The Info List - State-owned Enterprise

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A STATE-OWNED ENTERPRISE (SOE) is a legal entity that undertakes commercial activities on behalf of the state, its owner. The legal status of SOEs varies from being a part of the government to being stock companies with the state as a regular stockholder . The defining characteristics of SOEs are that they have a distinct legal form and are established to operate in commercial affairs and commercial activities. While they may also have public policy objectives (e.g., a state railway company may aim to make transportation more accessible), SOEs should be differentiated from other forms of government agencies or state entities established to pursue purely nonfinancial objectives.

Government-owned corporations are common with natural monopolies and infrastructure, such as railways and telecommunications, strategic goods and services (mail, weapons), natural resources and energy, politically sensitive business, broadcasting, banking, demerit goods (e.g. alcoholic beverages ), and merit goods (healthcare).


* 1 Terminology * 2 Definitions * 3 Economic sectors

* 4 Europe

* 4.1 Austria * 4.2 Belgium * 4.3 Bulgaria * 4.4 The Czech Republic * 4.5 Denmark * 4.6 France * 4.7 Germany
* 4.8 Hungary * 4.9 Ireland * 4.10 Italy * 4.11 Netherlands * 4.12 Poland * 4.13 Portugal * 4.14 Romania * 4.15 Russia * 4.16 Serbia * 4.17 Slovenia * 4.18 Spain * 4.19 Sweden * 4.20 Switzerland * 4.21 United Kingdom

* 5 Asia

* 5.1 Afghanistan

* 5.2 China

* 5.2.1 Hong Kong

* 5.3 India
* 5.4 Indonesia * 5.5 Japan
* 5.6 Malaysia * 5.7 Philippines
* 5.8 Russia * 5.9 Singapore * 5.10 South Korea
South Korea
* 5.11 Taiwan * 5.12 Thailand * 5.13 Vietnam

* 6 Africa

* 6.1 Kenya * 6.2 South Africa * 6.3 Tanzania

* 7 Americas

* 7.1 Brazil * 7.2 Canada
* 7.3 Mexico

* 7.4 United States
United States

* 7.4.1 Government-sponsored enterprises * 7.4.2 Federal government chartered and owned corporations * 7.4.3 Federal-government-acquired corporations * 7.4.4 Other types in the United States
United States

* 7.5 Uruguay

* 8 Oceania

* 8.1 Australia

* 8.1.1 Australian Government
* 8.1.2 Australian Capital Territory * 8.1.3 New South Wales
New South Wales
* 8.1.4 Northern Territory
Northern Territory
* 8.1.5 Queensland
* 8.1.6 South Australia
South Australia
* 8.1.7 Tasmania
* 8.1.8 Victoria * 8.1.9 Western Australia

* 8.2 New Zealand

* 9 Summary * 10 See also

* 11 References

* 11.1 Citations * 11.2 Sources

* 12 Further reading


SOEs are also called state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, crown corporation, government-owned corporation, government-sponsored enterprises , commercial government agency, state-privatised industry public sector undertaking, or parastatal.


SOEs can be fully owned or partially owned by government. As a definitional issue, it is difficult to determine categorically what level of state ownership would qualify an entity to be considered as state-owned since governments can also own regular stock , without implying any special interference. As an example, the China Investment Corporation
agreed in 2007 to acquire a 10% interest in the global investment bank Morgan Stanley , but it is unlikely that it would qualify the latter as a government-owned corporation. Government-owned or state-run enterprises are often the result of corporatization , a process in which government agencies and departments are re-organized as semiautonomous corporate entities, sometimes with partial shares listed on stock exchanges .

The term 'government-linked company' (GLC) is sometimes used to refer to corporate entities that may be private or public (listed on a stock exchange) where an existing government owns a stake using a holding company . There are two main definitions of GLCs are dependent on the proportion of the corporate entity a government owns. One definition purports that a company is classified as a GLC if a government owns an effective controlling interest (more than 50%), while the second definition suggests that any corporate entity that has a government as a shareholder is a GLC.

In the Commonwealth realms , particularly Australia, Canada, New Zealand, and the United Kingdom, country-wide SOEs often use the style "Crown corporation", or " Crown entities ". Examples of Crown corporations include the Canadian Broadcasting Corporation
and Air Canada
before the latter underwent privatization . Cabinet ministers (ministers of the Crown) often control the shares in such public corporations.

At the level of local government, territorial or other authorities may set up similar enterprises which are sometimes referred to as "local authority trading enterprises" (LATEs). Many local authorities establish services, such as water supply as separate corporations or as a business unit of the authority.


SOEs often operate in sectors in which there is a natural monopoly , or the government has a strategic interest. However, government ownership of industry corporations is common.

Nationalization also forcibly converts a private corporation into a state-owned enterprise.

In most OPEC countries, the governments own the oil companies operating on their soil. A notable example is the Saudi national oil company , Saudi Aramco
Saudi Aramco
, which the Saudi government bought in 1988, changing its name from Arabian American Oil Company to Saudi Arabian Oil Company. The Saudi government also owns and operates Saudi Arabian Airlines , and owns 70% of SABIC as well as many other companies. They are, however, being privatized gradually.


In Western Europe
Western Europe
and Eastern Europe
Eastern Europe
there was a massive nationalization throughout the 20th century, especially after World War II . In Eastern Europe, governments dominated by Communists adopted the Soviet model. Governments in Western Europe, both left and right of centre, saw state intervention as necessary to rebuild economies shattered by war. Government
control over so-called natural monopolies like industry was the norm. Typical sectors included telecommunications , power , petroleum , railways , airports , airlines , public transport , health care , postal services and sometimes banks . Many large industrial corporations were also nationalized or created as Government
corporations, including among many British Steel Corporation
, Statoil and Irish Sugar . Starting in the late 1970s and accelerating through the 1980s and 1990s many of these corporations were privatized , though many still remain wholly or partially owned by the respective governments.

A state-run enterprise needs to be distinguished from an ordinary limited liability corporation owned by the state. For example, in Finland, state-run enterprises (liikelaitos) are governed by a separate act. Even though responsible for their own finances, they cannot be declared bankrupt ; the state answers for the liabilities. Stocks of the corporation are not sold and loans have to be government-approved, as they are government liabilities. In contrast, the state also owns controlling interest in ordinary limited liability corporations. A state-run enterprise is technically not always a corporation, it might also be a separate state entity, or simply a governmental agency acting as an enterprise, perhaps having its own budget. Conversely, the state can directly fund unprofitable business, such as railway services to remote areas, regardless of whether the operator is a private corporation.


