Disclosure of non-financial information, especially regarding corporate governance (CG), is an important element of companies’ communication with their stakeholders. This paper sets out to define—from a theoretical and practical perspective—the scope of CG reporting in Polish fuel, gas, and energy (“energy”) companies required under EU directives and national regulations. The paper presents the results of a study investigating whether and to what extent annual corporate governance statements (CGSs) prepared by energy companies, compared with other companies listed on the Warsaw Stock Exchange (WSE-LCs), are consistent with “Best Practices for WSE-LCs 2016” (BPs for WSE-LCs). The study group consisted of energy companies submitting their 2017–2020 reports, as well as other companies listed on the WSE, as a comparative group (i.e., a total of 179 reports). We used a monographic method to study theoretical problems and annual CGSs and performed a critical review of the literature, as well as comparative, content, and descriptive analyses. The analysed CGSs helped answer the following question: to what extent do energy companies and other WSE-LCs pursue the CG rules specified in BPs for WSE-LCs? The results indicate that such companies follow various approaches to CG disclosures and reporting obligations. However, what truly matters is not the legal obligation itself, but rather the companies’ social responsibility for maintaining good relations with their stakeholders. The paper will contribute to CG studies, because no Polish theorist has so far analysed CG disclosures in annual non-financial reports. The paper fills a research gap in information on adherence to best practices in CG disclosures in CGSs of all WSE-LCs. The study presents conclusions of CG disclosures by energy companies, which can provide the basis for further research in other sectors.
Purpose: The objective of this article is to evaluate to what extent Corporate Governance Statements (CGS) prepared by companies listed on the Warsaw Stock Exchange (GPW) are consistent with Best Practice for GPW Listed Companies. Design/Methodology/Approach: In the first part we applied critical review of subject literature and the monographic method. In the second part, the content analysis method was used, and the basic source material were the CGS for 2018 and 2019. The study group consisted of all WIG20, MWIG40 and sWIG80 companies listed on Warsaw Stock Exchange that submitted their 2018and 2019 reports (280 reports). The CGS were studied using methods including content analysis, comparative and descriptive analysis, and induction. Findings: The analysed CGS helped to answer the question to what extent GPW listed companies pursue the "comply or explain" principle regarding compliance with corporate governance principles and recommendations specified in Best Practice for GPW. The authors investigated whether and to what extent Best Practice is applied and whether the disclosures are useful for the stakeholders. The results indicate that the examined companies follow different approaches to the corporate governance reporting obligations. Practical Implications: Indicating the gap between the expected and the actual scope of disclosures regarding the corporate governance in CGS, which are the primary source of nonfinancial information for a listed company. Originality/value: The study leads to a general conclusion that the imperfect scope of the reported corporate governance information, as well as the quality and usefulness of the disclosures, consists both in the alignment between Best Practice for GPW Listed Companies and currently applicable regulations in Poland, and in the way, companies choose to follow the said document. The study fills a research gap in non-financial disclosures in annual reports. The paper also indicates directions for further study.
Objective: The paper presents the results of a study on whether the non-financial statements (reports) report information on corporate governance in accordance with the assumptions of the SIN standard; and if so, to what extent. Declarations of the companies listed on the Warsaw Stock Exchange are drafted in accordance with the SIN standard.Research Design & Methods: The research covered all companies that prepared reports in the years 2017–2019 – 21 listed companies and 59 reports (it was assumed the companies prepared a report in 2019). Content analysis, descriptive and comparative analysis, and induction were used.Findings: The research shows that SIN standards do not actually translate into practice. Not all the listed companies have a separate management area (14%). Only 43% of companies include Key Performance Indicators and only one company used the materiality matrix.Implications / Recommendations: The study shows that there is cause for concern. Only three non-financial statements (reports) meet the SIN standards to the extent that they can be considered useful for stakeholders. The companies do not understand the idea of linking corporate governance with non-financial (social, environmental) aspects of their business.Contribution: The research contributes to the research gap surrounding the disclosure of non-financial information in annual reports.
The paper presents the results of research on the evaluation of Non-Financial Statements (Reports), drafted pursuant to the SIN standard (the Polish Non-Financial Information Standard) by a hypothetical investor. The research question was defined of whether the Non-Financial Statements (Reports), which -according to the declarations of the listed companies -are drafted in concordance with the SIN standard, fulfil the requirements set forth by the standard, and thus provide useful non-financial information for the interested parties. The research covered all reports fulfilling the indicated criterion, i.e. 20 listed companies. In the majority of cases, the research results indicate that there are considerable deviations from the SIN standard guidelines. There were five heterogeneity levels in the approach to the SIN standard. In order to carry out the goal, content analysis, descriptive and comparative analysis, as well as the induction method were employed.
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