engleski

Analysis of the current state of corporate governance in Croatia

Croatia started to adopt the principles of corporate governance mainly due to the pressure of the international community, in the period following the shift of ownership in companies. The proper implementation of corporate governance principles is essential for the economic development and for faster capital market growth. The framework of corporate governance code includes the equitable treatment of shareholders, the role of stakeholders, disclosure and transparency, board responsibilities and all this elements becoming essential in the period of privatisation and post-privatization period. The Croatian Financial Services Supervisory Agency (Cro. HANFA) and The Zagreb Stock Exchange (Cro. Zagrebačka burza) made a Code of corporate governance that was adopted in 2007. The Code passed a revision and from January 2011, there is a new Code that it is adjusted with actual law and new capital market regulation in Croatia. The focus of this paper is on current state of corporate governance in Croatia 20 years after process of privatization started. Also the author wants to show the changes in Croatian law and regulation according to the requirement of European Union which are directly connected with process of corporate governance. At the end, the author gives conclusions and some implication for further research.

corporate governance; capital markets; current state; Croatia

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