In line with persistent calls for promoting openness and transparency in the economic domain, 132 nongovernment public companies and organizations published their financial statements on Sunday.
The data was seen on the Codal website, which is a special platform created for instant official publication of corporate news and information.
The Economy Ministry in a press release said allowing the public access to the financial data of public companies enables them to compare financial performance of private, state and public companies to determine their performance and share in economic development, shada.ir reported.
“Public access to financial records helps in promoting transparency and enhancing the accountably of those in charge,” the ministry said.
In a talk with state TV, the Economy Minister Ehsan Khandouzi said companies that released the statements were diverse, including subsidiaries of pension funds, affiliates of the Mostazafan Foundation (a relief foundation for the oppressed and disabled) as well as public entities linked to municipalities, the Social Security Organization, banks and insurance companies.
Khandouzi said efforts to improving transparency will not be limited to releasing financial data. “In the next step, we will make data available for scholastic analysis and ask experts and pundits to appraise companies’ performance,” he told the state broadcaster.
After taking office last summer, Khandouzi has underscored the need for improving financial transparency and accountability as a priority of the ministry.
In a similar move in April, 313 state-run companies published their financial statements.
Under an almost centralized economic system in Iran, state and government companies are involved in major economic and financial activities. Academia, economists and experts say it is high time their performance is open to public scrutiny.
Obliging state companies to regularly publish financial reports is one of the key tools for assessing the performance of managers.
Last September, financial reports of the Bank Melli Iran, the biggest state-owned bank, revealed disappointing details. The major lender reported 675.2 trillion rials ($2.5 billion) in accumulated losses for fiscal 2020-21.
The loss was equivalent to 73% of its capital, which literally made the bank eligible for insolvency.
