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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11A state-owned enterprise (SOE) is a business in which the state exercises ownership or control. The government does not have to own every share: majority voting rights or other powers that give it decisive influence may also qualify. State ownership can shape who directs the company and how it balances commercial activity with public-policy objectives, but ownership alone does not determine whether the company performs well.
What is a state-owned enterprise?
The OECD’s 2024 Guidelines on Corporate Governance of State-Owned Enterprises define an SOE as “Any undertaking recognised by national law as an enterprise, and in which the state exercises ownership or control.” The definition includes common corporate forms and, where their activity is largely economic, statutory corporations.
The OECD definition is a useful international reference, not a substitute for local law. Countries may use different legal tests or labels, so whether a particular company qualifies under its home jurisdiction depends on that jurisdiction’s rules.
Does the government have to own all of a company?
No. A government can exercise control without owning 100% of the shares. The OECD framework includes majority voting rights and other rights that give the state an equivalent degree of decisive influence. Depending on the arrangement, that influence may come from powers such as appointing board members or the chief executive, or holding veto rights.
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- Author: Willink, Jocko.Babin, Leif.
- Publisher: St. Martin's Press
- Pages: 384
- Publication Date: 2017-11-21
- Edition: 1
Ordinary, bona fide regulation does not normally make a privately owned company an SOE by itself. The relevant distinction is between the state regulating a company as part of its general public role and the state exercising ownership or control over that enterprise.
Why do governments own enterprises?
Governments may own enterprises for several reasons, and these can overlap:
- Natural-monopoly networks: Some utility and transport infrastructure has characteristics that make effective competition difficult across the network.
- Public services and policy objectives: An enterprise may be tasked with delivering a service or advancing another public objective.
- Strategic industries: A government may retain ownership in sectors it considers strategically important.
These rationales do not mean SOEs operate only as public agencies. They can earn revenue, pursue commercial activities and compete with private businesses. State ownership does not imply the absence of competitors.
How can state ownership affect a company?
Control and decision-making
As shareholder or controlling owner, the state may influence company decisions through votes, board appointments or other decisive rights. The degree of influence depends on the ownership and governance arrangements; the SOE label alone does not show how much day-to-day autonomy managers have.
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An SOE may have to pursue commercial objectives while also meeting public-policy obligations. How those objectives are defined, funded and assessed matters: without clarity, it can be difficult for directors, employees, investors and the public to tell whether the company is being judged on commercial results, public-service delivery or both.
Potential conflicts in markets
In some markets, government can be both an owner and a policymaker or regulator. That overlap can create governance and competition concerns, such as undue intervention or differences in how an SOE and private competitors are treated. These are risks to examine, not proof that every SOE receives an advantage or that state ownership determines market outcomes.
The OECD identifies clear ownership responsibilities, defined public-policy objectives, professional boards, disclosure and accountability as governance measures that can help manage these tensions.
What do recent OECD figures show about SOEs?
The figures below describe specific populations and measures in OECD reporting; they should not be read as the share of all companies worldwide that are SOEs.
| Measure | What the OECD reported |
|---|---|
| Public-sector ownership of listed companies | More than 25% of 2,037 listed companies worldwide had public-sector ownership, representing 11.6% of their combined total market capitalisation. The OECD’s 2024 report gives this measure for 2023. |
| SOEs among the largest enterprises | The number of SOEs among the world’s 500 largest enterprises by revenue rose from 34 in 2000 to 126 in 2023, according to the OECD’s 2024 report. |
| Assets and revenue | Those SOEs had USD 53.5 trillion in assets and more than USD 12 trillion in revenue in 2023, according to the OECD’s 2024 report. |
| Annual sector reporting | In the OECD’s 2024 survey, 64% of surveyed jurisdictions published annual reports on their SOE sector. Among those reporting jurisdictions, 37% provided comprehensive aggregate information on their full SOE portfolio. |
| Board responsibility for strategy | In the OECD’s 2024 survey, 67% of surveyed jurisdictions gave SOE boards full responsibility and autonomy for defining enterprise strategy. This is a jurisdiction-level finding, not a percentage of individual companies. |
These measures show that state-owned businesses have a substantial presence in some large-company and listed-company populations. They do not establish that state ownership causes better or worse performance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to assess an SOE or compare it with a private company
For a specific company, look beyond its ownership label. These dimensions help clarify how it is governed and where its incentives come from; they do not, on their own, rank performance.
- Ownership and control rights: Identify the state’s shareholding, voting rights, appointment powers and any other rights that may confer decisive influence.
- Mandates: Determine which objectives are commercial and which relate to public policy, and how those responsibilities are specified.
- Board governance: Examine how directors are appointed, how much autonomy the board has, and how it is held accountable.
- Disclosure and oversight: Check what financial and non-financial information is published and what audit or accountability arrangements apply.
- Competitive conditions: Consider how public-policy costs are handled and whether the company competes under conditions comparable to private firms.
OECD guidance provides a comparative framework, but it cannot settle whether a particular company meets the legal definition in its home country. That requires the relevant local law and company-specific disclosures.
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