* ÖBB (national railway system of Austria, administrator of Liechtenstein
's railways) * ASFINAG (Autobahn and highway financing, building, maintaining and administration) * Hypo Alpe-Adria- Bank
International : Austria nationalised this bank in 2009, and in 2014 its then-Chancellor feared its insolvency might have a similar effect to the Creditanstalt event of 1931. * Verbund 51% SOE (electricity generator and provider) * Volksbank 43.3% SOE (retail banking group, with additional operations in Hungary, Romania and Malta) * ORF : funded from television licence fee revenue, dominant player in the Austrian broadcast media

* Österreichische Industrieholding (ÖIAG): Austrian industry-holding stock corporation for partially or entirely nationalized companies, as of 2005:

* 31.50% of the oil producer OMV : an integrated international oil and gas company * 28.42% of Telekom Austria
Telekom Austria
: fixed line, mobile, data, and Internet communications services * 52.85% of Österreichische Post : postal services * 100% of ÖIAG-Bergbauholding * 100% of Finanzmarkt Beteiligungs AG (FIMBAG)


* National Railway Company of Belgium * Infrabel * RTBF
* Bpost * Vlaamse Radio- en Televisieomroeporganisatie * Belgacom (53.3%) * Belgischer Rundfunk * Fluxys (2.1%) * Federale Participatie- en Investeringsmaatschappij (nl)-Federale Participatie- en Investeringsmaatschappij (fr) (SFPI-FPIM) * Elia System Operator (5.37%) * Ethias (nl) (25%) * Belfius (100%) * Brussels Airport

Region of Wallonia owns the:

* Brussels South Charleroi Airport
* Liège Airport


* Bulgarian Energy Holding * Bulgarian State Railways * National Railway Infrastructure Company * Bulgarian Posts * Sofia Airport
* LB Bulgaricum * Kintex


Main article: Státní podnik

* Budweiser Budvar Brewery * ČEZ Group * České dráhy


* Banedanmark * Danske Spil * DSB * DONG Energy * DR * Energinet.dk * PostNord (40%)


Main article: Agence des participations de l\'État

The Fonds stratégique d\'investissement (fr), a sovereign wealth fund initiated by Nicolas Sarkozy
Nicolas Sarkozy
in October 2008 at the height of the Dexia crisis, holds capital in approximately 50 firms, which are listed in the French wiki.

One significant piece of legislation in 2013 of the Hollande government is that for the constitution of the Banque Publique d\'Investissement which has a mandate to encourage a German-patterned Mittelstand -like climate for France. The former partner of Hollande, Ségolène Royal , was appointed to the vice-Chair directorship of the Bank, from which position she stated that the "BPI's purpose is not to do business nor to make profits".

AGENCE DES PARTICIPATIONS DE L\'ÉTAT (APE) is a special agency of the French government managing the state's holdings in about 70 firms, including France Telecom , Renault
and Air France
Air France
. It was established in 2004. Among the fully owned corporations (51% or more) of the French Republic are:

* La Poste * France Télévisions * Radio France * SNCF
* Régie autonome des transports parisiens * Nexter * Areva
(89.9%) 8.4% directly by the French State and 85% owned by * French Alternative Energies and Atomic Energy Commission which is state-owned. * EDF (Electricité de France) (84.4%) * Aéroports de Paris (52%) * Française des Jeux (72%) * Dexia Credit Local

The state of France owns a minority stake in:

* Peugeot
(14%) * STMicroelectronics Holding N.V. 50% held by French through Bpifrance and French Alternative Energies and Atomic Energy Commission

* Airbus
12% (28% total with Germany
and Spain) * GDF Suez (35.9%) * Orange (13.2%) * Safran
(30,2%) (+ 7.4% by Areva
) * Air France-KLM
Air France-KLM
(16%) * Renault
(15.01%) * Thales Group (27%) * Marché international de Rungis (33.34%) + 18.79% by local area + 4.60% by Caisse des dépôts et consignations


In the wake of the 2007 financial crisis Germany's stock of gross financial assets increased significantly, turning it into the second largest stock among OECD
countries after the US .

* Deutsche Bahn (full ownership by Germany
) * Hapag Lloyd 23,2% via city of Hamburg
* Airbus
12% (28% total with France and Spain) * a range of competing Landesbanken , regionally organised by the Länder , function predominantly to provide wholesale banking * Commerzbank 15,6% * the Sparkassen system, where more than 400 German SOEs hold more than 40% of bank assets in Germany
* Volkswagen Group 12.7% (20% of voting rights) (Through State of Lower-Saxony) * T-Mobile
32% ( Deutsche Telekom
Deutsche Telekom
) (17.4% though KfW , 14% Owned Directly by state) * KfW Bank
100% and following assets amounting to a worth of $70.6Bn * Deutsche Post
Deutsche Post
25.5% (through KfW) ( Assets
including DHL
and Deutsche Postbank
Deutsche Postbank
are therefore also partially owned by the state) * Hypo Real Estate Seized by SoFFin in 2003 to restore financial stability to the German housing market. * Bundesdruckerei (Federal Print Office) Renationalised in 2013 * Germany
owns an approximate 4% stake in British Telecom as 12% of the stake of British Telecom was sold to T-Mobile
in early 2015.

Note that many smaller State owned enterprises are owned by individual states of Germany
such as TransnetBW and Rothaus (State Brewery of Baden).


* MOL Group (integrated petroleum and gas company).


Main article: State-sponsored bodies of the Republic of Ireland

In Ireland state-owned enterprises are referred to as "State-sponsored bodies".

* Bank
of Ireland (15%)


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Companies owned by the Ministry of Economy and Finances

* Alitalia - Linee Aeree Italiane S.p.A. in a.s. (49,90%) * ANAS
S.p.A. (100%) * ARCUS S.p.A. (100%)

* Cassa Depositi e Prestiti S.p.A. (70%)

* Fintecna S.p.A. (100%) * CDP Reti

* Cinecittà Luce S.p.A. (100%) * Coni Servizi S.p.A. (100%) * Consap S.p.A. (100%) * Consip S.p.A. (100%) * Expo 2015
Expo 2015
S.p.A. (40%) * ENAV S.p.A. (100%) * Enel
S.p.A. (31,24%) * Eni
S.p.A. (3,93%) ( Cassa Depositi e Prestiti S.p.A. holds 26,40%) * Leonardo S.p.A.
Leonardo S.p.A.
(30,20%) * Invitalia S.p.A. (100%) * EUR
S.p.A. (90%) * Ferrovie dello Stato Italiane S.p.A. (100%) * Fondo Italiano d\'Investimento SGR S.p.A. (12,50%) * GSE S.p.A. (100%) * Istituto Poligrafico e Zecca dello Stato S.p.A. (100%) * Italia Lavoro S.p.A. (100%) * Poste Italiane S.p.A. (64.696%) * Rai Radiotelevisione Italiana S.p.A. (99,56%) * Rete Autostrade Mediterranee S.p.A. (100%) * SACE S.p.A. (100%) * Sicot S.r.l. (100%) * Società per lo Sviluppo del Mercato dei Fondi Pensione S.p.A. (56,01%) * SOGEI S.p.A. (100%) * SOGESID S.p.A. (100%) * SOGIN S.p.A. (100%) * STMicroelectronics Holding N.V. (50%) * Studiare Sviluppo S.r.l. (100%)


(nationalized in 2008; majority-owned as of 2015) * SNS Reaal (nationalized in 2013) * Nederlandse Spoorwegen * Prorail * Schiphol Group (69.77%) * Holland Casino


* PGE Polish Energy Group * Tauron Group * Enea * Energa * PKN Orlen
PKN Orlen
* Lotos Group * Gaz-System * KGHM Polska Miedź * PGNiG * Jastrzębska Spółka Węglowa * LOT Polish Airlines


