System Of Corporate Governance In Montenegro
The subject of this paper is the study of corporate governance system in Montenegro. The paper analyzes the corporate governance reforms that occurred after 2002 when Montenegro began independently to regulate the area of company law and corporate governance. The author points out that the system of corporate governance in Montenegro has developed in specific circumstances. The lack of longer existing shareholder practices, under-developed legal and institutional framework and the lack of understanding of the importance of good corporate governance were basic limits to its development. On the other hand, from the very beginning of independent regulation of company law and from the beginning of solving the problem in a field of corporate governance in Montenegro, there was a serious intention to create a framework of corporate governance that will satisfy the interests of all stakeholders in the shareholding companies. The starting point of this paper is that the system of corporate governance in Montenegro is in the phase ofits development. The author believes that in addition to formal compliance between the institute of corporate governance and adopted international standards is necessary to provide and apply the principles adopted in practice. The author has analyzed the historical development of shareholding companies in Montenegro, explained the basic features of corporate governance systems, and pointed to major deficiencies in its functioning in practice. The ultimate goal of this study was to identify the main deficiencies and to indicate the future directions to develop a system of corporate governance in Montenegro.
When requesting a correction, please mention this item's handle: RePEc:mje:mjejnl:v:7:y:2011:i:1:p:63-71. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Nikola Draskovic Jelcic)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.