Compliance with Corporate Governance Principles by Energy Companies Compared with All Companies Listed on the Warsaw Stock Exchange
Disclosure of non-financial information, especially regarding corporate governance (CG), is an important element of companies’ communication with their stakeholders. This paper sets out to define—from a theoretical and practical perspective—the scope of CG reporting in Polish fuel, gas, and energy (...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2022-09-01
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| Series: | Energies |
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| Online Access: | https://www.mdpi.com/1996-1073/15/17/6481 |
| _version_ | 1797495494291750912 |
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| author | Elżbieta Izabela Szczepankiewicz Joanna Błażyńska Beata Zaleska Farid Ullah Windham Eugene Loopesko |
| author_facet | Elżbieta Izabela Szczepankiewicz Joanna Błażyńska Beata Zaleska Farid Ullah Windham Eugene Loopesko |
| author_sort | Elżbieta Izabela Szczepankiewicz |
| collection | DOAJ |
| description | Disclosure of non-financial information, especially regarding corporate governance (CG), is an important element of companies’ communication with their stakeholders. This paper sets out to define—from a theoretical and practical perspective—the scope of CG reporting in Polish fuel, gas, and energy (“energy”) companies required under EU directives and national regulations. The paper presents the results of a study investigating whether and to what extent annual corporate governance statements (CGSs) prepared by energy companies, compared with other companies listed on the Warsaw Stock Exchange (WSE-LCs), are consistent with “Best Practices for WSE-LCs 2016” (BPs for WSE-LCs). The study group consisted of energy companies submitting their 2017–2020 reports, as well as other companies listed on the WSE, as a comparative group (i.e., a total of 179 reports). We used a monographic method to study theoretical problems and annual CGSs and performed a critical review of the literature, as well as comparative, content, and descriptive analyses. The analysed CGSs helped answer the following question: to what extent do energy companies and other WSE-LCs pursue the CG rules specified in BPs for WSE-LCs? The results indicate that such companies follow various approaches to CG disclosures and reporting obligations. However, what truly matters is not the legal obligation itself, but rather the companies’ social responsibility for maintaining good relations with their stakeholders. The paper will contribute to CG studies, because no Polish theorist has so far analysed CG disclosures in annual non-financial reports. The paper fills a research gap in information on adherence to best practices in CG disclosures in CGSs of all WSE-LCs. The study presents conclusions of CG disclosures by energy companies, which can provide the basis for further research in other sectors. |
| first_indexed | 2024-03-10T01:50:25Z |
| format | Article |
| id | doaj.art-cdbaa95ffc774a998f99b271e72f5b9c |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-10T01:50:25Z |
| publishDate | 2022-09-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-cdbaa95ffc774a998f99b271e72f5b9c2023-11-23T13:06:53ZengMDPI AGEnergies1996-10732022-09-011517648110.3390/en15176481Compliance with Corporate Governance Principles by Energy Companies Compared with All Companies Listed on the Warsaw Stock ExchangeElżbieta Izabela Szczepankiewicz0Joanna Błażyńska1Beata Zaleska2Farid Ullah3Windham Eugene Loopesko4Department of Accounting and Financial Revision, Poznań University of Economics and Business, Al. Niepodległości 10, 61-875 Poznań, PolandDepartment of Accounting and Financial Revision, Poznań University of Economics and Business, Al. Niepodległości 10, 61-875 Poznań, PolandDepartment of Finance, Faculty of Economic Sciences, Koszalin University of Technology, ul. Śniadeckich 2, 75-453 Koszalin, PolandDepartment of Financial Engineering, School of Economics, Sichuan University, No.24, South Section 1, Yihuan Road, Chengdu 610065, ChinaDenver Business School, University of Colorado, 1475 Lawrence Street, Denver, CO 80202, USADisclosure of non-financial information, especially regarding corporate governance (CG), is an important element of companies’ communication with their stakeholders. This paper sets out to define—from a theoretical and practical perspective—the scope of CG reporting in Polish fuel, gas, and energy (“energy”) companies required under EU directives and national regulations. The paper presents the results of a study investigating whether and to what extent annual corporate governance statements (CGSs) prepared by energy companies, compared with other companies listed on the Warsaw Stock Exchange (WSE-LCs), are consistent with “Best Practices for WSE-LCs 2016” (BPs for WSE-LCs). The study group consisted of energy companies submitting their 2017–2020 reports, as well as other companies listed on the WSE, as a comparative group (i.e., a total of 179 reports). We used a monographic method to study theoretical problems and annual CGSs and performed a critical review of the literature, as well as comparative, content, and descriptive analyses. The analysed CGSs helped answer the following question: to what extent do energy companies and other WSE-LCs pursue the CG rules specified in BPs for WSE-LCs? The results indicate that such companies follow various approaches to CG disclosures and reporting obligations. However, what truly matters is not the legal obligation itself, but rather the companies’ social responsibility for maintaining good relations with their stakeholders. The paper will contribute to CG studies, because no Polish theorist has so far analysed CG disclosures in annual non-financial reports. The paper fills a research gap in information on adherence to best practices in CG disclosures in CGSs of all WSE-LCs. The study presents conclusions of CG disclosures by energy companies, which can provide the basis for further research in other sectors.https://www.mdpi.com/1996-1073/15/17/6481corporate governancebest practices for WSE-LCsDirective 2013/34/EUDirective 2014/95/EUcorporate governance statement (CGS) |
| spellingShingle | Elżbieta Izabela Szczepankiewicz Joanna Błażyńska Beata Zaleska Farid Ullah Windham Eugene Loopesko Compliance with Corporate Governance Principles by Energy Companies Compared with All Companies Listed on the Warsaw Stock Exchange Energies corporate governance best practices for WSE-LCs Directive 2013/34/EU Directive 2014/95/EU corporate governance statement (CGS) |
| title | Compliance with Corporate Governance Principles by Energy Companies Compared with All Companies Listed on the Warsaw Stock Exchange |
| title_full | Compliance with Corporate Governance Principles by Energy Companies Compared with All Companies Listed on the Warsaw Stock Exchange |
| title_fullStr | Compliance with Corporate Governance Principles by Energy Companies Compared with All Companies Listed on the Warsaw Stock Exchange |
| title_full_unstemmed | Compliance with Corporate Governance Principles by Energy Companies Compared with All Companies Listed on the Warsaw Stock Exchange |
| title_short | Compliance with Corporate Governance Principles by Energy Companies Compared with All Companies Listed on the Warsaw Stock Exchange |
| title_sort | compliance with corporate governance principles by energy companies compared with all companies listed on the warsaw stock exchange |
| topic | corporate governance best practices for WSE-LCs Directive 2013/34/EU Directive 2014/95/EU corporate governance statement (CGS) |
| url | https://www.mdpi.com/1996-1073/15/17/6481 |
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