English

Lukashenka tells government to manage stock companies it co-owns more efficiently

Alyaksandr Lukashenka directed on Thursday that the authorities create an efficient system of managing stock companies where the government holds a stake.
Speaking at a government conference, Mr. Lukashenka warned that the system should not interfere with the operation of such companies, according to the government's news agency BelTA.

The Belarusian leader also warned against copying Western practices and suggested turning to China's experience instead.

He said that companies co-owned by the government must be profitable but at the same time work for the benefit of the entire country instead of limiting their activity to "narrow corporate interests."

Mr. Lukashenka reportedly criticized the performance of supervisory boards at stock companies for doing little and leaving all major decisions for the chief executive officers to make. He cited the operation of leading candy makers Kamunarka and Spartak as examples, BelaPAN said.

Earlier this month, Mr. Lukashenka ordered the supervisory boards at the companies liquidated and the government given a controlling stake in them in what became their de facto nationalization.

Mr. Lukashenka also criticized the level of cooperation between the private investor and the government in running a jointly owned stock company.

The government holds stakes in 1,738 stock companies and has a representative in each of their supervisory boards. According to Mr. Lukashenka, not all of such representatives are the right people for the job.