Abstract
Corporate governance involves not only working out the relationship between a company and its shareholders, but also a search for consistency on a daily basis. When consistency is achieved, the shareholders’ satisfaction is higher and relations improve. Consistency is a prerequisite for a company’s effectiveness and efficiency, and it is the board’s task to make a corporation consistent. The first part of the paper introduces M. Flieger’s concept of corporate consistency, where platforms of consistency are introduced and the consistency model is proposed. This is the first time that such an introduction has been made, and this may lead to further discussion and research. The author points out that managers are rarely aware of the consistency problem, and there are no tools which enable a consistent system to be worked out. This makes the concept of corporate consistency worth investigating. In the second part of the paper, R. Kaminski focuses on the development of the European Union and Polish regulations, which were introduced as a consequence of the changing conditions in company activity. This section determines the content and sequence of the main issues discussed in the article. These include: the characteristics of the concept of a corporate governance system, the presentation of changes in regulations regarding a corporate governance system in the EU and the presentation of Polish regulations on corporate governance. The primary sources used in the work were literature and the rules and standards (mandatory and optional) on corporate governance. Both authors used descriptive analysis and the comparative method.
References
A Guide to Corporate Governance Practices in the European Union, International Finance Corporation, World Bank Group, 2015, http://www.ifc.org/wps/wcm/connect/c44d6d0047b7597bb7d9f7299ede9589/CG_Practices_in_EU_Guide.pdf?MOD=AJPERES [access: 22.09.2016].
A Modern Regulatory Framework for Company Law in Europe, The High Level Group of Company Law Experts, Brussels, 4 November 2002, http://ec.europa.eu/internal_market/company/docs/ modern/report_en.pdf [access: 14.02.2017].
Blair M.M., Reforming Corporate Governance: What History Can Teach Us, Berkeley 2004.
Brackett E., Why Consistency is important?, Visible Logic, http://www.visiblelogic.com/blog/2009/04/why-consistency-is-so-important-to-branding/ [access: 6.10.2016].
Commission Recommendation of 9 April 2014 on the quality of corporate governance reporting (‘comply or explain’) (2014/208/EU), Official Journal of the European Union L 109/43.
Coolidge R., Corporate Consistency, Executive Blueprint, http://www.executiveblueprints.com/tips/080503_corporateconsistency.htm [access: 6.10.2016].
Corporate Governance, Investopedia, http://www.investopedia.com/terms/c/corporategovernance.asp [access: 23.09.2013].
Cronqvist H., Makhija A., Yonker S., Behavioral consistency in corporate finance: CEO personal and corporate leverage, “Journal of Financial Economics” 2012, vol. 103, no. 1.
Czerska M., Rutka R., Metody diagnozowania przedsiębiorstwa, Katowice 1998.
Daily C.M., Dalton D.R., Cannella A.A., Corporate Governance: Decades of Dialogue and Data, “Academy of Management Review” 2003, vol. 28, no. 3.
Dignam A., Galanis M., The Globalization of Corporate Governance, Burlington 2009.
Dobre praktyki spółek notowanych na GPW, Appendix to Resolution no. 19/1307/2012 of Council Board of 21 November 2012.
European Corporate Governance. Cleaning the Augean Tables. Corporate Governance in Continental Europe is Improving Rapidly, “The Economist” June 2011.
Flieger M., Zarządzanie procesowe w urzędach gmin. Model adaptacji kryteriów dojrzałości procesowej, Poznań 2012.
Guidance on Good Practices in Corporate Governance Disclosure, United Nations Conference on Trade and Development, New York – Geneva 2006.
Ivaschenko I., Brooks P., Corporate governance reforms in the EU: Do they matter and how? IMF Working Paper WP/08/91, International Monetary Fund, Washington
DC 2008, cit. after: A Guide to Corporate Governance Practices in the European Union, International Finance Corporation, World Bank Group, 2015.
Komitet Dobrych Praktyk, Forum - Corporate Governance, (2005), Dobre praktyki w spółkach publicznych 2005, Warszawa. Retrieved May 5, 2011 from http://www.corp-gov.gpw.pl/assets/library/polish/dp2005.pdf.
Lynch A., A difference between a good brand and a great brand. Consistency, Northstar Marketing, http://www.northstarmarketing.com/2015/05/07/the-difference-between-agood-brand-and-a-great-brand-consistency [access: 8.10.2016].
Obłój K., Strategia organizacji, Warszawa 1999.
OECD Principles of Corporate Governance, OECD, 6 October 1999, http://www.oecdilibrary.org/governance/oecd-principles-of-corporate-governance_9789264173705-en [access: 23.09.2013].
OECD Principles of Corporate Governance, OECD, 29 April 2004.
Pulido A., Stone D., Strevel J., The three Cs of customer satisfaction: Consistency, consistency, consistency, March 2014.
Report on the application by Member States of the EU of the Commission Recommendation on directors’ remuneration, Brussels, 13.07.2007, SEC (2007) 1022.
Robshow-Bryan S., The importance of brand consistency, Surfire 2013.
The EU Approach to Corporate Governance, Essentials and Recent Developments, International Finance Corporation, World Bank Group, Washington DC 2008, http://www. ifc.org/wps/wcm/connect/f515ff804af4fc7da869b9b94e6f4d75/IFC_EUApproach_Final.pdf?MOD=AJPERES [access: 14.02.2017].
Transparency and Disclosure Requirements for Corporate Governance: Report by the Ad Hoc Consultative Group of Experts on Corporate Governance Disclosures, United Nations Conference on Trade and Development, TD/B/COM.2/ISAR/15 26 July 2002 (1.10.2013).
Accounting Act of 29 September 1994 (Dz.U. no. 121 item 591).
Directive 2013/34/EU of The European Parliament and of The Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the Euro pean Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC, Official Journal of the European Union L 182/19 2013.
Directive 2014/95/EU of The European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups, Official Journal of the European Union, L 330/1 2014.
Ordinance of the Minister of Finance dated 19 February 2009 on current and periodic information disclosed by issuers of securities and the conditions of recognising this information as equivalent to the information required by the laws of non-EU Member States (Dz.U. no. 3 item 259).