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Models of Financial Responsibility of Management Board in Companies

Author

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  • Piotr Masiukiewicz

    (Warsaw School of Economics, Poland)

Abstract

The subprime financial crisis has shown many mistakes in management and lack of responsibility of top managers. It seems that extending financial responsibility of managers and reducing the principle of right to mistakes at the same time are the right direction of changes in regulations in economy. In practice there are four models feasible to apply, i.e.: liability and administrative penalties, civil responsibility, criminal responsibility, and contractual financial responsibility. In financial institutions there is a new form of managers’ financial responsibility – a clawback. It is also a problem of the new contracts and motivation system of top managers, which should be linked to responsibility for long-term profits. It is important to continue research in this area.

Suggested Citation

  • Piotr Masiukiewicz, 2015. "Models of Financial Responsibility of Management Board in Companies," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 4(4), pages 243-251, November.
  • Handle: RePEc:ods:journl:v:4:y:2015:i:4:p:243-251
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