Corporate governance (CG) implementation for Latvian state owned enterprises (SOE) has gained additional importance since Latvia joined OECD in 2016. By joining the OECD, Latvia has agreed to pursue state company management in accordance with the OECD Guidelines (2015). The legal framework in force in Latvia comprising the CG implementation requirements, however, is still developing. The aim of the research is to provide an overview of the legal framework currently available for the state to ensure proper CG principles in companies with a state shareholding. The overview is based on a review of the existing documents and literature. The research provides recommendations for the further potential studies in the field.The Law on Governance of Capital Shares of a Public Person and Capital Companies (2014) (the Governance law) provides the main legal framework for the overall SOE policy. It sets forth the reporting requirements, regulations for management and supervisory boards as well as enlists the required disclosure domains. An independent coordinating body - Cross Sectoral Coordination centre (CSCC) - shall ensure further implementation of CG practices. Since its foundation in 2011, CSCC has issued six various guidelines covering primary CG principles. While the legal tools for CG implementation in SOEs ensure a basic set of CG principles, the more developed aspects prescribed in the guidelines are still legally not binding, thus the implementation degree of them vary greatly across the Latvian SOEs. Moreover, the state’s focus so far has been put on the companies that are directly state owned, while the municipality owned companies are rather lagging in CG practice implementation. The question of implementation efficiency shall once again become actual soon as the Governance law is about to change as of 1 January 2020 in order to further specify the tasks of the supervisory board as well as include further disclosures for SOEs. Given the varying degree of the CG adoption practices, the focus of the further research in this area shall lie on the efficiency of the existing legal tools to ensure an effective implementation of the CG principles in Latvian SOEs. A focus might be put on the analysis of the possibilities for legal enforcement in municipality owned companies.