Note by the OECD Secretariat on Lithuania’s implementation of corporate governance accession review recommendations This Secretariat Note considers Lithuania’s progress in implementing the recommendations of the OECD Corporate Governance Committee's Corporate Governance Accession Review [published as OECD (2018), Corporate Governance in Lithuania https://doi.org/10.1787/9789264302617-en]. It was discussed by the Corporate Governance Committee and the Working Party on State Ownership and Privatisation Practices at their meeting in November 2020. For further information, contact
[email protected]. LITHUANIA’S IMPLEMENTATION OF CORPORATE GOVERNANCE ACCESSION REVIEW RECOMMENDATIONS © OECD 2020 2 Table of contents Table of contents 2 1. Purpose and structure 4 2. Lithuania’s implementation of the priority recommendations related to the Principles of Corporate Governance 5 2.1. (i) Monitoring implementation of reforms to the company law and related laws 5 2.2. (ii) Medium-term plans to further strengthen board responsibilities 7 2.3. (iii) Recent company law amendments to strengthen independence criteria for listed company boards 8 3. Lithuania’s implementation of the additional recommendations related to the Principles of Corporate Governance 10 4. Lithuania’s implementation of the priority recommendations related to the SOE Guidelines 12 4.1. (i) Eliminating voting instructions 19 4.2. (ii) Further improving the board selection process 20 4.3. (iii) Corporatising commercially oriented statutory SOEs 23 5. Lithuania’s implementation of the additional recommendation related to the SOE Guidelines 27 6. Conclusions 28 6.1. Lithuania’s implementation of the priority recommendations 28 6.2. Lithuania’s implementation of the additional recommendations 30 6.3.