VILNIUS. The governance quality of EPSO-G, a group of companies of energy supply and exchange, received the top evaluation A+ as it was focused to build trust in the strategical projects under implementation and payed a lot of attention to transparency and accountability of its activities. This was reflected in the latest good governance index of the state-controlled companies that is calculated by the Monitoring and Programme Agency (SIPA).
SIPA's good governenance index is the most widely used tool of quality assessment of the state-controlled companies in Lithuana.
“The annual report and sustainability ofEPSO-G were assessed as one of the best among all the state-controlled companies. The company is applying international standards of financial accountability. The Supervisory Board was in compliance with principles of corporative management – at least half of the members were independent (including the chairman); the selections were conducted with the help of experts of managers’ selection, and the self-assessment of activities of the collegial body was performed. In the course of the companies’ assessment, this company was the only one to have audit and remuneration committees in compliance with the set requirements. The company’s strategic plan and implementation of the strategic goals was also evaluated by top grades,” – it is stated in the good management overview of the State-controlled companies prepared by SIPA.
The purpose of the good governance index of the state-controlled companies is to assess and measure, how the they meet Organization for European Cooperation and Development (OECD), Ownership guidelines, Transparency guidelines and Selection guidelines, as well as other documents regulating activities of the state-controlled companies.
Positive evaluations of the index 2017 were granted to 24 companies, average – to 22 State-controlled companies, and negative – to 16 companies.
The index consists of three main evaluation dimensions: transparency, collegial bodies, strategic planning and implementation. Each of the evaluation dimensions is divided into smaller criteria.