BUSINESS IN SHORT

Transparency of state firms assessed

SLOVAK state-owned companies as well as companies owned by municipalities are overly politicised and lack transparency, according to a report released by Transparency International Slovensko (TIS), an NGO.

SLOVAK state-owned companies as well as companies owned by municipalities are overly politicised and lack transparency, according to a report released by Transparency International Slovensko (TIS), an NGO.

The analysis prepared by TIS covers 30 state-owned firms and 15 companies owned by municipalities that generate annual revenue of about €3 billion and employ about 50,000 people, the SITA newswire reported.

One-third of the 45 firms failed to respond to the request for information submitted by TIS, even though the NGO said the firms are required to furnish the data under Slovakia’s freedom of information law. Two-thirds of the firms failed to provide information to TIS about compensation for their management or to provide CVs for managers.

“The low transparency rate goes hand in hand with the highly-politicised management of these firms,” said Gabriel Šípoš, the head of TIS, as quoted by SITA.

Šípoš said two-thirds of the members of the supervisory boards and boards of directors in the state-owned firms are regularly replaced after parliamentary elections while only 10 percent of these firms’ statutory representatives survived longer than one election term.

He added that this politically-motivated reshuffling causes instability in state-owned companies and prioritises an orientation toward short-term goals rather than securing the long-term health of the firm and providing quality services, SITA reported.

Železničná Spoločnosť Slovensko, the railway passenger carrier, and public-service broadcaster RTVS were rated most transparent by TIS as they had received two-thirds of the possible points based primarily on their release of economic indicators, contracts and invoices.

Get daily Slovak news directly to your inbox

Top stories

News digest: Sulík presents his pandemic plan, but PM Matovič remains critical

Rules for entering Spain change. Former police chief Gašpar remains in custody. State auctions the 5G network frequencies.

Richard Sulík presented his pandemic plan on November 23.

Which are the largest law firms in Slovakia?

For the first time, the ranking also provides an overview in partial categories of law.

Government has learned little, hesitates to open school gates

Education is a question of rights. So is protesting against the government, but at what costs? Slovakia welcomes hefty investment that comes with a warning sign.

Special regional restrictions and better tracing. SaS has introduced its plan to fight the pandemic

The document is based on eight chapters, which should contribute to economic recovery.

Richard Sulík introduces his plan.