1. 20 years of experience with transformation of state property to private property in Slovakia High Level MeetingANNA BUBENIKOVA of the State Ownership AuthoritiesNational Property Fund 5.-6. Sept., Ljubljana, SloveniaSlovak Republic

2. Privatisation process in Slovakia National Property Fund functions Corporate Governance implementation

3. SLOVAKIA in 1991 great expectations for historical change state´s dominance elimination quick prosperity

4. SMALL PRIVATISATION goal create small and middle enterprises method public auctions

5. LARGE PRIVATISATION goal transfer substantial part of the state- owned property methods voucher privatization direct sale public auctions public tenders

6. VOUCHER PRIVATISATION positives citizens´collective investment lowered risk of corruption negatives atomized property no strategic shareholder

7. SLOVAKIA 1994 – 1998 unexperienced domestic investors low purchase price stagnation and decapitalization

9. NATIONAL PROPERTY FUND facilitate privatisation establish joint-stock companies exercise shareholder rights

10. ownership before transformation after transformation revenues from dividends revenues from taxes other benefits 100 % private lossprofitNOYESemployment 100 % state lossxNO potential source state + stragegic investor lossprofitYES satisfactory purchase price

12. MISTAKES IN PRIVATISATION inappropriate method insufficient institutional framework unexperienced domestic investors misuse of the situation

13. Implemented CG principles Equitable treatment of shareholders standard shareholder rights for the Fund autonomous decision making for companies protection of minority shareholders selection procedure rules on the website

14. Implemented CG principles Integrity and ethical behaviour proved moral integrity Interests of other stakeholders no privileged position effective debt recovery for creditors no exceptions from the law

15. Implemented CG principles Responsibilities of the board accountability of members regular reports to shareholders strategic, business, financial planning

16. Implemented CG principles Disclosure and transparency collection of documents publicly accessible remuneration disclosure internal audit

17. Thank you for your attention