**Corporate Governance Codes and Their Role in Improving Corporate Governance Practice Improving Corporate Governance Practice**

**Corporate Governance Codes and Their Role in** 

DOI: 10.5772/intechopen.69707

Mojca Duh Additional information is available at the end of the chapter

Mojca Duh

[95] Darrat AF, Gray S, Park JC, Yanhui W. Corporate governance and bankruptcy risk. Journal of Accounting, Auditing and Finance. 2016;**3**(2):163-202. DOI: 10.1177/0148558X14560898

[96] OECD Steering Group on Corporate Governance. Corporate governance and the financial crisis. Paris: OECD Publishing; 2010. 34p. Available from: http://www.oecd.org/cor-

[97] Cohen MS. Governance as the driver of culture change and risk management. Journal of Risk Management in Financial Institutions. 2015;**8**(4):347-357. DOI: http://dx.doi.

[98] McKinsey & Company. Governance since the economic crisis. McKinsey Global Survey Results; 2011. Available from: http://www.mckinsey.com/global-themes/leadership/governance-since-the-economic-crisis-mckinsey-global-survey-results [Accessed February

[99] Serafin T. Aftershock: Adjusting to the new world of risk management. Deloitte – Forbes Insight; June 2012. Available from: http://deloitte.wsj.com/cfo/files/2012/10/Aftershock\_ Adjusting-to-the-new-world-of-risk-management.pdf [Accessed February 20, 2017]

porate/ca/corporategovernanceprinciples/44679170.pdf. (Accessed 2017-01-10)

org/10.2469/dig.v46.n5.2

52 Corporate Governance and Strategic Decision Making

20, 2017]

Additional information is available at the end of the chapter

http://dx.doi.org/10.5772/intechopen.69707

#### **Abstract**

Good corporate governance (CG) is primarily the responsibility of every company, and both hard law and soft law should provide comprehensive corporate governance framework, thereby encouraging the introduction of high governance standards and best practices in the companies' corporate governance system. The aim of this contribution is to broaden understanding on the role of codes of good governance in improving corporate governance practice on the case of Slovenia. The findings of research studies and analyses of the content of the Slovenian CG Code and its adoption in Slovenian companies show that the code has been playing an important role in developing corporate governance practice in Slovenia. Additionally, such analyses provide important cognitions on the adoption of the CG Code in Slovenian companies by revealing improvements in the governance practice and indicating those areas where changes are required. That is a way such monitoring and analyses should be done on the regular basis together with reporting on the monitoring results. This can considerably contribute to better understanding of the code's recommendations among companies, promote debate and thus foster awareness of the underlying issues. Future analyses should address not only the statements on compliance but also how companies actually implement the code's recommendations.

**Keywords:** corporate governance, corporate governance code, disclosure, transition economy, Slovenia
