Maia Sandu
The head of state stated that assets meeting the necessary criteria can be listed both on the Republic of Moldova’s capital market and on regional stock exchanges. According to her, this will increase transparency and facilitate the adoption of international corporate governance standards.
Sandu also advocated for separating productive assets—companies with commercial potential—from non-productive assets, such as land plots, real estate, or properties undergoing bankruptcy proceedings.
“This means that the Public Property Agency should be divided into two entities. One entity should be responsible for enterprises with potential, modernizing them and increasing their value, while the other should manage the remaining assets. In the short term, it is necessary to conduct an audit of all enterprises to determine how effectively funds are being used,” the president stated.
In addition, state-owned enterprises will be required to publish annual financial reports, external audit results, board of directors’ reports, information on executive compensation, and procurement reports.
The president also demanded a review of the composition of all boards of directors, a reduction in the number of their members, a limit on an individual’s participation to only one board, and the regulation of compensation levels. In addition, it is planned to publish performance indicators for each state-owned enterprise every six months.
According to Sandu, the government must clearly distinguish between fair and competitive compensation and actions that harm the state budget.
“And here I am referring primarily to salaries and government procurement. Of course, there are positions that require special expertise to manage complex processes, and in such cases, salaries should be commensurate. However, high performance should not become an excuse for abuse,” the head of state emphasized.
Sandu also stated that she had not received any inquiries from international development partners regarding this scandal, but reiterated that “funds received unduly must be returned as soon as possible.”
