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2012.11.28 11:00

Lithuanian companies are not transparent enough – Bank of Lithuania

DELFI EN | The Lithuania Tribune2012.11.28 11:00

The Central Bank has complained about the seemingly lack of transparency shown by Lithuanian companies at large, Bloomberg reports. In statement to the media, the bank pointed out that the companies are not open enough about directors’ payment structures, their respective strategies and what kind of governance policies they use to win inventors’ trust.

The Central Bank has complained about the seemingly lack of transparency shown by Lithuanian companies at large, Bloomberg reports. In statement to the media, the bank pointed out that the companies are not open enough about directors’ payment structures, their respective strategies and what kind of governance policies they use to win inventors’ trust.

Furthermore, none of the companies with securities listed on the Vilnius stock exchange complies with the governance code of the stock exchange. On this specific point, Lietuvos Bankas explained through its website that, “adherence to the fundamental principle of ´comply or explain´ whilst improving every year, is still not sufficient,” the bank said in a report.

Additionally, the report highlighted that often Lithuanian companies emit false statements regarding published information on wages, strategy and fundamental strategical aspects on their websites. In reality, such information is briefly available on their website or it was not indeed published despite what was advertised. Finally, at times, they publish information that it is “too abstract” to be of any value to stakeholders, the report concluded.

Lithuania Tribune