The Moldovans in the diaspora, who have accumulated a rich experience in various fields while staying abroad, are suitable to serve on the boards of directors of state-owned enterprises in the Republic of Moldova, as independent members. The suggestion was made at a press club meeting where the reform of state-owned companies and the importance of boards of directors in ensuring their good governance were discussed. The participants noted that the Moldovans in the diaspora, even if they do not necessarily have experience in corporate governance in Moldova, are familiar with how such enterprises are managed. Also, these persons could serve as bridges between Moldovan state-owned enterprises and the foreign business community, IPN reports.
According to Uwe Konst, an international expert in business and governance, it is crucial that people from the diaspora, who would apply for such a position, come especially from countries with developed economies and high-performing companies. Candidates can be identified through various associations of the diaspora, at business events held abroad and during the Diaspora Days in Chisinau. It is imperative that each independent member of boards of directors of state-owned companies have access to up-to-date information about the enterprise and about changes in the national legislation so as to become efficient in the activity carried out as soon as possible. These people must feel that they are supported throughout the mandate. A requirement is to select upright persons familiar with the standards of good practice in corporate governance, who have experience of working in enterprises governed according to international standards.
Ina Crețu, program officer at Soros Foundation Moldova, said that attracting independent members to boards of directors will result in their professionalization, increased transparency and impartiality in the work of the boards, attraction of valuable expertise and consequently streamlining of the work of these boards of directors. “We, together with Expert-Grup and jointly with the team of the Public Property Agency, aim to facilitate the attraction of diaspora members as independent members to the boards of directors of state-owned companies,” stated Ina Crețu.
Natalia Vrabie, head of department at the Public Property Agency, noted that the state is ready to attract independent members to the boards of directors of state-owned companies. The Public Property Agency is at the stage of implementing the strategy for managing state property in the field of state-owned enterprises and joint-stock companies with majority state capital. This strategy includes the establishment of corporate governance at state-owned entities, the approval of corporate governance codes and the involvement in the management of state-owned enterprises of independent members, in the boards of directors and boards of joint-stock companies. The problem lies in potential candidates’ insufficient knowledge of Moldovan legislation. It is necessary to train them, to transmit specific knowledge of administration in the Republic of Moldova to them.
The press club meeting was organized by the independent think tank Expert-Grup with the support of Soros Foundation Moldova.
