Development of elements of corporate governance system in Lithuania in the transition period
ENThe traditional debate on corporate governance systems deals with the problem ofprotecting the interests of minority shareholders in order to allow them to get fair and equal access (together with large shareholders) to the returns of the corporation. The paper analyses conflicts of interests emerging in the corporation in the broad sense. Analysis of the conflicts among minority shareholders and large shareholders concerning the access to the value created at the corporations and the possible ways to solve them show the roots of this kind of conflicts in management position in the companies, in their understanding of the goals of the corporation. A number of solutions available for disciplining the management and their efficiency have emerged in different countries of the world. As a result two major types of corporate governance systems evolved, i.e. the market-based and bank-based systems, with a mixture of elements from both of them in majority of countries in the world.For countries in transition, which have started to develop market economy just ten years ago and in which corporate organization systems are still under development, it is of great importance development of the system ensuring effective management control. Problems of the development of corporate governance should be viewed in relationship with the development of financial system in Lithuania. The emphasis is put on its implications towards the development of companies in Lithuania in particular. Effective mechanism of governance is capable of facilitating company restructuring, which in its own turn can induce the increase of the value-added of the companies in the sector, and lead to a successful implementation of long-term strategies, ensuring survival of the companies and their further development. It can become the issue for the survival and successful restructuring for different sectors of the economy as well.
