Corporate Governance of Public Enterprises in Transitional Economies Book

Privatization has been the basic direction of reform in transitional economies. In implementing this process, however, policy makers overlooked the problems of the remaining public enterprises, mainly public utilities and natural resource-based industries which often include declining industries. This volume draws lessons from the contrasting experience of five large transitional economies (Hungary, Poland, Romania, Russia, Ukraine) in corporate governance of public enterprises, i.e. their management and oversights. Relevant experiences of developed market economies are included. The volume ' s first chapter provides an overview of the main dimensions of corporate governance of public enterprises, with reference to actual experience in transitional economies: the process of corporatization; the choice of governance structure; improving management; the role of boards of directors; and the advantages and limitations of performance and management contracts. Chapter II describes the corporate governance regime in the five countries of the sample: the extent and content of the residual public sector; the legal and institutional framework for corporate governance; and illustrations from the power, railways, coal, telecommunications and postal sectors. Chapter III contains relevant corporate governance experiences from developed market economies: state asset management in Austria and New Zealand; railways in Canada and Germany; energy, coal and telecommunications sectors in France; and steel in Britain.