PUBLIC ENTERPRISES - SPECIFICITIES OF FUNCTIONING IN THE LIGHT OF CORPORATE GOVERNANCE
PUBLIC ENTERPRISES - SPECIFICITIES OF FUNCTIONING IN THE LIGHT OF CORPORATE GOVERNANCE

Summary/Abstract: Establishing corporate governance in a public company where the state appears as the majority owner is a very important challenge both in countries that have developed market economies and corporate governance practices, but also in those that are still developing. More precisely, it is very difficult to find a balance of state competencies in relation to the performance of ownership functions, such as candidacy and election of directors in public and state-owned enterprises, as well as members of the supervisory board, while refraining from political interference in the work and management of state-owned companies. The dynamism of large organizations makes the impact on their behavior difficult and complex. Public companies in the light of corporate governance have a number of specifics that are determined on the basis of the business identity itself, primarily in relation to whether they are single-member companies, whether the founders are exclusively state bodies, and whether they perform activities of general interest. Corporate governance in Serbia has become a very important topic at the end of the last century, which was a direct consequence of initiating the process of property transformations and changing the role and importance of the private sector in the industry. Despite the fact that it has been happening for more than twenty years, there are still very few societies that have really understood the depth and complexity of the subject.

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