A NEW CHARACTERISTIC OF THE MODERN CONCEPT OF CORPORATE GOVERNANCE IN THE CONTEXT OF GLOBALIZATION AND THE ECONOMIC-FINANCIAL CRISIS

Corporate governance is of paramount importance for a company and it is almost as important as the primary business plan. The subject has come under the spotlight following a chain of events heavily publicized who created a sense of unease and a lack of trust in the international capital market. In response, Governments and different competent bodies have initiated changes, corporate governance laws and especially introducing sanctions meant to cause companies to adopt transparent and ethical policies. The result of this reaction is that currently the vast majority of developed and developing countries have a code of Corporate Governance issued by the various regulatory bodies. But more important than such as corporate governance and modern management concept is a new characteristic and a new dimension: the detection and elimination of potential problems or mitigate the damage not only for the company's highly but at least equal measure for external financial and economic environment in which it operates.