The ruling party is involved in the appointment of board members, and the latter then appoints the management team. There was frequent reference to the terms "President" and "Vice President" with the implication that these incumbents were either Board Chairpersons or Chief Executive Officers of the various SOEs. Not once was the term Chief Executive Officer nor Board Chairperson used by the Venezuelan administration during the presentation, except by the South African delegation. Consequently, there was less talk about corporate governance principles, especially the role of audit and risk committees. There is no policy that guides nationalisation.