Summary in English:

Serious consideration should be given to how the rapidly growing State-Owned commercial assets need to be managed so as to ensure that taxpayers see a decent return on their investment. Reforming and managing State-Owned businesses and State-Owned commercial banks is no easy undertaking. While many of the more obvious rules of running private enterprises apply, commercial assets controlled by government tend to struggle to focus exclusively on value maximisation. Worse, they generally remain prone to suspicion of political interference. Even if these enterprises are able to avoid day-to-day government influence, it must still operate without the strategic flexibility enjoyed by private sectors companies, and at the same time remain within a broad policy framework as laid out by government. Best practice of how to manage State-Owned commercial assets must practically address the internal conflicts of interest inherent in the government ownership of commercial assets. From our experience to date, three fundamental requirements or principles emerge as being vital to their successful management, and to establishing the state as a credible owner of commercial enterprises. These three fundamental principles are mutually self-reinforcing if adhered to in unison, being Political Insulation, Clear Objective and Transparency.