Corporate Governance in the Romanian Research-Development Activity

Abstract

Corporate governance was implemented in companies managerial activity. It explicitly sets forth such companies organization way according to the principle of the separation of the executive management from the decisional one, especially in those companies which were heading towards bankruptcy. Thus, the two models of corporate governance appeared, the dual management system or the simple management system. The most implemented system in Romania is the dual one and this system is implemented both in the private system as well as in public entities. In the private system, the dual system is implemented both in companies listed on a regulated market as well as in those not listed. Timid steps are also taken by entities with research & development (R&D) activities, for the moment among those listed with the Bucharest Stock Exchange, but we need to mention here that some corporate governance principles are implemented also in companies which are not listed, as we will see in what follows. Maybe it will not be bad to have this management system implemented also in research-development national institutes as it would be easier to follow the way of how the public money is spent. At the same time, by its implementation, the corporate governance might have an important role also in what concerns the human resource of such institutes.