The Ministry of Finance has announced a competition for the board of directors of state-owned companies

The Ministry of Finance has announced the creation of a reserve pool of candidates for appointment as state representatives to the boards of directors and internal audit departments of companies with state ownership.

According to the terms of the competition, future state representatives must have a higher education in economics, management, law or in a field relevant to the company, as well as at least five years of management experience in commercial structures or in the civil service.

Candidates must be well versed in key regulatory and legal acts, from the Constitution and the Budget Code to the Law on Corporate Governance and the Securities Market. Requirements also include knowledge of international financial reporting standards and OECD corporate governance principles.

Particular attention is paid to reputation and professional ethics. Persons who have previously been involved in the management of companies declared bankrupt or who are associated with competitors of state structures are not eligible to participate in the competition.

Preference will be given to candidates with international management experience, MBA degrees or CAP, CIPA certificates, as well as documented success in the development of subordinate organisations.

Candidates who successfully pass the testing and interview will be included in the management reserve, from which the composition of boards of directors and internal auditors in state-owned companies will subsequently be formed.