CONCEPTUALIZATION AND PERSPECTIVE OF CORPORATE GOVERNANCE OF STATE OWNED ENTERPISES IN SERBIA
CONCEPTUALIZATION AND PERSPECTIVE OF CORPORATE GOVERNANCE OF STATE OWNED ENTERPISES IN SERBIA

Summary/Abstract: Governance of companies in the Republic of Serbia in which the state is the majority or predominant owner for many years represents a big problem and an even bigger challenge for all economic policy makers and power holders. Due to the unwanted social consequences and their political reflection, radical cuts in this area were avoided, despite periods of great crisis and significant losses among some of the largest state-owned enterprises. The major financial crisis in the world in 2008 and the onset of the corona virus pandemic in 2019 certainly contributed to the delay and hesitation. However, the foundations of a new policy in this area were already laid in 2020, and the Strategy of State Ownership and State Sector Governance was adopted in 2021. At the same time, the Action Plan for the implementation of the Strategies in the period from 2021 to 2023 was adopted, so that in December 2022 the Draft Law on the Management of Business Companies owned by the Republic of Serbia finally saw the light of day. Undoubtedly, the corporatization of state enterprises and the improvement of their operations, and above all management in this sector, are included in the very top of national priorities. Regardless of the fact that the law has not yet entered the procedure, the first radical move was made on April 6, 2023. The largest public company in Serbia, Elektroprivreda Srbije, was transformed into a joint stock company. In this paper, we shall consider some of the most important issues, problems and possible solutions, raised by the above-mentioned documents, which are important for the organization, implementation and improvement of corporate governance in the public sector in the Republic of Serbia. It is otherwise a very complex and sensitive matter, both in a practical and theoretical sense, which requires comprehensive research and complex answer, and the following text should be understood as an invitation and incentive to the academic and professional public to pay more attention to them.

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