The Corporate Governance Code for Companies with Capital Assets of the State (hereinafter referred to as: the "Code") was adopted by SSH in December 2014. Since its first adoption, the amendments to Companies Act (ZGD-1) were adopted, and so were the G20/OECD Principles of Corporate Governance and OECD Guidelines on Corporate Governance of State-Owned Enterprises, as a result of which the need has arisen for the Code to be modified and amended. As a result of further developments and exploration of good practice in corporate governance some new recommendations and principles have been added to the Code.
The Code is addressed to state-owned enterprises (SOEs). It should also be applied by subsidiary companies in the Group in which the position of the controlling company is held by a company with State’s capital assets.
The purpose of the Code is to set the standards of governance and supervision in SOEs and to develop a transparent and understandable system of corporate governance in the above mentioned companies.
The objective of the Code is, by raising the quality of corporate governance in SOEs and in SSH, to improve the performance of SOEs in the long term, for the interest of all of its stakeholders.