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Companies with State Treasury participation – legal and factual challenges
Abstract
RESEARCH OBJECTIVE: The article discusses the issue of companies with State Treasury participation. The functioning of these companies requires rational justification related to the combination of economic activity and the implementation of the public interest.
THE RESEARCH PROBLEM AND METHODS: A serious challenge is to optimize financial results while unequivocally achieving the public interest criterion as a significant distinguishing feature of the State’s ownership policy. This raises the problem of a uniform understanding of the public interest. The article presents a conceptual and theoretical analysis of the concept of a company with State Treasury participation.
THE PROCESS OF ARGUMENTATION: The article presents the legal basis for the functioning of the companies in question, taking into account the reform initiated in 2016. It also indicates the most important problems occurring in the activities of not only Polish companies with State Treasury shareholding, which should be largely perceived as challenges. Next, the most important issue raised in relation to the companies in question, their lower efficiency, is developed, taking into account selected economic theories.
RESEARCH RESULTS: The way to overcome the problems indicated is to consider them in a broader perspective leading to the problem of arbitrariness. This is a threat that occurs primarily on the political side. Political decisions regarding substantive and personnel issues for the companies in question are often based on political will not based on solid analyses. This undoubtedly has a negative impact on the activities of companies with State Treasury participation, especially with each change of government.
CONCLUSIONS, INNOVATIONS, AND RECOMMENDATIONS: The reform initiated in 2016 was a step towards organizing the discussed area and emphasizing the goal of realizing the public interest. The applicable legal regulations require a real factor, which is the requirement of rationality of the supervisory decisions taken.
Keywords
State Treasury-owned company, Public interest, Ownership supervision, Rationality
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