Poor corporate governance lies at the heart of the poor performance of stateowned enterprises (SOEs) throughout the world. In many countries, previous SOE reform efforts failed to deliver sustained improvements in performance because they did not fully address the core governance deficiencies of public enterprises – multiple and conflicting objectives, excessive political interference, and opacity.

This article, drawing upon the author’s research and work with SOEs in a number of jurisdictions, explores how an integrated approach encompassing clear directions, political insulation, and transparency can improve the corporate governance of SOEs and clear the path to a higher level of performance.