* Águas de Portugal , a state owned environmental company, which operates on Water supply, Wastewater sanitation and treatment and Recovery of waste sectors * Caixa Geral de Depósitos , a state owned banking corporation and the Portuguese largest bank * Carris , a state owned transportation company that operates in Lisbon * Comboios de Portugal , a state owned railway company, which hauls freight and passengers * EMPORDEF , a state owned defence holding company * Metro do Porto , a state owned light railway company that operates in Porto * Metropolitano de Lisboa , a state owned subway system that operates in Lisbon * NAV Portugal, (in Portuguese) a state owned company that provides air traffic control * Rádio e Televisão de Portugal , a state owned public service broadcasting organization * REFER , a state owned rail infrastructure management company * Sociedade de Transportes Colectivos do Porto , a state owned bus company of Porto * TAP Portugal , a state owned national airline company (A 61% stake was sold in 2015. Parpública has kept a 39% stake in the company. The government of António Costa increase this stake to 50% in 2016) * Transtejo "> State-owned enterprises are mostly governed by both local governments' SASAC and, in the central government, the State-owned Assets
Supervision and Administration Commission (SASAC) of the State Council . However, some state-owned enterprise were governed by China Investment Corporation (and its domestic arm Central Huijin Investment ), as well as under the governance of Ministry of Education
for the university-run enterprises, or some financial institutes that were under the governance of the Ministry of Finance .

As of 2011, 35% of business activity and 43% of profits in the People's Republic of China
People's Republic of China
resulted from companies in which the state owned a majority interest. Critics, such as The New York Times, have alleged that China's state-owned companies are a vehicle for corruption by the families of ruling party leaders who have sometimes amassed fortunes while managing them.

Hong Kong

In the postwar years, Hong Kong's colonial government operated under a laissez-faire economic philosophy called positive non-interventionism . Hence Crown corporations did not play as significant a role in the development of the territory as in many other British territories.

The Mass Transit Railway Corporation
(MTRC) was formed as a Crown corporation, mandated to operate under "prudent commercial principles", in 1975. The Kowloon-Canton Railway , operated under a government department, was corporatised in 1982 to imitate the success of MTRC (see KCR Corporation
). MTRC was privatised in 2000 although the Hong Kong Government
is still the majority shareholder. KCR was operationally merged with MTR in 2007.

Examples of present-day statutory bodies include the Airport Authority , responsible for running the Chek Lap Kok Airport
, or the Housing Authority , which provides housing to about half of Hong Kong residents.


Main article: Public sector
Public sector
undertakings in India
Further information: List of public sector undertakings in India

In India
, a state-owned enterprise is termed a Public Sector Undertaking (PSU) or a Central Public Sector Enterprise (CPSE). These companies are owned by the Union Government
, or one of the many state or territorial governments , or both. The company equity needs to be majority owned by the government to be a PSU. Few examples are Oil and Natural Gas Corporation
, Engineers India
Limited , India
Trade Promotion Organization , GAIL
, BSNL , Food Corporation
of India
, Air India


Main article: State-owned Enterprise in Indonesia

State-owned enterprises, known locally as Badan Usaha Milik Negara are easy to recognise by their names. Company names with suffix PERSERO mean that the company is wholly/majority owned by the government. The government takes control of the state corporations under one single ministry, the Ministry of State Enterprises , which acts like the CEO of a holding company.


In Japan
, Japan
Post was reorganized into Japan
Post Group in 2007 as a material step of the postal privatization. It ceased to be wholly owned by the government on November 4, 2015 when the government listed 11% of its holdings on the Tokyo Stock
Exchange. Japan
Railways Group (JR), Nippon Telegraph and Telephone (NTT) and Japan
Tobacco (JT) were formerly owned by the government.



Main category: Government-owned companies of Malaysia

* Affin Bank
- Bank * Axiata – Telecommunication * CIMB
– Bank * Johor Corporation
- Investment * Malaysia Airlines
Malaysia Airlines
- Airlines * Malaysia Airports - Airport
Operator * Maybank – Bank * Malaysia Building Society Berhad – Bank * Petronas
– Oil & Gas * Prasarana Malaysia – Public Transport * Sime Darby – Conglomerate * Telekom Malaysia Berhad – Telecommunication * Tenaga Nasional – Electric Utility * UEM Group – Engineering "> , the Royal Thai Government
holds majority ownership in 56 commercial entities that are categorized as state-owned enterprises (SOEs). :53 These include:

* Forty-six non-financial SOEs concentrated in key economic sectors such as communications, power generation and distribution, transportation, and water management. Several are among the largest listed companies in Thailand. * Ten financial SOEs, including a state-owned bank, a government pawnshop, and eight specialized financial institutions (SFIs) that carry out high-profile policy functions.


* Airports Corporation
of Vietnam * Bank
for Investment and Development of Vietnam * Petrolimex * Petrovietnam
* State Capital Investment Corporation
* Vietnam Airlines * Vietnam Air Services Company * Vietnam Electricity * Vietnam Multimedia Corporation
* Vietnam Posts and Telecommunications Group * Viettel Mobile * Vietnam Railways * Vinacomin * Vinatex



Parastatals in Kenya, partly from a lack of expertise and endemic corruption, have largely inhibited economic development. In 1979, a presidential commission went as far as saying that they constituted "a serious threat to the economy", and, by 1989, they had still not furthered industrialization or fostered the development of a Black business class.

Several Kenyan SOEs have been privatized since the 1980s, with mixed results.


In South Africa the Department of Public Enterprises is the shareholder representative of the South African Government
with oversight responsibility for state-owned enterprises in key sectors. Some companies are not directly controlled by the Department of Public Enterprises, but by various other Departments:

* Airports Company of South Africa (ACSA) – Owner of major airports in South Africa * Alexkor – Mining sector (diamond mining) * Armscor (South Africa) – Defence sector (arms procurement agency for the South African Defence Force
South African Defence Force
) * Broadband Infraco – Telecommunications sector (long distance and international internet connectivity) * Council for Scientific and Industrial Research * Central Energy Fund – Energy development * Denel
– Aerospace and Defence sector (armaments manufacturer) * Development Bank
of Southern Africa * Eskom – Energy sector (national electricity utility) * National Parks Board – Nature conservation * PBMR – Energy sector (development of Pebble Bed Modular Reactor nuclear energy technology) * Passenger Rail Agency of South Africa PRASA – Transport sector (passenger railway services) * PetroSA
– National oil and gas company * Post Office – Postal sector * Rand Water – Water utility (Most based in the northern region) * Sentech – Telecommunications infrastructure * South African Airways – Transport sector (international airline) * South African Broadcasting Corporation
– Telecommunications sector * South African Bureau of Standards * SA Express – Transport sector (regional and feeder airline) * South African Forestry Company – Forestry sector (manages forestry on state owned land) * South African National Roads Agency – responsible for the maintenance and development of the national road network * Transnet – Transport and related infrastructure sector (railways, harbours, oil/fuel pipelines and terminals) * Trans-Caledon Tunnel Authority – Water transport authority

The South African Government
has a share in the following companies:

* Telkom SA – Telecommunications sector (national telephone network ( PSTN )) (39.8%) * Vodacom – Telecommunications sector (cellular services) (13.9%)

* Sasol – Fuel sector (oil, petroleum, gas and coal) (27.3%)

Various other smaller state-owned companies exist in South Africa.


