The corporate governance in Vojvodina – The state and perspectives

Abstract

The structure of corporate governance in Serbia corresponds to the European model, primarily to the
Germanic legal tradition. The research in this paper has aimed at the establishing of the state of
corporate governanace in Vojvodina (Serbia province) and giving the recommendations for further
development. The research was conducted in the period 2004 - 2008 by the method of the data analysis,
of the survey and of the interview with: the members of board of directors and the members of
supervisory board, the shareholders and the persons in charge of the contact with investors. The survey
questionnaire was composed on the basis of OECD principles. The questions in the questionnaire are
grouped into four groups: the first group of questions refers to the basic data on corporation, the second
group is about the manner of governance, the third group comprises the data on the composition,
operation and remuneration of board of directors and supervisory board and the fourth group of
questions refers to transparency and audit. Besides the survey, the data is analysed on the ownership
structure, the composition of boards of directors and supervisory boards, the reporting by web pages
and the volume of trading in the stock market. On the basis of the research results, the recommedations
for improvement have been given.