КОРПОРАТИВНО УПРАВЛЕНИЕ НА ФИНАНСОВИ ПОСРЕДНИЦИ: КОНВЕРГЕНЦИЯ И ДИВЕРГЕНЦИЯ

The paper reviews the Corporate Governance from his evolution point of view. The used perspective is a discussion between convergence and divergence in corporate governance of financial intermediaries. The discussion is core for researches in scientific and implementation papers for last fifty years. Based on “principal-agent” model the paper illustrates both the dynamics of corporate governance and contemporary points of view for convergence and divergence of systems and practices. The functional convergence for corporate governance of financial intermediaries outruns the formal convergence. The decisions at national and international level are responds to market reality. The globalization process is leading for convergence of corporate governance, till shareholders’ ownership – for divergence. The internal corporate governance is defined by path-dependence of the company. The revealed convergence concerns ownership rights and board accountability. The external corporate governance is define by the globalization. The auditors convergence their practices for transparency to shareholders and investors. The regulators are convergent by requirements of stock exchanges.