The Government
of Tanzania owns a number of commercial enterprises in the country via the Treasury Registrar. It wholly owns the following corporations unless indicated otherwise:

* Air Tanzania * Arusha International Conference Centre * Marine Services Company Limited * Tanzania Electric Supply Company Limited * Tanzania Railways Limited * Tanzania Telecommunications Company Limited (65%) * TAZARA Railway (50%) * Tanzanian and Italian Petroleum
Refining Company Limited (50%)



State-owner enterprises are divided into public enterprises (empresa pública) and mixed-economy companies (sociedade de economia mista). The public enterprises are subdivided into two categories: individual – with its own assets and capital owned by the Union – and plural companies – whose assets are owned by multiple government agencies and the Union, which have the majority of the voting interest. Caixa Econômica Federal , Correios , Embrapa , and BNDES are examples of public enterprises. Mixed-economy companies are enterprises with the majority of stocks owned by the government, but that also have stocks owned by the private sector and usually have their shares traded on stock exchanges . Banco do Brasil , Petrobras
, Sabesp , and Eletrobras are examples of mixed-economy companies.

Beginning in the 1990s, the central government of Brazil launched a privatization program inspired by the Washington Consensus . Public-owned companies such as Vale do Rio Doce , Telebrás , CSN , and Usiminas (most of them mixed-economy companies) were transferred to the private sector as part of this policy.

Brasil State Owned Companies Fact Sheet / Download here http://www.planejamento.gov.br/secretarias/upload/Arquivos/dest/perfil_empresas_estatais/2014/2015_ano_base_2014.pdf


Main article: Crown corporations of Canada

In Canada
, state-owned corporations are referred to as Crown corporations, indicating that an organization is established by law, owned by the sovereign (either in right of Canada
or a province ), and overseen by parliament and cabinet. Examples of federal Crown corporations include:

* the Canadian Broadcasting Corporation
, * Canada
Post , * Bank
of Canada
, * and Via Rail .

Ministers of the Crown often control the shares in such public corporations, while parliament both sets out the laws that create and bind Crown corporations and sets their annual budgets.

Foreign SOEs are welcome to invest in Canada: in Fall 2013, British Columbia and Alberta signed agreements overseas to promote foreign direct investment in Canada. The Investment Canada
Act governs this area federally. Former Prime Minister Stephen Harper stated in 2013 that the "government to exercise its judgement" over SOEs.

Saskatchewan has maintained the largest number of Crown corporations, including

* SaskEnergy , * SaskPower , * SaskTel
, * SaskWater , and * Saskatchewan Government
Insurance .

Crown corporations of British Columbia include

* BC Hydro , * BC Transit , * BC Housing Management Commission, * Liquor Distribution Branch , and the * British Columbia Lottery Corporation

In Ontario:

* GroupeMédia TFO
* Independent Electricity System Operator * Ontario Educational Communications Authority * Ontario Lottery and Gaming Corporation
* Ontario Power Generation * Liquor Control Board of Ontario

In Quebec:

* Hydro-Québec * Télé-Québec * Société des alcools du Québec * Loto-Québec * Caisse de dépôt et placement du Québec
Caisse de dépôt et placement du Québec

Privatization, or the selling of Crown corporations to private interests, has become common throughout Canada
over the past 30 years. Petro- Canada
, Canadian National Railway
Canadian National Railway
, and Air Canada are examples of former federal Crown corporations that have been privatized. Privatized provincial Crown corporations include Alberta Government Telephones (which merged with privately owned BC Tel to form Telus ), BCRIC , Manitoba Telecom Services , Saskatchewan Oil it initiated GSEs in the home finance segment of the economy with the creation of the Federal Home Loan Banks in 1932; and it targeted education when it chartered Sallie Mae in 1972 (although Congress allowed Sallie Mae to relinquish its government sponsorship and become a fully private institution via legislation in 1995). The residential mortgage borrowing segment is by far the largest of the borrowing segments in which the GSEs operate. Together, the three mortgage finance GSEs ( Fannie Mae , Freddie Mac
Freddie Mac
, and the 11 Federal Home Loan Banks ) have several trillion dollars of on-balance sheet assets . The federal government possesses warrants which, if exercised, would allow them to take a 79.9% ownership share in the companies. The federal government has not, as of December 2014, exercised these warrants.

sponsored enterprises include:

* Fannie Mae * Farmer Mac * Federal Home Loan Banks * Freddie Mac
Freddie Mac
* Ginnie Mae
Ginnie Mae

Federal Government
Chartered And Owned Corporations

The federal government chartered and owned corporations are a separate set of corporations chartered and owned by the federal government, which operate to provide public services, but unlike the federal agencies ( Environmental Protection Agency , Bureau of Indian Affairs ), or the federal independent commissions (e.g., the Federal Communications Commission , the Nuclear Regulatory Commission , etc.), they have a separate legal personality from the federal government, providing the highest level of political independence. They sometimes receive federal budgetary appropriations, but some also have independent sources of revenue. These include:

* Commodity Credit Corporation
* Corporation
for National and Community Service ( Americorps ) * Corporation
for Public Broadcasting * Export-Import Bank
of the United States
United States
* Federal Agricultural Mortgage Corporation
* Farm Credit Banks * Federal Crop Insurance Corporation
* Federal Deposit Insurance Corporation
* Federal Financing Bank
* Federal Home Loan Banks * Federal Prison Industries * The Financing Corporation
* Gallaudet University
Gallaudet University
* Government
National Mortgage Association * Legal Services Corporation
* Millennium Challenge Corporation
* National Consumer Cooperative Bank
* National Corporation
for Housing Partnerships (NCHP); Washington, D.C. * National Credit Union Administration Central Liquidity Facility * National Endowment for Democracy * National Fish and Wildlife Foundation * National Park Foundation * National Railroad Passenger Corporation
( Amtrak
) * Neighborhood Reinvestment Corporation
* Overseas Private Investment Corporation
* Panama Canal Commission * Pennsylvania Avenue Development Corporation; Washington, D.C. * Pension Benefit Guaranty Corporation
* St. Lawrence Seaway Development Corporation
* Securities Investor Protection Corporation
* Tennessee Valley Authority

Federal-government-acquired Corporations

The federal-government-acquired corporations are a separate set of corporations that were originally chartered and created by an entity other than the U.S. federal government, but that were, at some point, nationalised by the federal government. Most of these are corporations temporarily in possession of the government as a result of a seizure of property of a debtor to the government, such as a delinquent taxpayer; usually, these are awaiting liquidation at auction, and most are too small to note. However, there are also corporations that the federal government has nationalised to ensure the continued provision of an essential service or services (such as the federal government's nationalisation of the Alaska Northern Railroad in 1914 and Tanana Valley Railroad in 1917, now both part of the still-federally-owned Alaska Railroad
Alaska Railroad
, and, on a larger scale, the nationalisation of all U.S. railroads from 1917 to 1920 under the United States
United States
Railroad Administration ), as well as nationalization of the northeastern freight railroads under Conrail

Other Types In The United States

There exists a second level of sovereign government in the United States after the federal government: those of the several states of the United States. The vast majority of non-governmental corporations in the United States
United States
are chartered by the states of the United States. This includes most charitable corporations, non-profit corporations, and for-profit corporations. States also have the power to charter corporations that they own, control, or are responsible for the regulation and finance of. These include municipal corporations and state chartered and owned corporations. State government-chartered and -owned corporations are numerous and provide public services. Examples include North Dakota Mill and Elevator and South Dakota Public Broadcasting . Generally speaking, a statute passed by a state legislature specifically sets up a government-owned company in order to undertake a specific public purpose with public funds or public property. Lotteries in the United States
United States
are also run by government corporations, such as the Georgia Lottery Corporation
and many others.

