CORPORATE GOVERNANCE BEST PRACTICE. THE BOARD PERSPECTIVE

Abstract

Corporate governance best practice remains an important element to direct and organize the cooperation between shareholders and stakeholders in a listed company. The goal of the paper is to identify the perception of corporate governance best practice by board directors. For the purpose of the paper a series of interviews with 21 heavily interlocked board directors of companies listed on the Warsaw Stock Exchange were conducted. Our analysis reveals different views and opinions of the interviewees on the role of best practice on the development of corporate governance in Poland. The clarification and improvement of standards of relations between different stakeholders were viewed as the main strengths, while the low adaptability of the code guidelines of the specificity of the Polish stock market and weak compliance were noted as main shortcomings of corporate governance best practice.
Key words: supervisory board, board of directors, corporate governance best practice, corporate governance
JEL: M10