By and large, but with a few exceptions perhaps in Poland and the Czech and Slovak Republics, these assertions are true. Therefore, it is necessary to focus on a single but extremely important related issue the matter of the drive for industry restructuring, or the pressure for restructuring to happen. Responsibility for restructuring That ownership carries some duty of responsibility is a matter over which there should be little doubt. In the context of the restructuring of the CEE steel industry, it is pertinent to ask, however, who should have responsibility for this restructuring.
Governments still own a substantial proportion of the steel industry, especially in Central Europe.
Indeed, it is governments that have recently put forward restructuring programmes for their steel industries in countries such as Poland and the Czech Republic. It is governments that are named in those programmes as the bodies to be responsible for directing and managing the restructuring. These relationships represent the structures through which company objectives are set, and represent the means for seeing that those objectives are attained. And, whilst there may be no single model of good corporate governance, the OECD has nevertheless outlined some common elements that underlie good practice. The need for a governance framework that ensures strategic guidance and provides for effective board accountability.