State-owned enterprises (SOEs) often own and operate key aspects of the value chain in the mining, oil and gas industries, as explorers, producers, logistics providers, refiners, marketers and private-sector partners.
As SOEs are increasingly corporatising their operations, transparency in financial disclosures has become central to their ability to raise funds, develop new partnerships and improve their accountability to their primary shareholders in government and to citizens as the ultimate beneficiaries. Global standards and guidelines for SOE disclosures and governance, such as the EITI Standard, can support SOEs develop good practices in transparency, financial management and governance.
SOEs are increasingly integrating transparency reforms in their business planning. Transparent financial management and relations with the state can yield important benefits for SOEs.
Improve access to finance
Enhance market efficiency
Promote public-private partnerships
Facilitate ease of doing business
Inform performance benchmarking
Strengthen reputation and trust
Support decision-making in the energy transition
Shed light on commodity trading