Poland II: Ownership and Performance of the National Investment Funds and their Portfolio Companies

Barbara Błaszczyk, Michał Górzyński, Tytus Kamiński and Bartłomiej Paczóski

Chapter 4 in Secondary Privatisation in Transition Economies, 2003, pp 123-169 from Palgrave Macmillan

Abstract: Abstract The April 1993 Act on National Investment Funds (NIF) formed the basis for the Polish mass privatisation programme, allowing every adult Polish citizen to acquire a portion of national assets for a nominal charge. The NIF programme was supposed to accelerate the pace of privatisation, while at the same time providing for the restructuring of enterprises prior to their privatisation, facilitated by the expertise of the professional management companies employed by the NIFs. The National Investment Funds were special institutions created for this programme in the legal form of joint stock companies, but subject to strong government influence for at least the first three years of the programme. At the beginning of the programme, majority stakes in the 512 enterprises participating in the programme were turned over to the 15 National Investment Funds, whose tasks included restructuring and privatising those companies. The management companies, which were to manage the funds on a contractual basis, were responsible for improving the financial results of companies held by the funds and raising the value of the funds’ assets. They could achieve this by directly or indirectly participating in the companies’ restructuring or by supporting their sale to strategic investors; they were also allowed to liquidate the companies and to make portfolio investments. In effect, profound evolution of the ownership structure of both the NIF portfolio companies and the funds was expected.

Keywords: Corporate Governance; Foreign Investor; Ownership Structure; Supervisory Board; Domestic Investor (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1057/9780230377011_4

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