’s but for the
private sector as well.
In June 2010 the Baltic Institute of Corporate Governance published “Baltic Guidance on the Governance of
Government-owned Enterprises” this was intended as a road map for the Governments to bridge the GAP
between current practices and OECD Guidelines on Corporate Governance of State Owned Enterprises.
In May 2012 we published Governance of State-owned Enterprises in the Baltic States, intended as a rating of
reform progress both in companies, legal framework and public opinion.
This new handbook has been developed to improve the work in the boards of the SOE’s in Estonia, Latvia and
Lithuania and help the parties involved create international best practice boards.
The handbook is an adaptation of the Financial Reporting Council (UK), “Guidance on Board Effectiveness”
originally published in March 2011. The appendix section mainly draws from the preceding document from FRC,
“Good Practice Suggestions from the Higgs Report” We thank the FRC for their generous support in allowing BICG
to adopt their documents for this purpose. We also want to thank ICSA (the Institute of Chartered Sec

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