FIDUCIARY DUTIES OF SUPERVISORY BOARD MEMBERS AND DIRECTORS IN STATE-OWNED ENTERPRISES AS A DETERMINANT OF CORPORATE GOVERNANCE EFFECTIVENESS

This study examines the economic and governance implications of fiduciary duties imposed on supervisory board members and directors of state-owned enterprises (SOEs). The paper conceptualizes fiduciary duties as an institutional mechanism designed to mitigate agency conflicts, align managerial incentives, and enhance asset management efficiency. Particular attention is paid to conflict-of-interest risks, accountability structures, and the interaction between public objectives and corporate decision-making. The analysis demonstrates that the effectiveness of fiduciary regulation depends not only on formal legal codification but also on the practical delineation of discretion, liability, and governance safeguards. The findings contribute to the understanding of fiduciary governance models in transitional and state-influenced corporate systems.