Croatia Integrated State-Owned Enterprises Framework Assessment
The report provides one of the first comprehensive applications of the World Bank’s new integrated SOE framework (iSOEF) in Europe. Based on firm-level data, it provides analytical arguments indicating underperformance of the Croatian SOE sector, w...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/377041623061549782/Croatia-Integrated-State-Owned-Enterprises-Framework-iSOEF-Assessment http://hdl.handle.net/10986/35706 |
| Summary: | The report provides one of the first
comprehensive applications of the World Bank’s new
integrated SOE framework (iSOEF) in Europe. Based on
firm-level data, it provides analytical arguments indicating
underperformance of the Croatian SOE sector, which
ultimately stems from corporate governance deficiencies. As
the report points to areas where reforms are of utmost
importance and gives actionable policy recommendations, it
is intended to be used for deepening the policy dialogue in
the area of SOEs with Croatian authorities. The analysis
covers non-financial companies with central government
ownership of at least 50 percent. Short analysis of local
government SOEs is given in Annex one. Long-term state asset
management reform efforts intensified after 2013 with the
intention to improve the SOEs management and reduce their
fiscal burden. Also, two reforms were introduced in 2017,
pertaining to the restructuring of the Central State Office
for State Asset Management into the Ministry of State
Assets, intended to foster a more coordinated approach and
give impetus to the restructuring and privatization of SOEs;
and the adoption of a new Corporate Governance Code. As of
2020, the Ministry of State Assets was merged with the
Ministry of Construction and Physical Planning, and these
reforms are yet to yield desired effects in terms of SOEs´
efficiency and return. |
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