There also exists a third level of sovereign government in the United States: the sovereignty of the Native American tribal governments . As such, the Native American (including Alaska Native ) tribal governments have the power to charter corporations and undertake public undertakings that might benefit their tribal citizens, Native Americans being not only citizens of their particular tribes, but also citizens of their respective U.S. states, and of the United States
United States
. For example, a tribal council could establish a public service broadcaster along the lines of Ireland's Raidió Teilifís Éireann
Raidió Teilifís Éireann
, partially fund it with a television licence on tribal land, and make up the difference through advertising, thereby making it both a means of uniting the tribe and giving it a voice and a commercial venture by the tribe.

The Alaska Natives are particularly advanced in using their tribal sovereignty to incorporate corporations that are owned by and for the benefit of their tribal citizens and often compete in highly competitive economic sectors through the Alaska Native Regional Corporations . The Native American tribes in the 48 contiguous states often use their sovereignty and their ability to charter to compete using regulatory easements; for instance, Native American tribal corporations often trade in goods that are highly taxed in surrounding states (such as tobacco ), or engage in activities that surrounding states have (for reasons of public policy) forbidden, such as the operation of casinos or other gaming establishments. Most of these endeavors have proven very successful for Native American tribal sovereigns and their tribal corporations, bringing wealth into the hands of Native Americans. Further information: List of United States federal agencies


had the first welfare state of Latin America
Latin America
under the presidency of José Batlle y Ordoñez in 1904. Government-owned corporations monopolize services such as electricity ( UTE
), land-line communications ( Antel ) and water (OSE). Antel competes with private corporations in the cell-phone lines and international telephony markets. In 1992, under the presidency of Luis Alberto Lacalle , the government attempted to privatize all its companies, following the neoliberal Washington Consensus . However, a referendum won by 75% of the population kept the companies in the hands of the government. By the end of his term, president Lacalle alleged that he had achieved a successful modernization of the companies, which had made them more efficient.



In Australia the predominant term used for SOEs is GOVERNMENT BUSINESS ENTERPRISE (GBE). Various Australian states also have GBEs, especially with respect to the provision of water and sewerage, and many state-based GBEs were privatized in some states during the last decade of the twentieth century. Former Commonwealth SOEs include Telstra
, established in the 1970s as Telecom Australia . Telstra, now Australia's leading telecommunications company, was privatized in 1997 by the government of John Howard . As of June 2010 Telstra
owned a majority of the copper wire infrastructure in Australia (the rest is owned by Optus ) and is pending sale to its former parent, the Australian government, for a non-binding amount of 11 billion Australian dollars, as ducts in the copper wire tunnels are needed to install the fiber optic cable. The Commonwealth Bank
, as its name indicates, was also founded as public company before later being privatized.

In Victoria many GBEs were sold in the 1990s to reduce the state's level of debt. The State Electricity Commission of Victoria and the Gas and Fuel Corporation
were the best-known government enterprises to be disaggregated and sold.

Australian Government

The GBEs of the Australian Government
include those listed below, some of which are overseen by the Department of Communications :

* Air Services Australia
Air Services Australia
(privatisation is being examined) * ASC Pty Ltd * Australian Broadcasting Corporation
* Australian Government
Future Fund * Australian Government
Solicitor * Australia Post * Australian Rail Track Corporation
* Clean Energy Finance Corporation
* Defence Housing Australia * NBN Co – fully owned and responsible for the rollout of the National Broadband Network * Reserve Bank
of Australia * Screen Australia * Snowy Hydro (13%) * Special Broadcasting Service – fully owned, and combines government funding and commercial funding

Australian Capital Territory

The GBEs of the Australian Capital Territory include:

* ActewAGL (50%) * ACTEW * Capital Metro

New South Wales

The GBEs of New South Wales
New South Wales

* Ausgrid (49%) * Endeavour Energy * Forestry Corporation
of New South Wales
New South Wales
* Integral Energy * NSW TrainLink * RailCorp * Hunter Water Corporation
* Landcom * Newcastle Port Corporation
* Port Kembla Port Corporation
* Snowy Hydro (58%) * State Transit Authority * Superannuation Administration Corporation
* Sydney Ports Corporation
* Sydney Trains
Sydney Trains
* Sydney Water
Sydney Water

Northern Territory

The GBEs of the Northern Territory
Northern Territory

* PowerWater


The GBEs of Queensland

* CS Energy * Energex * Ergon Energy * Powerlink Queensland
* Port of Brisbane * Port of Townsville * Port of Mackay * Queensland
Rail * SunWater * Stanwell Corporation
* Tarong Energy

South Australia

South Australia
South Australia
is notable for having very controversially privatized most of its GBEs:

* Adelaide Metro
Adelaide Metro
* SA Water


has a considerable amount of GBEs, relative to other states:

* Aurora Energy * Forestry Tasmania
* Hydro Tasmania
* Irrigation Tasmania
* Metro Tasmania
* Motor Accidents Insurance Board * Port Arthur Historic Site Management Authority * Public Trustee * TasRail
* Tascorp * TasNetworks * TasPorts * TasWater * TT-Line


The GBEs of Victoria include:

* Port of Melbourne * Port of Hastings * Snowy Hydro (29%) * VicForests * VicTrack

Western Australia

The GBEs of Western Australian include:

* Horizon Power * Transwa * Transperth
* Water Corporation
* Western Power * Synergy


Main article: State-owned enterprises of New Zealand

New Zealanders commonly refer to their state-owned enterprises as "SOEs", or as "crown entities ". Local government councils and similar authorities also set up locally controlled enterprises, such as water-supply companies and "local-authority trading enterprises " (LATEs) as separate corporations or as business units of the councils concerned.

Government-owned businesses designated as crown entities include:

* Television New Zealand
Television New Zealand
* Radio New Zealand * Crown Research Institutes

New Zealand's state-owned enterprises have included:

* New Zealand Post
New Zealand Post

* Kiwibank

* Meteorological Service of New Zealand Limited * Airways New Zealand * Transpower New Zealand Limited * Landcorp

* Kordia

* Orcon Internet Limited (2007-2013)

* Mercury Energy * Meridian Energy * Genesis Energy Limited * Learning Media Limited * Solid Energy

State-owned enterprises which have undergone privatisation and subsequent renationalisation:

* New Zealand Railways Corporation

* KiwiRail

* Air New Zealand * Quotable Value (QV - partially privatised)


See also: List of government-owned companies This list is incomplete ; you can help by expanding it .

