Implementation of best practice code: practical implications from the Warsaw Stock Exchange
Purpose – The purpose of this paper is to present the best practice initiative in Poland, presenting codes formulated in 2002 and 2005 and focusing on the recent document known asBest Practice of WSE Listed Companies. Moreover, the paper aims to present practical aspects of implementation of new code between January and April 2008. Design/methodology/approach – The paper identifies the guidelines recommended in three versions of the Warsaw Stock Exchange code of best practice. Additionally it discusses companies' doubts and questions addressed to the Warsaw Stock Exchange, analyzes technical challenges referring to new system of reporting on companies compliance as well as raises some concerns regarding the content of the new code. Findings – The paper shows that the codes of best practice attempted to address the most problematic issues of transitional Polish corporate governance. The recommendations content was adopted during the last eight years as the response to the changes in market environment and governance challenges. However, the new code addresses mostly the strategic plans of the Warsaw Stock Exchange rather than the corporate needs and its implementation and communication with listed companies leaves a lot of room for improvement. Practical implications – The analysis addresses the needs for coherence between the crucial moments of development of corporate governance and the code of best practice. Moreover, it points out potential shortcomings in the process of the code implementation. Originality/value – The paper is based on the documents prepared by the Warsaw Stock Exchange, companies remarks as well as author's experience of working at the Stock Exchange during the first three months of 2008 code implementation.
Volume (Year): 5 (2009)
Issue (Month): 1 (March)
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