Ewolucja systemu nadzoru korporacyjnego w Stanach Zjednoczonych

Dispersed investors’ structure and deliberate antitrust policy in the early XX century resulted in a separation of management and ownership in American corporations. To protect the interests of companies’ owners and to facilitate and secure the goal congruence between the management and the equity holders, Corporate Governance mechanisms has been implemented. The current system of American Corporate Goverance, with its shareholder value orientation, has been developed day by day and is regarded a proxy for other countries. The paper analyses the milestones of corporate governance system’s growth within the socio-economical background in the USA. Only in the last decade the system evolved as a result of the implementation of Dodd-Frank Wall Street Reform and Consumer Protection Act and Public Company Accounting Reform and Investor Protection Act, as well as various initiatives of capital market participants.