EBRD publication highlights our work in Croatia

The EBRD recently published “Law in Transition 2020” which contains an article titled “Turning around state-owned enterprises in Croatia” co-written by EBRD’s Catherine Bridge Zoller (Senior Counsel) and Alenka Cerne (Analyst).

In this article, the EBRD elaborates on its selected activities in the Croatian state owned enterprise (SOE) sector through the lens of the achievements and takeaways of a recently completed project which aimed to improve operational and financial restructuring processes of distressed SOEs and introduce an internal early warning system. The project was funded by the EU.

Nestor Advisors, as part of the project’s Consortium, developed guidelines for preparing and implementing financial and operational improvement plans as well as restructuring plans for the Croatian state bodies and the SOEs. Particular attention was paid to corporate governance given its crucial importance in times of distress as the key to the plans’ effective execution. As part of the internal early warning system, we also proposed an innovative tool for the Croatian state to oversee its portfolio of SOEs. The tool —“governance red flags”— is to be utilised by the Croatian state bodies in assessing the risk of a SOE’s governance practices not being able to adequately support the SOE during times of distress.

David Risser (Director) and George Kyriakos (Special Advisor), who were part of the Nestor Advisors’ team for the project, were also invited to present the lessons learned from the project and share insights on the governance of distressed enterprises at a webinar hosted by the EBRD in early July 2020.

Law in Transition 2020
Turning around state-owned enterprises in Croatia

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