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Abstract
The implementation of corporate governance in the Republic of Slovenia is particularly important due to the transformation of the equity ownership company system and, consequently, corporate governance, which has been evolving since Slovenia's independence 20 years ago. The implementation of EU directives and regulations brings about positive legal effects in corporate governance following 2004. Positive assessments are provided of the development of Slovenian codes of corporate governance. However, studies, findings and analyzes show some negative phenomena, which should be overpassed in the search of effective corporate governance model in the future. Some tools and methods (disclosure and transparency, auto evaluation, legal actions, etc.) are scrutinized to introduce the improvements and enable better results of corporate governance in Slovenia.
Key words: corporate governance, privatization, disclosure and transparency, revision, legal actions, equity.
JEL classification: K22;
Review
Received: February 07, 2013 / Accepted: May 07, 2013
1. INTRODUCTION
The implementation of EU directives and regulations brings about positive effects in corporate governance in the Republic Slovenia (RS) following its accession to the European Union (EU) in 2004 (Bohinc 2010; Kocbek et al 2010; Djokic 2011). RS complied with all the amendments of EU regulation regarding company law, accountancy, financial reporting and revision (ZGD-1UPB3 2009). Legal analyses also give positive assessments of the development of Slovenian codes of corporate governance (Djokic 2010).
Still the questions remains: What purpose take the legal resources integrated into the Slovenian legal order in accordance with the European requirements and recommendations? Which goals are being pursued in the area of corporate governance and supervision while 'learning by doing'? Are we aware of the significance of legal instruments used for the development of corporate governance? When and how are we going to create sustaining social and responsible corporations, according to the future trends? After 20 years, it is reasonable to question corporate mentality, consciousness and values that were shaped through constant changes and adjustments RS faced in this period of time.
2. TWENTY YEARS OF CORPORATE GOVERNANCE
The RS traces its corporate governance beginnings to the 1990s when the country initiated ownership transformation of companies. (ZTLR et al 1992) Companies with the social capital as an equity source have been on the basis of a law transformed into the companies with the...