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13 - Hungary

Corporate governance of listed companies

from B - Europe

Published online by Cambridge University Press:  05 July 2013

By
Péter J. Nikolicza
Edited by
Andreas M. Fleckner  and
Klaus J. Hopt
Andreas M. Fleckner
Affiliation:
Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
Klaus J. Hopt
Affiliation:
Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
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Summary

General information on Hungarian corporate governance

A Concept of corporate governance

Definition of corporate governance

There is no legal definition of corporate governance (felelős vállalatirányítás). Nevertheless, there are some non-binding corporate governance definitions from which its meaning and content can be determined. First, the Official Reasoning to Act IV of 2006 on Business Associations (“Companies Act”) states that corporate governance for publicly held stock corporations (nyilvánosan működő részvénytársaság) includes two ideas: on the one hand, it refers to the relationship between the officers, the board (one-tier or two-tier), the shareholders, and other corporate constituencies. On the other hand, corporate governance deals with the structure of publicly held stock corporations in which the corporations' goals are laid down, as well as the means facilitating the attainment of these goals and the way the corporations' performance is controlled.

Second, according to the Corporate Governance Recommendations of the Budapest Stock Exchange, corporate governance consists of no less than seven principles: (i) careful management of the company (drafting and implementation of strategy); (ii) financial planning and its execution; (iii) the controlling of the company's internal processes; (iv) issues of business ethics; (v) the transparent operation of the company; (vi) principles and procedures regarding disclosure; and (vii) corporate social responsibilities.

Type
Chapter
Information
Comparative Corporate Governance
A Functional and International Analysis
 , pp. 572 - 603
Publisher: Cambridge University Press
Print publication year: 2013

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References

Kisfaludi, A., “Corporate Governance and the Shareholders' Right to Exit,”EBLR (2005), 1367, 1369.Google Scholar
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Nikolicza, P. J., “Decade-long Myth of the Board Members' Independence and Thousands of Billions of Losses for the Hungarian Economy” (“A vezető tisztségviselők önálló pozíciójának évtizedes mítosza, és a magyar nemzetgazdaságot ért ezermilliárdos károk”), A Magyar Keresekedelmi és Iparkamara, Jogi Tájékoztató Füzetek (Legal Review of the Hungarian Chamber of Commerce), 222–227 (2011), 133–146.Google Scholar

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  • Hungary
  • Edited by Andreas M. Fleckner, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany, Klaus J. Hopt, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
  • Book: Comparative Corporate Governance
  • Online publication: 05 July 2013
  • Chapter DOI: https://doi.org/10.1017/CBO9781139177375.018
Available formats
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Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

  • Hungary
  • Edited by Andreas M. Fleckner, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany, Klaus J. Hopt, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
  • Book: Comparative Corporate Governance
  • Online publication: 05 July 2013
  • Chapter DOI: https://doi.org/10.1017/CBO9781139177375.018
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Hungary
  • Edited by Andreas M. Fleckner, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany, Klaus J. Hopt, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
  • Book: Comparative Corporate Governance
  • Online publication: 05 July 2013
  • Chapter DOI: https://doi.org/10.1017/CBO9781139177375.018
Available formats
×