Empirical studies show that state-owned enterprises (SOEs) are very important for society. Worldwide SOEs represent approximately 10% of global gross domestic product (Bruton et al. 2015). In Germany, there are more than 16.000 SOEs (Federal Statistical Office 2013).
With regard to governance deficits there are discussions for enhancing the effective and efficient provision of public services (OECD 2005; Florio/Fecher 2011, Verhoest/van Thiel/Bouckaert/Lægreid 2012).
The European Commission is an important driver in the discussion to enhance CG principles and the implementation of CG standards (e.g. EU European Commission 2011; European Parliament & Council 2014; European Commission 2009). For instance, there are directives and recommendations regarding the disclosure of non-financial information, diversity, auditing, gender pay gap and disclosure/appropriateness of the salaries of board members (Directive 2014/95/EC, European Commission 2012/614, European Commission 2009)
Many ascribe special responsibility and a role model function to SOEs in the corporate governance debate. However there is an important research gap how far European Union policy documents include SOEs as well as regarding the implementation and effects of the policy documents.
The aim of the paper is to assess the content and genesis of European Union policy documents regarding crucial corporate governance issues and to explore if and how state-owned enterprises on different government levels are addressed by the policy initiatives. Moreover, the paper investigates the implementation and effects in state-owned enterprises in Germany.
To that end the study has identified and explored the 400 biggest SOEs in Germany on all government levels and the SOEs of the 10 biggest cities in Austria.
The study provides fresh knowledge for the scientific community and and policy makers. For the overall conference theme the paper provides perspective how policy initiatives from the European Union could additionally contribute for moving the public management debate in this field forward.
References
Bruton, Garry D., Peng, Mike W., Ahlstrom, David, Stan, Ciprian, Xu, Kehan (2015): State-Owned Enterprises around the WORLD as Hybrid Organizations, Academy of Management Perspectives, 29 (1): 92-114.
European Commission (2014): Directive 2014/95/EU amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and Groups.
European Commission (2014): Tackling the Gender Pay Gap in the European Union, Luxembourg.
European Commission (2012): Action Plan: European Company Law and Corporate Governance - A Modern Legal Framework for more Engaged Shareholders and Sustainable Companies, Strasbourg.
European Commission (2012): Directive Proposal 2012/614 on improving the gender balance among non-executive directors of companies listed on stock exchanges and related measures.
European Commission (2011): Green Paper, The EU Corporate Governance Framework, Brussel,
European Commission (2009): Commission Recommendation 2009/385/EC as regards the regime for the remuneration of directors of listed companies.
Federal Statistical Office (2013): Auszug aus dem Datenreport 2013 – Wirtschaft und öffentlicher Sektor, Wiesbaden.
Florio, M., Fecher, F. (2011): The Future of Public Enterprises: Contributions to a New Disclosure, Annals of Public and Cooperative Economics, 82 (4): 361-373.
