Chapter 7: Polish Supervisory Boards in Practice – A Few Snapshots
Izabela Koładkiewicz THE SUPERVISORY BOARD IN POLAND – PRINCIPLES OF ITS FUNCTIONING IN THEORY AND PRACTICE In Poland, the supervisory board plays the role of a basic mechanism within the framework of corporate governance structures established in the company. In a historical context, the institution of the supervisory board as an oversight body was introduced into Polish companies on a broad scale with the signing into law on 13 July 1990 of the Act on State Enterprise Privatization.1 Over the next few years, the board of supervisors has managed to become an integral component of the internal governance structure of Polish capital companies. Currently, the character of its responsibilities and its operations are regulated by the provisions of the Commercial Company Code (CCC), which came into force on 1 January 2001. In line with solutions approved within that legal framework, the primary task of the supervisory board is continuous supervision over company operations in all areas of activities. In order to meet its obligations, the board may examine all company documents, demand reports and explanations from the management board and all employees, and audit the state of company assets.2 Moreover, the appointing and dismissing of members of the management board, evaluation of the management board’s annual company reports and monitoring company operating plans all lie within the jurisdiction of the supervisory board. At this point it should be added that in line with approved legal regulations the supervisory board does not have the right to issue orders that are binding...
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