UDC 334.724
Biblid: 1451-3188, 11 (2012)
Vol. 12, No 39-40, pp. 170-178

Оriginal article
Received: 01 Jan 1970
Accepted: 01 Jan 1970


Petrović Pero (Институт за међународну политику и привреду, Београд),
Vesić Dobrica (Институт за међународну политику и привреду, Београд)

The first element for good corporate governance – the corporatization – is not applied in the public enterprises. Modern corporate governance is the most complex process that has ever been seen. Reform and implementation of modern corporate governance is a good way to achieve efficient and effective goals of improving enterprise competitiveness. Corporate governance should ensure the strategic guidance of the company, the work of parliament and administration, supervision of managers, but it should also take into account the company and shareholders. Owners and investors are already aware of the necessity to have responsible and professionally skilled employees for the management of a corporate governance system. Obviously, this new era requires a permanent educations program in all fields, and in fact, it is an imperative now. The process of reform of the legal system is connected with the most aspects of the corporate governance in public enterprises and because the reform process is not complete, successful business of those enterprises potentially cannot increase. Corporate governance is an integrated system with the complicated goal – to achieve the balance between numerous subjects with different interests. Some of those factors and their relations are in the public company (shareholders, members of board, executives, internal auditors, employees) and the others come from capital markets (investment banks, external auditors, investments analysts, Securities and Exchange Commission, etc.). In the light of corporate governance phenomenon, the paper has analyzed the ability of the public company to access capital markets and control the risks.

Keywords: Corporate governance, public enterprises, EU Recommendations on Independence, risks, capital markets