Emerging institutional order? National Investment Funds in Poland

This paper analyses the mass privatisation programme (MPP) implemented in Poland in the mid-1990s from the perspective of transition reforms and the development of corporate governance systems. Although the programme covered only 512 companies the collected evidence provides a unique opportunity to compare the Polish MPP to the schemes implemented in other post-socialist economies of the Czech Republic, Slovakia and Russia as well as to other privatisation methods applied in Poland. The Polish MPP created intermediaries in the form of National Investment Funds (NIF), which were granted the leading and minor status in the ownership of their portfolio companies. The clear ownership and the incentive structure appeared to be important mechanisms that helped minimse the control vacuum and stimulated restructuring and privatisation of the portfolio companies. Despite the restructuring efforts the financial results remain relatively blurred and the performance of privatised companies as well and the funds appear to be disappointing

A research-informed model for corporate social responsibility: towards accountability to impacted stakeholders

An Australian case study is presented of an ongoing conflict between Alcoa World Alumina, a multi-national mining company and the impacted stakeholders of Yarloop, a small rural community in Western Australia. The conflict has been subject to research by the author since the early 2000s and is the impetus for developing a model for corporate social responsibility (CSR). The model emphasises engaging impacted stakeholders in dialogue with powerful stakeholders to achieve social justice. This involves a three way set of relationships with key people in leadership positions from the relevant government departments, the corporation’s management group and the impacted stakeholders. The model is premised on an ethic of love approach which utilises the ideas of social justice, social sustainability, and the social pre-cautionary principle. An outline is presented of these ideas as well as a set of inter-linked strategies which are responsive to power inequalities in conflict situations. The ideas and strategies can guide efforts to address the social costs incurred by the impacted community stakeholders. This will involve a discerning commitment to work towards accountable government, sustainable business practices and social justice for impacted stakeholders. The approach requires a cultural shift in the business sector, and wider society, to equally value people, place and profit