Executive Remuneration Policy at Banks in Poland After the Financial Crisis - Evolution or Revolution?

• Authors: Agnieszka Słomka-Gołębiowska , Piotr Urbanek
• Languages of publication: EN

Abstracts

EN

The executive remuneration policy of financial institutions has been indicated as one of the key factors that led to the recent financial crisis. As a consequence a number of legislative initiatives and best practices have been imposed,aimed at strengthening existing and creating new standards of good corporate governance at banks. The purpose of this article is to assess the effectiveness of Poland’s new regulations concerning banks' executive pay, which were introduced in the aftermath of the recent financial crisis. The research results indicate that the new legal rules have not been fully enforced. Public banks in Poland are not fulfilling the reporting obligations imposed by law and international principles. Given the crucial importance of executive remuneration policy in the financial sector to the stability of the banking sector, the inability to evaluate the progress made in the adjustment of executive remuneration practices to the new regulations may be perceived as one of the important risk factors that has not been effectively eliminated or even reduced in Poland yet.

PL

Polityka wynagradzania osób zarządzających instytucjami finansowymi została zidentyfikowana, jako jeden z kluczowych czynników, który doprowadził do ostatniego kryzysu finansowego. Reakcją na dysfunkcjonalności tej polityki są liczne inicjatywy legislacyjne i środowiskowe mające na celu wzmacnianie istniejących i tworzenie nowych standardów regulujących ten obszar nadzoru korporacyjnego. Celem artykułu jest ocena skuteczności nowych regulacji obowiązujących banki publiczne w Polsce wprowadzonych po ostatniego wybuchu kryzysu finansowego. Stosowane przez banki praktyki zostaną skonfrontowane ze standardami prawnymi i środowiskowymi.

Keywords

EN

corporate governance; compensation policy; banking sector; financial crisis

PL

ład korporacyjny; polityka wynagradzania; banki; kryzys finansowy

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Comparative Economic Research. Central and Eastern Europe
• Year: 2014
• Volume: 17
• Issue: 2
• Pages: 25-44

Dates

published

2014-06-01

online

2014-07-10

Contributors

author

Agnieszka Słomka-Gołębiowska

• Collegium of Economic Analysis, Warsaw School of Economics

author

Piotr Urbanek

• Professor at the University of Łódź, Faculty of Economics and Sociology, Department of Institutional Economics

References

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Identifiers

DOI

10.2478/cer-2014-0012