Corporate governance –assessments and objectives regarding the implementation and assimilation process in Romania

Maria Manolescu, Aureliana Geta Roman, Cleopatra Sendroiu, Georgeta Petre, Alexandra Lazăr and Sorinel Domnişoru
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Maria Manolescu: Academy of Economic Studies, Bucharest
Aureliana Geta Roman: Academy of Economic Studies, Bucharest
Georgeta Petre: Council of Accountancy and Financial Reporting
Alexandra Lazăr: Council of Accountancy and Financial Reporting
Sorinel Domnişoru: Craiova University

Management & Marketing, 2009, vol. 4, issue 2

Abstract: At international level, corporate governance has been shown great interest – from governments, stock exchange authorities, investors, companies and public in general. This interest is natural, considering the fact that it is necessary to strengthen the way companies are managed, as a guarantee of economic growth and financial stability, and to increase trust in capital markets. This need is more acute in the countries that have recently entered the economic systems based on a market economy, as is the case of Romania. Implementing efficient mechanisms of corporate governance that lead to transparency and efficiency, that clearly define the responsibilities and the rights of the ones competent in managing, supervising and applying legal provisions requires the precise understanding of the corporate governance principles and of the key elements of a proper framework for the management entities. The present paper has as objective to assess the steps made by Romania in this field, starting with the issues regulated at national level related to the rights of the shareholders and their fair treatments, the responsibilities on organizing the internal control, the internal audit and the audit committee, as well as the issues related to offering reliable information and insuring transparency. At the same time, this paper aims at pointing out some limits of the regulating process and of the practical actions of the companies in this field, as well as certain objectives related to the implementation of corporate governance principles.

Keywords: audit committee; corporate governance; independent manager; internal audit; internal control; transparency. (search for similar items in EconPapers)
Date: 2009
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