Where SOEs are listed, or otherwise include non-state investors among their owners, the state and the enterprises should recognise the rights of all shareholders, including minority and foreign shareholders, and ensure shareholders’ equitable treatment and equal access to corporate information.
IV.A. The state should strive toward full implementation of the G20/OECD Principles of Corporate Governance when it is not the sole owner of SOEs, and of all relevant sections when it is the sole owner of SOEs. Concerning shareholder protection this includes:
IV.A.1. The state and SOEs should ensure that all shareholders are treated equitably.
IV.A.2. SOEs should observe a high degree of transparency, including equal and simultaneous disclosure of up-to-date information, towards all shareholders.
IV.A.3. SOEs should develop an active policy of communication and consultation with all shareholders.
IV.A.4. The participation and exercise of voting and other rights of all, including minority, shareholders in shareholder meetings should be facilitated so they can take part in fundamental corporate decisions such as board election. General shareholder meetings allowing for remote shareholder participation should be permitted by jurisdictions as a means to facilitate and reduce the costs to shareholders of participation and engagement. Such meetings should be conducted in a manner that ensures equal access to information and opportunities for participation of all shareholders.
IV.A.5. Transactions between the state and SOEs, and between SOEs, should take place on market consistent terms.
IV.B. National corporate governance codes should be adhered to by all listed SOEs, and to the extent possible unlisted SOEs.
IV.C. Where SOEs are required to pursue public policy objectives that may have a material effect on the enterprise’s performance, results and viability, adequate information about these should be available to the public and non-state shareholders at all times.
IV.D. When SOEs engage in co-operative projects such as joint ventures and public-private partnerships, the contracting parties should ensure that contractual rights and obligations are upheld and that disputes are addressed in a timely and objective manner.