In this list, government-owned corporations are classified on their legal status: silver color represents legal monopolies, and no competition is permitted; light green represents a corporation that has private competitors; yellow means that although competition is legally permitted, there are no other corporations de facto; white refers to a free market, regulated or not.

corporations by field and by country

POSTAL RAILWAYS PHARMACY GAMBLING ALCOHOL HEALTH CARE UNIVERSITIES TELEPHONE BROADCASTING OIL font-style: normal;"> (es) (INV) mix mix (public universities ) no mix (TV Pública Digital , LRA Radio Nacional , Télam ) yes ( YPF
) mix ( Enarsa , CNEA ) mix mix (EZE , CRD , BHI , etc.) mix

AUSTRALIA Yes ( Australia Post ) monopoly on postal delivery of letters to 250g mix (Australian Rail Track Corporation
; varies by State) mix (PBS funding only; no retail compe­tition) mix (varies by State) no mix (Medicare ) mix mix ( NBN Co wholesale only; no retail competition) mix (ABC , SBS ) no mix (varies by State) mix (varies by State) mix (varies by State) mix (varies by State)

BELGIUM Yes ( Bpost ) yes (NMBS/SNCB ) no mix (Nationale Nationale Loterij (nl) / Lotterie Nationale (fr)) no mix mix mix ( Belgacom ) mix (VRT , RTBF
, BRF ) no mix mix yes

BRAZIL Yes ( Correios ) mix (pt:VALEC, pt:CBTU, Trensurb) no yes ( Caixa Econômica Federal ) mix (ethanol only) mix (SUS ) mix (public universities ) mix ( Telebras ) mix ( Agência Brasil ) mix ( Petrobras
) mix ( Eletrobras ) mix (varies by State) mix ( Infraero ) no

CANADA Yes ( Canada
Post ) mix ( Via Rail ), passenger rail; freight is private. no varies by province varies by province ( LCBO , SAQ , SLGA ) yes (Medicare ) 95% publicly governed charitable trusts (public universities ) varies by province ( Sasktel
) mix (CBC ) private enterprise favored varies by province ( Hydro-Québec , BC Hydro , Hydro One , Manitoba Hydro , Nalcor , SaskPower ) varies by province publicly governed by local authority in trust; see above Except 407 ETR

CHILE Yes ( Correos de Chile ) yes ( EFE
) no mix no yes ( FONASA ) mix (public universities ) no mix (TVN ) yes (ENAP ) no no mix (SCL , CCP , IPC , etc.) mix

COLOMBIA Yes (4-72 ) no no mix (Etesa) varies by department Nueva EPS mix (Universidad Nacional ), plus various local ones mix ( Telefónica Telecom ) ( Empresas Públicas de Medellín ) mix ( Radio Televisión Nacional de Colombia ) mix ( Ecopetrol ) (ISA Emgesa ) mix

CZECH REPUBLIC Yes ( Česká pošta ) yes ( České dráhy ) no no no yes (VZP) mix no mix ( Česká televize , Český rozhlas ) no majority-held ČEZ Group

DENMARK Yes ( Post Danmark
Post Danmark
) mix ( Banedanmark , DSB ) no yes ( Danske Spil ) no mix mix (public universities ; vast majority of all universities) mix mix (DR ) mix ( Energinet.dk ) mix ( DONG Energy ) municipalities mix ( Københavns Lufthavne ) yes (Helsingør­motorvejen )

FINLAND De facto (Posti ) de facto (VR ) no yes ( Veikkaus ) yes ( Alko ) mix (municipal ) mix (some private vocational universities ) mix (Telia ) mix ( YLE ) de facto ( Neste ) mix ( Fortum ) yes (municipal) yes ( Finavia ) yes

FRANCE Yes (La Poste ) yes ( SNCF
) no mix (Française Des Jeux ) no mix (CMU ) mix (EPSCP ) mix ( Orange S.A. ) mix ( France Télévisions ) no mix ( Électricité de France , CEA ) mix mix mix

GERMANY Mix ( Deutsche Post
Deutsche Post
) mix (DB ) no no no mix (BG ) mix mix (DTAG ) mix (ARD , ZDF , Deutschland­radio ) no mix ( Stadtwerke Köln ) mix yes (states ) yes (by federal and state governments)

GREECE De facto (ELTA ) de facto (OSE , TrainOSE ) no no no mix (ESY ) mix (All institutions titled as Universities are state owned whereas there are numerous private colleges) mix ( OTE
) mix (NERIT ) mix (ELPE ) mix (DEI ) mix

ICELAND De facto (Íslands­póstur ) no railways in Iceland no no gambling in Iceland yes ( ÁTVR ) mix mix no mix ( RÚV ) no oil industry in Iceland mix ( Landsvirkjun )

INDIA Yes ( India
Post ) yes ( Indian Railways ) mix (IDPL ) no mix, varies by state (BEVCO , TASMAC ) mix mix mix (BSNL , MTNL ) mix ( Doordarshan
, Akashvani ) mix (ONGC ), IndianOil yes mix mix (Airports Authority of India
) mix

INDONESIA Yes ( Pos Indonesia ) de facto ( PT Kereta Api ) mix ( Kimia Farma , etc.) no no mix mix (public universities ) mix ( Telkom Indonesia ) mix ( TVRI and RRI ) mix ( Pertamina and PGN ) yes ( Perusahaan Listrik Negara ) mix mix ( Angkasa Pura ) mix (Jasa Marga )

REPUBLIC OF IRELAND Yes ( An Post ) yes ( Iarnród Éireann ) no mix National Lottery , ( Prize Bond , HRI , BnaC ) no mix (Health Service Executive ) mix no mix (RTÉ , Teilifís na Gaeilge ) mix ( Ervia ) mix (ESB , BMN ), mix ( Irish Water ) mix (Dublin Airport
Authority , etc.) de facto ( National Roads Authority )

ISRAEL Yes (Do\'ar Yisrael ) de facto ( Israel Railways ) no yes ( Mifal HaPayis ) yes mix yes mix mix (IBA , IETV , Kol Yisrael etc.) mix ( Oil Refineries ) mix (IEC ) de facto ( Mekorot ) yes (IAA ) mix (Netivei Israel )

ISLE OF MAN Yes ( Isle of Man Post Office ) yes ( Isle of Man Transport ) no no no de facto (Department of Health and Social Care ) yes (Isle of Man College of Further ">Mix (JapanPost ) mix (JR ) no yes (JRA etc.) no mix (NHI ) mix mix ( NTT
) mix ( NHK ) no no yes mix (NRT , Haneda , ITM , etc.)

