1. OECD Principles of Corporate Governance(2004), 29–30.
2. In 2000 the average figure for market capitalisation as a share of GDP in transition economies was 19%, with Estonia reaching by far the highest figure of 35%, while some countries being as low as 9% (Latvia) and 1% (Romania). Compare this to the figures for developed markets such as US (150%), Sweden (100%) or Germany (50%). See A Pajuste, “Corporate Governance and Stock Market Performance in Central and Eastern Europe. A Study of Nine Countries: 1994–2001”, Working Paper No 5367 (SSEES and University College London, Centre for the Study of Economics and Social Change in Europe, 2002), 4.
3. Setting Standards of Corporate Governance: The Polish Experience of Drafting Governance Codes
4. ibid, 276.