Kształtowanie się corporate governance w spółkach Skarbu Państwa

Agnieszka Mikucka-Kowalczyk , Łukasz Kowalczyk

Abstract

The Polish corporate governance guidelines for public enterprises can be characterised by reviewing the market and legal mechanisms, which have an impact on the behaviour of its main participants, i.e. the shareholders, the supervisory board and the management board, as well as those mechanisms, which are related to the stakeholders. Despite the numerous privatisation processes having already taken place, the public sector continues to play an important role in Poland. Thus, the growing popularity of the stakeholder theory dictates the necessity of a broad-scope discussion on their role in the shaping of corporate governance guidelines for public enterprises. The aim of this article is to identify the crucial corporate supervision issues, which are likely to occur in state-owned entities, and which are related to non-private sector solutions. Our analysis of the issues related to the selected groups of stakeholders took into account the existing institutional and economic setting, which has enabled us to understand the importance of various political and administrative factors in shaping of corporate governance in public enterprises. Corporate governance plays a particularly crucial role in public entities, which are to operate in normal market conditions and which are to be commercially viable.