REPUBLIC OF KOREA De facto ( Korea Post ) de facto (Korea Railroad Corporation
) no yes (Kangwon Land Inc.) no de facto (NHIS) mix de facto (KT Corporation
) mix (KBS , EBS ) de facto (KNOC , KOGAS) de facto (KEPCO ) de facto (K-WATER) yes (KAC, ICN) mix (Korea Expressway Corporation)

MALAYSIA Yes ( Pos Malaysia ) de facto (KTMB , SSR , Prasarana ) mix no no mix mix (public universities ) mix ( Telekom Malaysia ) mix (RTM ) yes ( Petronas
) mix ( Tenaga Nasional , Sarawak Energy ) mix mix ( Malaysia Airports ) de facto ( Malaysian Federal Roads System , Malaysian State Roads system )

MEXICO Mix ( Servicio Postal Mexicano ) mix ( Ferrocarril Transistmico ) mix (e.g. in public hospitals) no no mix ( Mexican Social Security Institute , Institute for Social Security and Services for State Workers ) mix ( National Autonomous University of Mexico , National Polytechnic Institute and state universities among others) no mix ( Once TV México , Notimex , XEIMT-TDT ) yes ( Pemex ) yes (electricity: CFE ) mix (varies by state/muni­cipality) mix (Aeropuertos y Servicios Auxiliares , Benito Juárez International Airport
) mix ( Caminos y Puentes Federales )

NETHERLANDS No mix ( Nederlandse Spoorwegen ), passenger rail. Freight is private no yes ( Holland Casino ) no mix mix( Dutch universities ) except Nyenrode Business University no mix ( Netherlands Public Broadcasting ) no no yes

NEW ZEALAND Yes ( New Zealand Post
New Zealand Post
) yes ( KiwiRail ) no yes ( Lotto New Zealand ) no mix (District health boards ) yes no mix (TVNZ ) no mix (Genesis Energy , Mercury Energy , Meridian Energy , Solid Energy , Transpower New Zealand ) yes mix yes (State highway network )

NORWAY Yes ( Posten Norge ) yes (NSB ) no yes ( Norsk Tipping ) yes (Vin­monopolet ) yes, via state monopoly mix mix ( Telenor
) mix ( NRK
) mix ( Statoil , Petoro
) yes ( Statkraft , and various municipally owned companies) mix mix ( Avinor )

PERU Yes ( Serpost ) no no no no mix (EsSalud) yes (local ones, including ( Universidad Mayor de San Marcos ) no yes (TV Peru ) yes ( Petroperú ) mix yes (only in local water supply and sewage services, including Sedapal)

PHILIPPINES Yes (PhilPost ) yes (PNR ) no yes (PAGCOR ) no yes yes (UP ) no mix (PTV ) mix (PNOC ) mix (NAPOCOR ) mix

PORTUGAL no mix ( Comboios de Portugal ) no no no mix mix no mix ( Rádio e Televisão de Portugal ) no no mix ( Águas de Portugal ) no mix

RUSSIA Yes ( Russian Post
Russian Post
) de facto ( Russian Railways ) no mix (Gosloto , etc.) no mix ( Mandatory Medical Insurance ) mix mix ( Rostelecom , Trans­Telekom ) mix (VGTRK , 1TV , TVC , Public Television , Zvezda , RT , Voice of Russia via monopolies Russian Satellite Communi­cations Company and RTRS ) mix ( Rosneft
, Gazprom Neft via monopoly Transneft ) mix ( Inter RAO
Inter RAO
, Rosenergo­atom , RusHydro , Gazprom
via monopoly Russian Grids ) mix mix de facto (federal highways , Rosavtodor , Avtodor )

SINGAPORE Yes (SingPost ) mix (SMRT ) mix yes ( Singapore Pools ) mix mix ( SingHealth ) mix (NUS , NTU , SIT , SUTD ) yes ( SingTel
) yes ( MediaCorp ) yes (SNOC ) mix (Temasek ) mix (PUB ) yes yes

SPAIN Yes ( Correos ) mix ( FEVE , Renfe Operadora
Renfe Operadora
, Adif ) no mix ( Loterías y Apuestas del Estado ) no mix ( Spanish National Health System ) mix (public universities ) mix mix ( EFE
, RTVE ) mix ( Enagas ) mix (Red Electrica de España ) mix mix ( Aena
) mix

SWEDEN De facto ( Posten AB ) de facto (SJ , Green Cargo ) mix ( Apoteket ) yes ( Svenska Spel ) yes (System­bolaget ) mix mix (All state-owned except 3 universities Chalmers University of Technology (owned by government, faculty, student union run as a private entity), Stockholm School of Economics (22% from state funds) and Jönköping University Foundation mix (Telia ) mix (SVT ) no de facto ( Vattenfall , Svenska Kraftnät ) mix mix ( Swedavia ) yes ( Svevia )

SWITZERLAND mix ( Swiss Post ) monopoly on postal delivery of letters to 250g mix (SBB CFF FFS ) no no no mix (cantonal hospitals) yes (cantonal and federal universities) no mix ( SRG SSR
) no mix yes (operated by cantonal and/or municipalities) mix (international airports) yes (operated by cantons )

THAILAND Yes (Post ) yes (State Rail ) mix (GPO ) yes (State Lotto ) Alcohol Permit mix (MOPH ) mix (public universities ) mix (Telecom ) mix ( MCOT ) mix (PTT ) yes (EGAT ) yes yes De facto (Department of Highways)

TURKEY Yes (PTT ) yes (TCDD ) no yes ( Millî Piyango İdaresi ) no mix mix (state universities ) no mix (TRT ) mix (TPAO ) mix mix ( State Hydraulic Works ) mix

UNITED ARAB EMIRATES Yes ( Emirates Post ) no mix no Liquor permit mix (GCC , Daman ) mix yes (TRA ) yes (DMI ) mix (ENOC , ADNOC , etc.) mix ( TAQA ) yes mix

UKRAINE Yes ( Ukrposhta
) Yes (Ukrainian Railways ) no yes no mix mix no mix mix yes yes mix yes

UNITED KINGDOM Mix ( Post Office Ltd ) mix (DRS , Northern Ireland Railways
Northern Ireland Railways
, Network Rail
Network Rail
) no mix ( Premium Bond ) no mix (NHS ) mix (publicly funded universities ) no mix ( BBC
, Channel Four , S4C ) no no Mix ( Scottish Water , Northern Ireland Water ) mix Mix (All public roads except M6 Toll and some private toll roads are state owned)

UNITED STATES Yes (USPS ) mix ( Amtrak
), passenger rail; freight is private no mix (State Lotteries ) varies by state (ABC store states ) mix (Medicare , Medicaid
, Military Health System ) mix (U.S. military service academies , public universities ) mix ( Burlington Telecom ) mix (CPB , BBG , VOA ) mix ( CPS Energy ) mix (TVA ) mix mix mix (U.S. Routes , the Interstate )

URUGUAY Yes ( Correo Uruguayo ) yes (AFE ) no mix (Casinos del Estado ) no mix mix (UdelaR ) mix ( ANTEL ) mix ( SODRE ) mix (ANCAP ) mix ( UTE
) yes (OSE ) mix

VENEZUELA Yes (Ipostel ) yes (IFE ) mix mix mix mix ( Mission Barrio Adentro ) mix (SCV , ULA ), UIV , etc. yes ( CANTV ) mix ( TVes , ANTV , VTV ) yes ( PDVSA ) mix (CVG ) yes

VIETNAM Yes (VNPT ) yes ( Vietnam Railways ) mix no gambling in Vietnam yes mix mix (public universities ) mix (VNPT , Viettel ) de facto (VTV , VTC , Voice of Vietnam ) yes ( Petrovietnam
, Petrolimex ) yes (EVN ) mix yes (Airports Corporation


* ^ Etesa is a company wholly owned by the Colombian government and holds the exclusive right to gambling activities. However, it sublicenses gambling permits to any private company who applies and fulfills legal requirements. * ^ Nederlandse Spoorwegen is a company wholly owned by the Dutch government.


