Photo: Audit Chamber of the Republic of Moldova
Of the 147 state-owned enterprises and companies that were reviewed as part of the audits, only 11 posted their independent external audit reports on their official websites. The rest did not provide the public with information about the results of their operations.
These are enterprises operating in strategically important sectors—energy, transportation, telecommunications, and infrastructure. As of early 2025, central government authorities managed 224 economic entities, including 161 state-owned enterprises and 63 companies with state capital. Another 669 enterprises and commercial entities were under the control of local authorities.
The Audit Chamber notes that the problem lies not only in the lack of public reports. An audit of corporate governance revealed that the current system for overseeing state-owned companies remains insufficiently effective.
Among the main problems are an unclear division of responsibilities between government agencies and enterprise management, inadequate evaluation of the performance of government representatives on boards of directors, and a lack of a direct link between companies’ performance and the compensation of their executives.
In recent years, the Court of Auditors has conducted audits of a number of large companies, including CET-Nord, Moldtelecom, Energocom, Furnizarea Energiei Electrice Nord, Arena Chișinău, Loteria Națională a Moldovei, ZSP, and other organizations. The audits revealed systemic problems: the division of authority between founders and governing bodies is often unclear, there is no unified approach to enterprise reform, and the criteria for selecting state representatives to boards of directors remain insufficiently specific.
In addition, evaluations of the performance of state representatives are conducted with delays, and the compensation system for executives does not always depend on the actual results of the companies’ operations. The auditors also pointed to weak monitoring of enterprise operations, problems with reporting, and insufficient use of the data obtained when making management decisions.
According to the agency, the current management model does not fully ensure the effective use of state resources. In light of this, the Accounts Chamber recommended changing the approach to managing state-owned companies, raising the requirements for members of governing bodies, and increasing the transparency of their work.
