The role of advisory committees in the system of the corporate governance. Case study on listed companies in Romania

Corporate governance concerns the way in which companies are managed and controlled. For efficient management of companies, these are recommended either to use the dual system of management, which, implicitly, assumes a board independent, supervisory board, respectively, or to establish independent advisory committees. Studies over time have shown that it is necessary to increase the role of BD and the establishment of specialized committees to advise the Board in its work. This study attempts to show, first, the need for advisory committees in addition to BD, with emphasis on the global situation. Second, to analyze is the situation and functioning of these committees at national level, we performed an empirical study of companies listed on the Bucharest Stock Exchange on tier I.