* Companies portal

* Constitutional economics * Government
agency * Government-sponsored enterprise * List of government-owned airlines * List of government-owned companies * Non-departmental public body * Political economy
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* Public benefit corporation * Public bodies * Public company (public corporation) * Public ownership
Public ownership
* Quango * Regulatory agency * Rule according to higher law * Special-purpose district * State within a state * Stock
market * State-owned enterprises of New Zealand * Statsforetak (Norwegian state enterprise) * Statutory Agency * Statutory corporation * Volkseigener Betrieb (East German state enterprise)



* ^ Profiles of Existing Government
Corporations, pp. 1–16 * ^ "All Men Are Created Unequal". The Economist . 4 January 2014. Retrieved 27 September 2015. Quote: «The wars and depressions between 1914 and 1950 dragged the wealthy back to earth. Wars brought physical destruction of capital, nationalisation, taxation and inflation» * ^ Groendahl, Boris (17 February 2014). "Faymann Evokes 1931 Austria Creditanstalt Crash on Hypo Alpe". Bloomberg.com. Retrieved 12 September 2015. * ^ "Sarkozy annonce la création d\'un fonds d\'investissement souverain". L'Obs. 24 October 2008. Retrieved 12 September 2015. * ^ Kohler and Weisz: "Pour un nouveau regard sur le Mittelstand: Rapport au Fonds stratégique d'investissement", La Documentation Française, 2012 * ^ "AU NOM DE LA COMMISSION DES AFFAIRES ÉCONOMIQUES SUR LE PROJET DE LOI relatif à la création de la banque publique d’investissement" * ^ latribune.fr: "BPI: Ségolène Royal vole la vedette au directeur général" 24 Apr 2013 (in French) * ^ "Business in France: The long arm of the state". The Economist. 2007-09-01. Retrieved 19 January 2014. * ^ "Agence des Participations de l\'État". Site Internet de la direction générale du Trésor. Retrieved 19 January 2014. * ^ "Chinese Firm and France to Buy Stakes in Peugeot". The New York Times. 19 February 2014. * ^ "After Two Centuries, Peugeot
Family Cedes Control". The New York Times. 20 February 2014. * ^ A B C "Revamped Airbus
lives up to the European dream". Telegraph.co.uk. 5 January 2014. Retrieved 12 September 2015. * ^ OECD. "710. Financial balance sheets - consolidated - SNA 2008". Retrieved 27 November 2016. * ^ Hüfner, Felix, "The German Banking System: Lessons from the Financial Crisis", oecd.org, 1 July 2010. * ^ "Working Papers", oecd.org. * ^ A B C D "Saved a state bailout, Slovenes question hefty banking bill". tribunedigital-chicagotribune. Retrieved 12 September 2015. * ^ "Afghan Public Protection Force-معینیت محافظت عامه". * ^ Bradsher, Keith (November 9, 2012). "China’s Grip on Economy Will Test New Leaders". The New York Times. Retrieved November 10, 2012. * ^ Bureau of Economic and Business Affairs (June 2012). "2012 Investment Climate Statement - Singapore". United States
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Department of State. Retrieved 10 March 2014. * ^ Simei Qing "From Allies to Enemies", 19 * ^ Coble, Parks M. (1986). The Shanghai capitalists and the Nationalist government, 1927–1937. Volume 94 of Harvard East Asian monographs (2, reprint, illustrated ed.). Harvard Univ Asia Center. p. 263. ISBN 0-674-80536-4 . Retrieved 2011-05-15. * ^ Barnett, A. Doak (1968). China on the eve of Communist takeover. Praeger. p. 190. Retrieved 2010-06-28. * ^ Draguhn, Werner; David S. G. Goodman (2002). China\'s communist revolutions: fifty years of the People\'s Republic of China. Psychology Press. p. 38. ISBN 0-7007-1630-0 . Retrieved 2011-04-09. * ^ Forbes, Andrew D. W. (1986). Warlords and Muslims in Chinese Central Asia: a political history of Republican Sinkiang 1911–1949. Cambridge, England: CUP Archive. p. 131. ISBN 0-521-25514-7 . Retrieved 2010-06-28. * ^ Getting Back on Track; Reviving Growth and Securing Prosperity for All; Thailand Systematic Country Diagnostic (PDF). Washington: World Bank
Group. 2016-11-07. * ^ "Financial Business under the Bank
of Thailand\'s supervision and examination" (PDF). Bank
of Thailand (BOT). Bank
of Thailand (BOT). Retrieved 29 March 2017. * ^ Himbara, David (1993). "Myths and Realities of Kenyan Capitalism". Journal of Modern African Studies . 31 (1): 93–107. JSTOR 161345 . doi :10.1017/s0022278x00011824 . * ^ "Productivity performance in Kenya" (PDF): 43. * ^ "Conflicting Information Over Kenya Airways\' Layoffs". * ^ "State Owned Companies", Department of Public Enterprises , Republic of South Africa
Republic of South Africa
. Retrieved 2017-01-28. * ^ A B "Here is Government’s shareholding in South African telecoms companies", mybroadband.co.za, 23 June 2015. * ^ "Major shareholders", sasol.co.za. Retrieved 2017-01-28. * ^ "Treasury Registrar". Ministry of Finance (Tanzania) . Retrieved 11 October 2014. * ^ Office of the Premier, International Trade, and Minister Responsible for the Asia Pacific Strategy and Multiculturalism. "Premier Clark announces Jobs and Trade Mission to Asia". Retrieved 12 September 2015. CS1 maint: Multiple names: authors list (link ) * ^ "B.C. minister says Malaysian investment vindicates province’s bets on LNG sector". The Globe and Mail. Retrieved 12 September 2015. * ^ "Redford’s trip to China highlights petrochemical potential", edmontonjournal.com, 17 Sep 2013. * ^ "Alberta Premier Alison Redford says China\'s investors want more details on rules". Calgary Sun. Retrieved 12 September 2015. * ^ "CHINA: Canada’s Alberta province signs framework agreement to expand energy ties amid waning Chinese interest". EnergyAsia. Retrieved 12 September 2015. * ^ "Foreign investment doesn’t need ‘absolute clarity: Harper". thestar.com. 8 November 2013. Retrieved 12 September 2015. * ^ Profiles of Existing Government
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Corporations, pp. 18, 50 * ^ Profiles of Existing Government
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Corporations, pp. 18, 214 * ^ "Coalition cold on privatisations". The Australian. 2013-09-30.

* ^ Putt, Sarah (15 April 2013). " Kordia sells Orcon to private investors". Computerworld. Retrieved 16 April 2013. * ^ PRIVATISATION DEBATE SHOULD BE RIGOROUS Roger Kerr, New Zealand Business Roundtable Executive Director. Rogerkerr.wordpress.com (2011-01-17). Retrieved on 2013-07-12.


* Profiles of Existing Government
Corporations—A Study Prepared by the U.S. General Accounting Office for the Committee on Government Operations (pdf), Washington, DC: U.S. Government
Printing Office, 1988, p. 301, GAO/AFMD-89-43FS Document: H402-4 . Alternate location: * Malaysia GLC OpenDay 2015 .


* The Public Firm with Managerial Incentives by Elmer G. Wiens.

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