The Lithuanian government has approved changes to the management requirements of state-owned companies in order to optimize the use of public funds.
State-owned companies will no longer be required to submit 3, 9 and 12-month interim reports and interim financial statements.
At the same time, large state-owned enterprises will have to follow more stringent transparency requirements.
The government has already approved to these proposals put forward by the Ministry of Economy.
“New state-owned companies' transparency guidelines that the government has adopted will allow state owned companies and state enterprises to only prepare annual and half-yearly reports and financial statements,” said Deputy Minister of Economy Gediminas Onaitis.
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