Public Corporate Governance for Public-sector Entities
This article describes the development of the implementation of a Public Corporate Governance Code for public-sector entities in Germany. It provides a description of a wholly process to implement such regulations for public authority and its entities to improve corporate management, accountability and transparency of the public sector in Germany. Public and private-sector entities operating on the free market must generally be treated equally. Conversely, this means that the public authorities and their associates are, in principle, also subject to European and German business law. This not only applies to state-owned companies or municipal entities that are already listed on the stock exchange, but also to all other public-sector entities, however small. These entities are thus faced with the task of reconsidering their internal governance framework and adjusting it to reflect these new circumstances. In the long term, the trust of local authorities, stakeholders and the general public can only be nsured if a sophisticated (governance) framework is in place which adequately reflects the special responsibility of holding assets in trust. Furthermore, a sophisticated governance framework is seen as a quality characteristic that sets a company apart from the competition, a particularly important factor in light of keener competition. The needs are identified: Corporate Governance of public entities is guaranteed by more than one component. A Public Corporate Governance Code if properly applied can become a key function that helps to ensure a good and responsible corporate governance.
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