TRANSPARENCY

Increasing the transparency of the portfolio and the holdings - as if a listed holding company

A portfolio of State Commercial Assets should be at least as transparent as the best example of listed companies, as these assets are truly public assets. This means a consolidated and audited annual report of the entire portfolio such as that of Temasek in Singapore or Solidium in Finland.

As an initial step in order to raise the awareness to a wider public of the economic values at stake, a simplified version such as an annual review could be published within a few months depending on the availability of information, as in Lithuania and Latvia. Such a review would include an estimate valuation, as well as dividends, capital structure and return on equity for the aggregate portfolio and the main sectors involved.

In addition, the opening up of the Annual Share holders Meetings to the public for all companies the portfolio, as well as allowing the debt side of the national Wealth Fund to obtain a rating and raise bonds in the capital market such has been done with Temasek and Mubadala. A bond rating enables the financial market, the media and the public to benchmark the companies and Portfolio against relevant competitors in each sector.

Singapore		Finland		Lithuania		Sweden