Quality corporate governance is key to increasing the company's value and benefits both shareholders and other stakeholders. Driving companies of the Slovenian economy, or i. blue chips are certainly an example of good corporate governance practice. They are characterized by a high return on shares, transparency, long-standing tradition and reputation, and the country's origin in the ownership structure.
This is partly about "unfinished" privatization, and partly about the national interest and the preservation of strategically important companies in local hands for a better redistribution of wealth in the country. In small market systems like Slovenia, the market alone can hardly ensure effective control. State interference in one way or another is imminent.
The ownership structure, both the degree of concentration and the origin of the owners, is one of the fundamental elements of corporate governance. The possibility of creating an optimal management system depends on the legal norm and the institutional environment, which significantly influence the ownership structure.
When the state intervenes in the ownership structure of companies and becomes a large shareholder, the question arises whether it solves the problem of high concentration of ownership or whether it itself causes the agency costs of the large shareholder.
However, the leading companies have adapted to the laws of the market and are responsible for a good part of the revenues of the Slovenian economy and the resulting increase in social welfare. All nine blue-chips maintain a two-tier management system.
|
