The New Polish Remuneration Model for Managers: A Discussion of the New Remuneration Act


  • Małgorzata Dec-Kruczkowska Warsaw School of Economics
  • Filip Grzegorczyk Cracow University of Economics, Department of Public Law



remuneration for managers, managerial contracts, remuneration models, pay systems, management by objectives, awards and bonuses, corporate governance


Objectives: The main goal of this paper is to provide a short assessment of the new regulation on the remuneration of managers in order to answer the question of whether the new Act is effective and accepted.

Research Design & Methods: The article is based on the analysis of the relevant literature and legislative acts. There is also the analysis of the annual statements of listed companies with respect to the application of remuneration principles and the remuneration paid by selected companies in which the State Treasury had a shareholding in Poland, as well as the analysis of the resolutions of general meetings in terms of the determination of remuneration.

Findings: The new Act has significantly changed the philosophy of determining remuneration in accordance with the existing corporate governance rules, at the same time eliminating abuse and pathologies, and implementing a mechanism for rewarding active managers who effectively create company value.

Implications / Recommendations: The remuneration systems used to motivate management board members of companies, including their method of determination and the principles of the payment of the basic salary and performance bonus. It also had an impact on the managers’ motivation, affecting the companies’ financial results. Every new regulation should take into consideration a modern, comprehensive, and motivational model of remuneration for managers, one which complies with corporate governance rules and the constitutional principles of social justice.

Contribution / Value Added: The conclusions from this paper can be used for academic and business purposes, enabling an in-depth understanding of the current remuneration model and the reasoning behind the implemented solutions, and
facilitating the translation of the provisions of the Act on the Principles of Determining the Remuneration of Persons Managing Certain Companies of 2016 into the business realities of companies.

Article classification: research article

JEL classification: G3, H7, J3, K4, L2, L5, M5


Download data is not yet available.

Author Biographies

  • Małgorzata Dec-Kruczkowska, Warsaw School of Economics

    al. Niepodległości 162
    02-554 Warsaw, Poland

  • Filip Grzegorczyk, Cracow University of Economics, Department of Public Law

    ul. Rakowicka 27
    31-510 Cracow, Poland


Aronson, B., & Kim, J. (2019). Corporate Governance in Asia: A Comparative Approach. Cambridge University Press.
Armstrong, M. (1997). How to Be a Better Manager. Dom Wydawniczy ABC.
Borkowska, S. (2012). Skuteczne strategie wynagrodzeń – tworzenie i zastosowanie [Effective Remuneration Strategies: The Development and Implementation]. Oficyna.
Das, S.C. (2019). Management Control Systems: Principles and Practices. Phi Learning Private Limited.
Durham, C.C., & Bartol, K.M. (2009). Pay for Performance. In E.A. Locke (Ed.), Handbook of Principles of Organizational Behavior (pp. 217–238). WILEY.
Dymitrowski, A., & Małys, Ł. (2017). Koncepcje biznesowe i strategie rozwoju w branży wydobywczej [Business Concepts and Development Strategies in the Mining Industry]. Advertiva.
Gembalska-Kwiecień, A. (2017). Instrumenty pobudzania motywacji [Instruments of Stimulating Motivation]. Support Systems in Manufacturing Engineering – Technology Systems Engineering, 6, pp. 79-89.
Kowalska-Napora, E. (2014). Uwarunkowania funkcjonowania nowoczesnej organizacji [The Conditionings of the Operation of a Contemporary Organisation]. Wydawnictwo Marek Derewiecki.
Latham, G.P. (2009). Motivate Employee Performance through Goal Setting. In E.A. Locke (Ed.), Handbook of Principles of Organizational Behavior (pp. 161–178). WILEY.
Mallin, C. (2007). Corporate Governance. Oxford University Press.
Nehring, A. (2002). Wynagrodzenie kadry kierowniczej [The Remuneration of Managerial Staff]. Research Bulletin, 570, pp. 139–143, Cracow Academy of Economics – Department of Economics and Enterprise Organisation.
Nankervis, A., Baird, M., Coffey, J., & Shields. J. (2020). Human Resource Management: Strategy and Practice. Cengage Learning Australia Pty Limited.
Niedbała, B. (2008). Controlling w przedsiębiorstwie zarządzanym przez projekty [Controlling in an Enterprise Managed by Projects]. Wolters Kluwer Polska.
Ogilvie, J.R. (2006). CLEP Principles of Management: The Best Test Preparation for the CLEP. Research & Education Association.
Scott, P. (2018). Introduction to Management Accounting. Oxford University Press.
Thépot, F. (2019). The Interaction Between Competition Law and Corporate Governance: Opening tee ‘Black Box’. Cambridge University Press.
Thomsen, S., & Conyon, M. (2019). Corporate Governance and Board Decisions. Djof Publishing.
Tyson, S., & Bournois, F. (2005). Top Pay and Performance: International and Strategic Approach. Elsevier Butterworth-Heinemann Linacre House.
Urbanek, P. (2006). Wynagrodzenia w spółkach kapitałowych [Remunerations in Companies]. Polskie Wydawnictwo Ekonomiczne.
Willey, K.M. (2019). Stock Market Short-Termism: Law, Regulation and Reform. Palgrave Macmillan / Springer Nature Switzeland AG.

Official Documents
The Act on the Remuneration of Persons Managing Certain Legal Entities of 3 March 2000, Journal of Laws 2000 No. 26 item 306.
The Act on the Principles of Determining the Remuneration of Persons Managing Certain Companies of 9 June 2016, Journal of Laws of 2017 item 2190.
The Commercial Companies Code Act of 15 September 2000, Journal of Laws of 2000 No. 94 item 1037.
The ordinance of the Council of Ministers of 3 January 2017 on the list of companies in which rights attached to the State Treasury’s shares are exercised by members of the Council of Ministers other than the Prime Minister, Government representatives or state-owned legal persons, Journal of Laws of 2017 item 10.

Internet sources
“Good Practices for Companies Listed on the Stock Exchange 2016”. Retrieved from
OECD Guidelines on Corporate Governance of State-Owned Enterprises (2015). Retrieved from
Ownership transformations of state-owned enterprises 2015. Retrieved from,stanna-dzien-31-grudnia-2015-roku.html, accessed on 27.9.2018.
The Prime Minister, Regulatory Impact Assessment (2016, May 10), RM-10-44-16. Retrieved from /%24File /514.pdf, accessed on 27.9.2018.




How to Cite

Dec-Kruczkowska, M., & Grzegorczyk, F. (2021). The New Polish Remuneration Model for Managers: A Discussion of the New Remuneration Act. Journal of Public Governance, 51(1), 30-43.