The largest water company in Lithuania Vilniaus Vandenys was the first of municipality owned enterprises which expressed the wish to cooperate with Governance Coordination Centre in improving the corporate governance as well as to be evaluated via the Good Governance Index methodology compiled by GCC.
Vilniaus Vandenys seeks to be evaluated via GGI
‘Transparency, formation of collegial management or oversight bodies and strategic planning and implementation already is among the most important principles of management in our company, thus the participation in Good Governance Index will allow more rapid improvements in the effectiveness of the company operations and will provide with the possibilities to appropriately balance the usefulness of the company to its stakeholders: to clients, public, shareholders and employees’ – says Vilniaus Vandenys director general Marius Švaikauskas.
‘Governance Coordination Centre aims to ensure a professional governance of State Owned Enterprises by consulting the SOEs in the topics of the implementation of good governance practices. Via the Good Governance Index, compiled by GCC, it is aimed to evaluate, how successful SOEs are in implementation of the good corporate governance practices, their operational transparency, management and oversight bodies formation, strategic planning and implementation aspects. We plan that in the future, by following the methodology of the Index, we will also evaluate municipality owned enterprises’ – states director of Monitoring and Forecasting Agency (VšĮ „Stebėsenos ir prognozių agentūra“), an agency performing the functions of Governance Coordination Centre, Vidas Danielius.
Governance Coordination Centre also provides SOEs with individual reports, pointing out the areas for improvement in their governance as well as providing with the options of tools and actions, which would allow the progress in the respective areas. Good Governance Index is compiled based on the recommendations of the Organisation for Economic Co-operation and Development (OECD), international good practices and other criteria.