Compliance with Corporate Governance Principles by Energy Companies Compared with All Companies Listed on the Warsaw Stock Exchange

Elżbieta Izabela Szczepankiewicz (), Joanna Błażyńska, Beata Zaleska, Farid Ullah and Windham Eugene Loopesko
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Elżbieta Izabela Szczepankiewicz: Department of Accounting and Financial Revision, Poznań University of Economics and Business, Al. Niepodległości 10, 61-875 Poznań, Poland
Joanna Błażyńska: Department of Accounting and Financial Revision, Poznań University of Economics and Business, Al. Niepodległości 10, 61-875 Poznań, Poland
Beata Zaleska: Department of Finance, Faculty of Economic Sciences, Koszalin University of Technology, ul. Śniadeckich 2, 75-453 Koszalin, Poland
Farid Ullah: Department of Financial Engineering, School of Economics, Sichuan University, No.24, South Section 1, Yihuan Road, Chengdu 610065, China
Windham Eugene Loopesko: Denver Business School, University of Colorado, 1475 Lawrence Street, Denver, CO 80202, USA

Energies, 2022, vol. 15, issue 17, 1-28

Abstract: Disclosure of non-financial information, especially regarding corporate governance (CG), is an important element of companies’ communication with their stakeholders. This paper sets out to define—from a theoretical and practical perspective—the scope of CG reporting in Polish fuel, gas, and energy (“energy”) companies required under EU directives and national regulations. The paper presents the results of a study investigating whether and to what extent annual corporate governance statements (CGSs) prepared by energy companies, compared with other companies listed on the Warsaw Stock Exchange (WSE-LCs), are consistent with “Best Practices for WSE-LCs 2016” (BPs for WSE-LCs). The study group consisted of energy companies submitting their 2017–2020 reports, as well as other companies listed on the WSE, as a comparative group (i.e., a total of 179 reports). We used a monographic method to study theoretical problems and annual CGSs and performed a critical review of the literature, as well as comparative, content, and descriptive analyses. The analysed CGSs helped answer the following question: to what extent do energy companies and other WSE-LCs pursue the CG rules specified in BPs for WSE-LCs? The results indicate that such companies follow various approaches to CG disclosures and reporting obligations. However, what truly matters is not the legal obligation itself, but rather the companies’ social responsibility for maintaining good relations with their stakeholders. The paper will contribute to CG studies, because no Polish theorist has so far analysed CG disclosures in annual non-financial reports. The paper fills a research gap in information on adherence to best practices in CG disclosures in CGSs of all WSE-LCs. The study presents conclusions of CG disclosures by energy companies, which can provide the basis for further research in other sectors.

Keywords: corporate governance; best practices for WSE-LCs; Directive 2013/34/EU; Directive 2014/95/EU; corporate governance statement (CGS) (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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