šŗš» Media review / Maglis Research Center: 145 companies with 136 subsidiaries operate only under the umbrella of the two ministries of oil and energy; the 'concentrated holding' structure hampers monitoring
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Some of the large factories have left direct government ownership, but managerial oversight in many of them remains within public institutions.
145 companies operate only under the umbrella of the two ministries of oil and energy; a network including 136 subsidiaries. Many of the managers of these companies are appointed by the government, their policies are set by the government, and oversight of their performance is entrusted to governmental institutions.
The Ministry of Oil has 74 companies, of which 70 are subsidiaries. The Ministry of Energy included 71 companies in its structure, of which 66 are subsidiaries. In total, there are 145 companies in these two groups, of which 136 are subsidiaries. The report "××Ø××××Ŗ ×××Ø××Ŗ ××××× × ×××Ŗפק×× ×©× ×××©× ×Ŗ×××××" published in Shaharbar 1405 with number 21861 calls this structure the "Central Holding Model"; a multi-layered structure that is difficult to monitor, but in change it can provide the possibility of professional and centralized monitoring at the parent company level.
š¹ The research center says that the quasi-financial missions and profit harvesting of companies to meet the government's financial needs have reduced their operational capacity. In such a situation, it is unclear whether a company's loss or decline in performance is due to poor management or due to a mission imposed by the government without funding.
š¹ Previous reports from the research center referred to unprofessional and political appointments as one of the challenges of state-owned companies. A manager can be dismissed during government changes or by transferring senior officials in the ministry, even if their term or approved plan has not ended. Such a situation shortens the decision-making horizon and places the manager's motivation to satisfy the appointing authority before responsibility to the company and its stakeholders.
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