APPLICATION OF THE EU-PRINCIPLES IN ROMANIA AND HUNGARY CONCERNING THE BOARDS OF LISTED COMPANIES

Gabriella Keczer
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Gabriella Keczer: University of Szeged, Hungary

Management and Marketing Journal, 2009, vol. VII, issue 1, 5-12

Abstract: Corporate governance ensures that boards are able to exercise appropriate scrutiny over management and that shareholders, as owners of the company, are able to hold boards accountable. As such, a high level of corporate governance contributes significantly to investors' confidence and market stability, thus fostering business efficiency. In 2005 the European Commission launched a recommendation on the boards of listed companies and invited Member States to follow the guidelines. In 2008 both Romania and Hungary launched a new Code of Corporate Governance on the basis of the EU recommendations. In my paper I present the EU principles, and by examining the national codes of Romania and Hungary I analyze to which extent and in what issues these two countries have adopted the EU recommendations. I concluded that by the new codes of corporate governance issued in 2008 Romania and Hungary have followed to a large extent the provisions of the EU recommendation.

Keywords: corporate governance; European Union; executive and supervisory functions; board; directors; committees (search for similar items in EconPapers)
JEL-codes: M14 (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:aio:manmar:v:vii:y:2009:i:1:p:5-13

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