New Course on Legal Foundations for Good Governance of State-Owned Enterprises Delivered at the JVI

The inaugural “Corporate Governance and Legal Framework of State-Owned Enterprises,” a three-day course designed and delivered by the IMF’s Legal Department, took place at the JVI in July. It is one of the few JVI courses devoted specifically to the legal questions raised by state-owned enterprises (SOEs) and is designed for lawyers in ministries of finance, state-owned enterprises, and related government agencies.  

The seminar featured an innovative combination of sessions to offer a holistic view of the legal issues SOEs raise. The Legal Department designed this seminar in response to a need from the IMF member countries for more focused legal training on SOEs.  The seminar addressed an array of legal issues relevant for public officials working with SOEs and covered a range of areas, such as the place of SOEs in the fiscal legal framework, the role of law in supporting good “corporate” governance, and legal exit mechanisms for underperforming SOEs. The program also included case study presentations delivered by Austrian officials - the General Counsel of Austria’s SOE holding company, ӦBAG, and the Chief Financial Officer of the Austrian Post, an SOE listed on the stock exchange.  

In total, 9 lectures were delivered over the course of 3 days, complemented by group discussions and hypothetical case studies, designed to stimulate debate and discussion among participants, who also enjoyed planned walking tours and social events. 

The course welcomed 24 participants from 16 countries, who gave it outstanding ratings in the end-of-course evaluation. Participants’ feedback highlighted the relevance of the content, the engaging delivery, and the practical value of the course as well as the course leaders’ ability to make complex topics accessible. Participants also praised the Austrian Post and OBAG presentations for their practical, real-world insights, and many participants suggested extending the course from three to five days.

In response to the reviews and the perennial challenge of SOEs in the region, the next delivery of this course at the JVI will take place over 5 days in April 2027, offering another opportunity for lawyers to sharpen their understanding of the public and private laws applicable to SOEs, potential gaps in legal regimes, and the ramifications of international standards in order to advance well-designed SOE legal reforms in their home countries. 

Alissa Ashcroft, Senior Counsel, IMF Legal Department