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Significance of asset management and governance in Croatian companies

There is a vast number of definitions of Asset Management which treat the subject from different point of views. Asset Management is concept for support to decision maker to cover performance goals and draws from economics as well as engineering. “Asset management is the optimal life cycle management of physical assets in order to achieve and maintain the stated business objectives.” In 2010, EFNMS founded the European Asset Management Committee with the aim to contribute to strengthening the global understanding of the principles of good asset management and to promote further the development of this discipline. The description of asset manager and asset governor above, along with their difference in time frame of planning, leads to the difference in the scope of application between asset management and asset governance. Engineering asset management has a greater focus on operational matters: as asset managers have a day to day operational and medium term planning time frame, their focus is primarily towards the engineering operation of the assets. Asset governors meanwhile have a planning focus that is concentrated at ensuring that asset management operates within an appropriate governance context. Hence asset governance has a greater orientation towards corporate policies and strategy, with an emphasis on how assets can be utilised to meet business goals and create value for the organisation. (Mardiasmo, D., Tywoniak, S., Brown, K., .Burgess, J. 2008). Asset Management is concept for support to decision maker to cover performance goals and draws from economics as well as engineering. The implemented company survey in Croatia indicates that the Aseet Management and Governance is in the early stages of development.

Asset Management, Asset Governance, Croatian practice

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