Information Agency – Opinions of Piotr Rybicki: What should corporate governance look like in Treasury companies? What should the boards and supervisory boards in Poland look like? And why shouldn't it end with declarations? What mistakes should the Treasury no longer make?
These are 3 key challenges in corporate governance in companies with State Treasury participation.
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Piotr Rybicki wonders what corporate governance should be in state-owned companies – illustration DALL-ECorporate governance in Treasury companies – first people
People. People first! Corporate governance is primarily us. Each of us creates its own individual order, a signpost of action and our circumstantial attitude. And that depends on the attitude of circumstantial individuals, i.e. circumstantial board members and circumstantial supervisory board members, how we will view as a society companies with State Treasury participation.
Each associate of the Management Board and each associate of the Supervisory Board, regardless of the manner in which he was appointed, should work for the good of the company and not for concrete benefits, whether for himself or for another beneficiaries. Management and supervisory boards will find the implementation of GDP growth announced by economists and politicians in Poland.
Corporate governance in Treasury companies – secondly rulesed
Rules. The principles of ownership supervision, but besides the circumstantial provisions of the contracts and statutes of the companies, should in no way favour any individual or group of persons. Neither the members of the board of directors, nor any associate of the supervisory board, nor a majority shareholder, should have the dominant position. We should besides not have "more important" and "less important" members within individual bodies.
It would besides be worth respecting the rights of individual investors of companies listed in Warsaw Stock Exchange, including participating companies The Treasury. If the majority shareholder has a "gold button" in the form of circumstantial ownership rights, each of these should be justified and implemented only in exceptional situations.
Corporate governance in Treasury companies – thirdly the attitude of the owner
THE PROPERTY. These rules may not substance if the first corporate governance model is not a majority shareholder. It is the Treasury who should give form to the functioning of companies – choosing to co-manage professional and liable persons, and building transparent principles of ownership supervision.
But above all, he himself should be a function model. Only in specified a case, if the owner's attitude is reflected in his actions, we have the chance to build up, and can rebuild the neglected in fresh years, corporate governance!
But not just...
We must besides build tools (not only legal ones) that will let board and supervisory board to make rational economical decisions without risking unnecessary difficulties for these people in the future. Today, it is frequently safer not to make decisions than to make decisions. And specified an insurance approach to business does not service the improvement of the company. due to the fact that business is simply a hazard and it does not substance whether we talk about a company with the participation of the State Treasury, a municipal company or a household company – there are business risks everywhere. As the known maxima says – ‘no risk, no fun’.
Piotr Rybicki on Treasury Companies – illustration of DALL-EAd vocem
“In companies with the participation of the Treasury, we will release all members of supervisory boards and boards. We will conduct a fresh recruitment in transparent competitions, in which competence will decide, not household and organization knowledge" – this is 1 of the 100 specifics of the Civic Coalition from the 2023 election campaign. Do I agree with that?
And yes and no. First of all, I agree with the request for transparency and emphasis on competence – this is what recruitments to the company authorities should look like. No 1 should uncertainty that! But should all members of supervisory boards and boards be dismissed?
I have never been a supporter of the “automatic” change in the composition of boards and supervisory boards after ownership changes. And I'm inactive not. Yes, there are most likely people who should never be on company boards, and for any (certain political) reason are there, but should this regulation apply to everyone? Let transparency and competence prevail in this regard.
What, then, should be the corporate governance of the state-owned companies AD 2024?
Professional, liable and honest. With a decently selected squad of people, based on transparent principles and created by everyone by a majority shareholder. That's all I need!
Piotr Rybicki
Who is Piotr Rybicki?
Piotr Rybicki – a associate of supervisory boards and audit committees in household and private companies listed on the stock exchange, or with the participation of the State Treasury and municipal companies. Piotr Rybicki is the organizer of the largest task in Poland promoting ownership standards – “Conference of the Supervisory Board” and awards “Man of Corporate Governance” and portal The Corporate Supervision Authority.pl, advises and coach, auditor.
Information Agency, Opinions /EST/ 18.01.2023
