EIRP Proceedings, Vol 6 (2011)

Abstract

The purpose of this study is to analyze and understand the recently introduced form of management
of a company limited by shares. The Law no. 441/2006, which fundamentally amended Company Law,
created this form of controlling the company, the corporate governance, but the legislation does not explicitly
define what it wants to achieve through this instrument. This topic is recent in research as the theme of
german-roman commercial law systems (in French corporate governance system was introduced in 1966 and
in Romania in 2006) but in terms of Anglo-Saxon law, the topic has been addressed years since 1776 (Adam
Smith: The Wealth of Nations) The concept of corporate governance would like, as a result, to establish some
rules that companies must comply in order to achieve effective governance, transparent and beneficial for
both shareholders and for the minority. Corporate governance is a key element with an aim at improving
efficiency and economic growth in full accordance with the increase of investors’ confidence. Corporate
governance assumes a series of relationship between the company management, leadership, shareholders and
the other people concerned. Also corporate governance provides for that structure by means of which the
company’s targets are set out and the means to achieve them and also the manner how to monitor such.