The development of public corporations and stock markets in Central Europe has led to the appearance of such fundamental governance problems as expropriation of minority shareholders, managerial myopia, tunnelling and others. The existing regulations and governance arrangements provided under privatisation schemes were unable to accommodate these deficiencies. The market response to that situation comprised bottom-up initiatives developed within the NGO sector.
Piotr Tamowicz, Michał Przybyłowski
International Journal of Disclosure and Governance, December 2006