With responsibility for Latvia's future!

The State Chancellery develops, organizes and coordinates the corporate governance policy of state-owned enterprises (SOEs) and state capital shares and fulfils the tasks of the coordination institution for the management of state capital shares and SOEs specified in the Law on Governance of Capital Shares of Public Entity and Management of Capital Companies and other regulatory acts.

From March 1, 2023, the Cross-sectoral Coordination Centre ceased to exist as a separate institution, which, starting from June 1, 2015, performed the tasks of the coordination institution for the management of SOEs and state capital shares (Coordination Institution). From now on, the functions related to the Coordination Institution in the State Chancellery are provided by the State-Owned Enterprise Governance Division of the Cross-sectoral Coordination Department.

Coordination Institution shall perform the following tasks:

1) draw up guidelines for efficient management of capital companies and governance of capital shares;

2) issue an opinion to holders of State capital shares on the financial objectives set in the medium-term operational strategy of the capital company and on the financial indicators of the performance (profit share to be disbursed in dividends, profit indicators, return on capital, etc.), as well as on the conformity of such objectives with the non-financial objectives set in the medium-term operational strategy;

3) advise the Cabinet, holders of capital shares of a public entity, and capital companies on issues related to the implementation of the corporate governance;

4) arrange training of such members of the executive and supervisory boards, officials and employees of capital companies of a public entity and of capital companies controlled by a public entity, and also officials and employees of holders of capital shares of a public entity whose work duties are related to the governance of capital shares of a public entity on issues related to corporate governance;

5) ensure that current information on State capital companies and capital companies under decisive influence of the State is published, and also the preparation of an annual public report on State capital companies and State capital shares in the previous year;

6) issue an opinion to the Cabinet on obtaining, maintaining or terminating State participation, and also, upon request of the derived public entity, issue an opinion on obtaining or terminating participation of the respective derived public entity in a specific capital company;

7) according to the competence draw up and, in accordance with the procedures laid down in laws and regulations, submit draft legal acts and policy planning documents to the Cabinet for approval;

7¹) co-operate with other State administration, non-governmental and international institutions in issues related to the management of capital companies and governance of capital shares;

7²) supervise how the holders of State capital shares and State capital companies fulfil the requirements for the publication of the information laid down in Section 29, Paragraph two and Section 58 of this Law;

7³) supervise how the local governments and capital companies of local governments (limited liability companies and joint-stock companies) which meet the criteria laid down in Section 78, Paragraph two of this Law fulfil the requirements for the publication of the information laid down in Sections 36 and 58 of this Law;

7⁴) fulfil the functions of the holder of capital shares in the State capital companies in which the Cabinet has appointed the coordinating authority as the holder of State capital shares;

8) perform other tasks which are laid down in this Law and other laws governing the operation of an institution of direct administration.