In resource-rich countries, state-owned enterprises have a major influence on the economy and society as a whole. Their activities often have a large impact on how the government manages extraction and how much revenue the government earns.
Despite this importance, only nine of the 81 SOEs assessed in the 2017 Resource Governance Index achieved a good standard of transparency and accountable governance.
This guide attempts to provide a practical reference for SOEs to use as they develop their disclosures. It was not designed to ensure compliance with every country-specific legal or regulatory requirement or to provide a single path toward transparency. Instead, the guide presents a list of items and approaches for SOEs to consider incorporating into their disclosures as requirements, customary rules or strongly encouraged good practices.
It promotes mainstreaming through disclosure of complete and sufficiently detailed information, disclosed with an appropriate frequency and regularly updated, accessible to stakeholders in an open format, and fully integrated into the day-to-day procedures of the SOE.
This guide offers SOE decision-makers a framework for considering the most relevant disclosures to improve a company’s transparency and governance. It is also aimed at oversight actors such as civil society organizations and parliamentary committees interested in assessing and monitoring their country’s SOE disclosures. It provides international good practices that can be compared to a specific country SOE’s practices and transformed into SOE-specific recommendations.