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Corporate Governance Best Practice: Tasks and Shortcomings

In: Responsible Corporate Governance

Author

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  • Maria Aluchna

    (Warsaw School of Economics)

Abstract

The shortcomings and inefficiencies of corporate governance are intended to be mitigated by the implementation of codes of best practice. While internationally the codes cover similar set of recommendations on board work, transparency, investor protection and empowerment as well as cooperation with various stakeholders, the adoption and factual compliance with these guidelines remains an issue. The instrumental treatment of the recommendations and the superficial explanations for non-compliance limit the impact of this form of self-regulation. This chapter addresses the shortcomings of corporate governance best practice. It aims at presenting motivations for adopting corporate governance guidelines as revealed by listed companies in the annual declaration of conformity included in the company report. It also shows limitations for implementation of guidelines in practice and their importance for the investment decision by investors. The arguments for best practice code and the statements of compliance with respect to the quality of corporate governance are confronted with the insights and observations collected during 20 interviews with board directors, corporate governance experts, auditors, lawyers and funds representatives.

Suggested Citation

  • Maria Aluchna, 2017. "Corporate Governance Best Practice: Tasks and Shortcomings," CSR, Sustainability, Ethics & Governance, in: Maria Aluchna & Samuel O. Idowu (ed.), Responsible Corporate Governance, pages 97-110, Springer.
    • Handle: RePEc:spr:csrchp:978-3-319-55206-4_6
    DOI: 10.1007/978-3-319-55206-4_6
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