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2005, vol. 48, br. 3-4, str. 211-229
Korporativno upravljanje - vlasništvo, kontrola i prava akcionara
Sažetak
Bez obzira na stepen razvoja ekonomije u kojoj posluje, svaka korporacija se sreće sa istim problemima u vezi sa korporativnim upravljanjem. Ti problemi su: vlasništvo, prava akcionara i kontrola. Vlasništvo se stiče kupovinom akcija kompanije. Povezano je sa donošenjem esencijalnih odluka u korporaciji kao što su: izmena statuta firme, nova emisija akcija, etc. Prisutna su dva tipa vlasništva: disperzovano vlasništvo i koncentrisano vlasništvo. Disperzovano vlasništvo je karakteristično za anglosaksonske zemlje (UK i SAD) gde je zastupljen jednomodni sistem korporativnog upravljanja. Ovaj tip vlasništva se odlikuje paketima akcija manjim od 20%. Sa druge strane, koncentrisano vlasništvo pretpostavlja postojanje većinskog akcionara koji ima vise od 20% akcija kompanije. Ukoliko pojedinačni akcionar poseduje vise od 50% kompanije onda je on većinski akcionar i ima kontrolu nad kompanijom. Ovaj tip vlasništva je karakteristika kontinentalne Evrope i Japana, gde je prisutan dvomodni sistem upravljanja kompanijom. Prava akcionara moraju biti garantovana zakonom i drugim institucionalnim pravilima, kao što su pravila koja publikuju berze za kompanije sa svog listinga. Danas svaka država prihvata OECD-ove Principe korporativnog upravljanja. Štaviše, tranzicione ekonomije, kao što je Rusija, moraju pored toga izglasati i poštovati zakone koji štite prava akcionara. Kontrola menadžmenta je jedan od načina da se zaštite prava akcionara. Može biti interna i eksterna. Nadzorni odbor je glavni deo interne kontrole. Eksternu kontrolu obavljaju nezavisni eksterni revizori koji su sa korporacijom povezani ugovorom o pružanju usluga. Važno je istaći da i interni i eksterni revizori moraju biti nezavisni od menadžmenta preduzeća. U ovom radu pokušali smo da predočimo probleme savremenog korporativnog upravljanja kao sto su vlasništvo, kontrola i prava akcionara.
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O članku

jezik rada: srpski
vrsta rada: naučni članak
DOI: 10.2298/PRIZ0504211D
objavljen u SCIndeksu: 02.06.2007.