The analysis shows that listing minority participations can bring important revenues to the state budget, both through share sales and through taxes on gains and dividends, without the state losing control over companies.

The study highlights that stock exchange listing leads to more transparency and good governance, resulting in better company administration. Listing minority stakes brings more transparency but does not lead to the state losing decision-making control in companies. Reporting rules become stricter, ensuring more visibility over decisions and costs that become harder to influence politically. Listed companies tend to be more efficient and profitable, validated by the study's results.

"Listing minority stakes from state companies represents an opportunity for Romania to increase transparency and responsibility in their administration, as well as attract investors, without losing control over companies," said Adrian Codirlaşu, CFA, President of CFA Romania Association. The association expresses its availability to contribute through its members' expertise to supporting this initiative and promoting solutions that support Romanian economic development.

The study emphasises direct benefits for companies and the state, including increased transparency through financial, governance and ESG reporting obligations, better performance as listed companies tend to be more profitable under market pressure, and improved governance making managerial decisions more transparent and harder to influence politically. Listing generates budget revenues through share sales and secondary beneficial effects, including additional taxes on capital gains and dividends, and direct sums to the budget from further listings of companies like Hidroelectrica, Romgaz or Nuclearelectrica.

The government announced last week it was exploring the potential listing of new minority stakes in state-owned firms such as CEC Bank, Salrom or Romanian Post. At the same time, the state is looking into potential sales of stakes in already listed firms like Hidroelectrica and Romgaz.