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
