The audit noted a number of positive results in improving the management system of state-owned enterprises, introducing corporate governance, enhancing the efficiency of enterprises, and reducing the state’s participation in the economy.

In particular, 78 percent of the 160 tasks, objectives, and target indicators set out in the Strategy have been fulfilled. Modern corporate governance mechanisms have been introduced at enterprises, including measures to expand the participation of independent members on supervisory boards and establish specialized committees.

Financial performance improved at a number of enterprises where transformation and the introduction of corporate governance had been envisaged. Significant progress was also achieved in reducing the number of state-owned enterprises, with their number decreasing by nearly 1,000 compared to 2021.

The operations of more than 700 unviable, non-operating, loss-making, and low-profitability state-owned enterprises have been terminated. This contributes to more efficient use of state assets and optimization of the state’s participation in the economy.

At the same time, the audit identified that some of the tasks set out in the Strategy had not been fully implemented.

In particular, the necessary legal framework had not been established for certain tasks, control and monitoring mechanisms had not been adequately developed, and the planned practical measures had not been taken in a timely manner.

The issue of classifying enterprises based on the nature of their activities has also not been addressed systematically. This has created difficulties for certain enterprises in meeting corporate governance requirements, including the establishment of committees under supervisory boards and internal audit functions.

In addition, tasks related to the public offering of shares of certain state-owned enterprises and the issuance of corporate bonds have not been fully implemented. As a result, opportunities to attract additional financial resources for state-owned enterprises have not been fully utilized.

Following the audit, proposals were developed to ensure the implementation of outstanding tasks, monitor the activities of state-owned enterprises through a digital platform, classify enterprises according to the nature of their activities, and establish clear management mechanisms for each category.

It was also recommended to accelerate the public offering of shares of state-owned enterprises and the issuance of corporate bonds, introduce mechanisms for insuring the liability of enterprise executives, and establish clear objectives and performance indicators in the new strategy for reforming state-owned enterprises.

The implementation of these measures will contribute to improving the efficiency of state asset management, strengthening the financial sustainability of enterprises, and further optimizing the state’s participation in the economy.