Control mechanisms in public companies with State ownership
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
The State Treasury as a stockholder of public companies proves to be active not only concerning the execution of corporate rights resulting from shares, but it also attempts to ensure maximum control over such companies. The article contains results of the analysis of all 23 companies listed on the regulated market conducted by the Warsaw Stock Exchange, in which as of end of 2011 the State Treasury was a disclosed shareholder. The research has demonstrated that next to the capital control, the State Treasury uses statutory control enhanc-ing mechanisms, which constitutes an exemption from the proportionality prin-ciple. Particularly frequently the following mechanisms are applied: voting cap, special rights for certain shareholders and supermajority provisions. The con-figuration of control enhancing mechanisms in the majority of the companies controlled by the State Treasury will allow further decreasing of the capital share of the State in the future, without losing control over such companies. That enables the State Treasury to gradually release the capital by selling the shares, which will have an impact on the whole capital market in Poland.
Authors and Affiliations
Agata Adamska
Keywords
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