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Corporate Governance in Croatia : Present Problems and Measures for Possible Evolution of Corporate Governance

It is very hard to predict the real shape of corporate governance evolution in Croatia in the nearest future. Here we can only detect some general factors which could have some impact on the possible improvement of today's practice of corporate control. First, the examples of 'good corporate governance practice' should be better studied and explored. On that cases we can build the depper interest of political and professional public for the problems of corporate performance and better functioning of present supervisory board structures. Some large Croatian companies, now mostly owned by foreign corporations, show recently greater interest in the problems of corporate governance than a few years ago. Such companies, together with some other institutions (CEA, CroSec, etc.), should support deeper analysis of corporate governance topics and present them as a problems relevant for the future of the whole Croatian economy. That is especially important because it is questionable whether Croatian political elite has on the short run recognized the importance of corporate governance problems and capital market development as relevant ones for their rule. Second, having in mind some of bad or partial legal solutions/laws which determine corporate governance practice within Croatian companies, there is a need for a subtle changes of some laws which define the behaviour of the main actors of corporate control in joint-stock companies. Third, if privatization of the remaing state enterprises ends reasonably quickly, that could have positive effects on the quality of supervisory boards members and some other aspects of corporate performance. We must stress also here very interesting tendency in last few months: the number of joint-stock companies is decreasing . There exist different reasons why that is happening, not only in Croatia. We must ask ourselves: what will be the impact of that tendency on the (growth of) share ownership system and stock exchange within the country? Fourth, one of basic difficulties in Croatia is the lack of well-trained managers, especially ones that are familiar with organization and practice of incorporated firms. It is necessary to intensify attempts to increase the level of expertise of all presently active managers and board members. In addition, we have to start a systematic corporate governance education of judges, lawyers, public notaries, auditors, and relevant experts in corporations. Fifth, as the CCCG concluded - Croatia should have a body that would more systematically and more regularly follow developments in corporate governance. The body would occasionally publish reports with suggestions for improvement, especially educational improvement of members of boards and management, as well as other professionals in this area.

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