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Table of Contents PREFACE FEBRUARY 2012 The Strategic Role of State Assets – Reframing the Privatisation Debate The Strategic Role of State Assets – Reframing the Privatisation Debate | February 2012 Table of Contents PREFACE .......................................................................................................................................................... 3 KEY RECOMMENDATIONS ................................................................................................................................ 6 1 MACROECONOMIC CONTEXT .................................................................................................................. 8 2 THE ROLE OF STATE ENTERPRISES IN A PROGRESSIVE MODEL OF DEVELOPMENT: CONSIDERATIONS... 10 THE TRIPLE BOTTOM LINE ....................................................................................................................................... 10 Economic considerations .............................................................................................................................. 10 Market structure ....................................................................................................................................................... 10 Natural monopolies ................................................................................................................................................... 11 Enterprise performance: ownership and competition .............................................................................................. 12 Regulation ................................................................................................................................................................. 13 Environmental considerations...................................................................................................................... 14 Sustainable development .......................................................................................................................................... 14 Environmental obligations (national/international) .................................................................................................. 15 Social considerations .................................................................................................................................... 16 Equality ...................................................................................................................................................................... 16 Employment and redistribution effects .................................................................................................................... 17 Leisure and amenity benefits .................................................................................................................................... 17 3 PRIVATISATION EXPERIENCE IN IRELAND AND INTERNATIONALLY ........................................................ 18 REASONS FOR PRIVATISATION .................................................................................................................................. 18 EFFECTS OF PRIVATISATION...................................................................................................................................... 18 THE IRISH EXPERIENCE ............................................................................................................................................ 20 CASE STUDIES ....................................................................................................................................................... 23 Telecom Éireann/ Eircom ............................................................................................................................. 23 The pre-privatisation era ........................................................................................................................................... 23 Post-privatisation and the broadband failure ........................................................................................................... 23 Irish Steel ...................................................................................................................................................... 27 4 TO PRIVATISE OR NOT TO PRIVATISE: SOES TODAY ............................................................................... 29 ENERGY COMPANIES .............................................................................................................................................. 29 Renewable energy and grid development targets ....................................................................................... 30 Electricity Supply Board ............................................................................................................................................. 33 Bord Gáis Éireann (BGÉ) ............................................................................................................................................ 35 TRANSPORT: ACCESSING THE WORLD ......................................................................................................................... 36 Overview ...................................................................................................................................................... 36 Dublin Airport Authority ............................................................................................................................... 38 Aer Lingus..................................................................................................................................................... 39 TRANSPORT: ACCESSING IRELAND ............................................................................................................................. 41 The policy context ........................................................................................................................................ 41 Transport regulation ................................................................................................................................................. 41 Córas Iompair Éireann (CIE) ......................................................................................................................... 42 COILLTE AND BORD NA MONA ................................................................................................................................. 45 Coillte ........................................................................................................................................................... 45 A Review of Forestry in Ireland ................................................................................................................................. 49 Bord na Móna .............................................................................................................................................. 49 5 STATE HOLDING COMPANY AND PARTIAL PRIVATISATION ...................................................................... 51 1 The Strategic Role of State Assets – Reframing the Privatisation Debate | February 2012 STATE HOLDING COMPANY AND CORPORATE GOVERNANCE ............................................................................................ 51 HOLDING COMPANIES AND PRIVATISATION ................................................................................................................. 52 Separation of the ownership and regulation functions ................................................................................ 53 Greater access to capital and efficiency savings .......................................................................................... 53 Investment in next generation broadband .................................................................................................. 54 Partial privatisation ..................................................................................................................................... 54 NewERA and a new governance structure ................................................................................................... 56 CONCLUSION ................................................................................................................................................. 57 APPENDIX: STATE-OWNED ENTERPRISES AND ASSETS IN THE ECONOMY – THEORETICAL DISCUSSION AND EMPIRICAL EVIDENCE .................................................................................................................................... 59 THEORETICAL DISCUSSION....................................................................................................................................... 59 EMPIRICAL EVIDENCE ............................................................................................................................................. 60 BIBLIOGRAPHY ............................................................................................................................................... 62 2 The Strategic Role of State Assets – Reframing the Privatisation Debate | February 2012 Preface TASC is an independent, progressive think-tank dedicated to promoting equality, democracy and sustainability in Ireland through evidence-based policy recommendations. TASC’s previous work in corporate governance includes Outsourcing Government, Mapping the Golden Circle and Public Appointments: Options for Reform. Our interests in corporate governance and economics come together in relation to State ownership of companies
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