CORPORATE GOVERNANCE IN ROMANIA (II – CONSIDERATIONS ON ROMANIA’S COMPLIANCE ON OECD PRINCIPLES ON CORPORATE GOVERNANCE)

The companies’ sector in Romania experienced a positive development after 1990, especially concerning their number, as a result of private initiative and privatizations. The prevalence of SMEs in the companies’ sector is obvious, and their number increased 3.4 times after 1992, to a amount of 431135 at the end of 2005. The banking system reform was started in 1990 with the creation of a two-tier bank system. The drastic structural changes that took place between 1998 and 2000 reflected two major events: the crisis and eventual collapse of several state-owned and private banks and the privatisation drive, both resulting in a cleaner and more solid banking system. In 1996, the mass privatization program contributed at the appearance of a large number of individual shareholders to all state companies and consequently was achieved the settlement of a over the counter market called.