The supervision of Czech managers is lax and the rules of their remuneration are unclear, KPMG's Corporate Governance study on Czech companies in 2004 and 2005 has shown.
Most Czech firms set limited corporate governance rules so as to comply with basic legislation and do not consider their improvement very important.
The reason is that Czech shareholders and supervising institutions are content with the current state, Pavel Zavitkovsky from the Czech branch of the consulting firm KPMG has said.
The shareholders and supervisors are not consistent enough in demanding higher management standards compared with developed economies, he added.
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