Poland to introduce code of good corporate governance practices for state-owned companies
Poland's Ministry of State Assets has prepared a draft code of good corporate governance practices to establish clear standards for the management of state-controlled companies, state legal entities and their subsidiaries.
"This is the version we have developed, it will now go to consultation, for which there will be three weeks," state assets minister Jakub Jaworowski told a press conference.
The code is supposed to professionalise the activities of all participants in the supervisory process over state-owned companies, i.e. ministry employees, supervisory boards and companies' management boards, among others.
As reported by the state assets ministry, it is not only to unify supervision, but also to counteract unfair market practices or prevent irregularities.
As Jaworowski pointed out, the supervisory board is supposed to take care of long-term value growth, and it should be composed of members with substantive qualifications for this position. The board must have clear financial and non-financial goals, and each board member should also have individual goals.
The state assets minister assessed that when conducting the selection process, the emphasis should be on checking qualifications and aptitude, not just meeting formal requirements.
"Then, within a few weeks, we will propose an amendment to the law regulating the supervision of companies. We want to tighten up certain criteria, to tidy up certain processes enshrined in the law," the minister said.
"The overriding goal is that there should be people in the company bodies who are substantively prepared and who are a guarantee that the company will thrive," he added.
As reported, the draft plans, among other things, to tighten the criteria for the recruitment of members to supervisory boards.
pel/ han/ ao/