Státní podnik

Státní podnik or štátny podnik ; is a Czechia and Slovakia designation for a business entity owned by the government. As is now and was always the case, the entity name is followed by the name of its legal structure, either spelled out or abbreviated in lower case.

Brief history

State enterprises were created in 1988 by the Czech Socialist Republic and Slovak Socialist Republic and their organizational units from the former "národní podniky" under an initiative of socialist reconstruction ''. In 1990, a new law brought decision-making power back to founders and self-management of labor collectives were abolished, leaving only a partial representation of employees in the supervisory board. The agency diminished in 1997.