Stefanović, Natalija

ARTICLES, DISCUSSIONS, ANALYSES, REVIEWS

SPECIFIC WORK OF AUDIT COMMISSION AIMED AT PROMOTION OF CORPORATE MANAGEMENT PRINCIPLES

In growingly complex business environment, the Audit Commission takes on an added importance. Complicated business processes and the financial crisis increasingly affect the interests of shareholders, as owners. Thus, the main objective of the Audit Commission, as an expert body delegated by the Supervisory Board, is to protect the capital of the company and enable successful implementation of the business strategy for sustainable development.

LEGISLATION

CHARACTERISTICS OF THE NEW COMPANY LAW WITH REFERENCE TO THE REGULATION OF PUBLIC SHAREHOLDING COMPANIES AND ITS EFFECTS ON BUSINESS COMPLIANCE OF INSURANCE COMPANIES

Regardless of the fact that different governance concepts have been introduced, the new Company Law more closely defines already existing legal practices and fills in legal gaps in accordance with the market demands and EU Directives. Changes are not significant, which is why the legislator did not prescribe long periods for business adjustments to the new law, as it was the case with the previous law which prescribed a two-year period for bringing the business into line with the new law.
Insurance Law should be harmonized with the new Company Law which came about as a consequence of harmonization with the Company Law of the European Union and thus, it is more modern and reflects the needs of a developed market.
The change in the Insurance Law for the purpose of harmonization with the new Law would eliminate the risk of inadequacy of corporate governance and the entire governance function of domestic insurance companies considering the needs of not only the domestic market but also the possible entry of insurance companies into the European market.