CORPORATE GOVERNANCE CODES OF BEST PRACTICE OF TOP ROMANIAN BANKS

Very much research has been developed into debating what caused the global financial crisis and the possible solutions for avoiding a future one. Therefore, concern with governance issues and their focus has increased dramatically in recent years. An effective corporate governance requires supervision and stability of the authority and rights and also obligations of shareholders, stakeholders, and civil society altogether. Corporate governance cannot be considered a fixed number of regulations and procedures, but an innovative process by which the most crucial decisions in companies are managed, values and cultures are redefined, and the leaders are assessed. The governance of banks can be assessed in the same way as the corporate governance of any type of organization because the supervision of banks depends and is coordinated by the internal control bearing factors, which sometimes can lead to a bank default. The purpose of the case study is to examine the existence and regulations compliance for top ten Romanian Banks (for the year 2011), due to the fact that the banking sector considers the implementation of principles of corporate governance as having a significant importance.