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The breakdown of the management system on a global scale, after the major financial scandals, first in the US and then in Europe, has launched a debate on reviewing the position of management in the corporate governance system. Since then, a number of studies, professional papers, policy initiatives and legislative solutions have attempted to change the place and role of management in the corporate governance system. The need to improve corporate governance is not a global necessity belonging to the developed countries; it is also inherent in developing countries. During the global crisis, the role of management and the quality of the regulatory mechanism were re-examined at the level of the European Union. The initial hypothesis of the present paper is contained in the claim that management is one of the most important elements in the corporate governance system. Therefore, the research focus of the authors is placed on empirical, practical and regulatory analysis of the position and role of management in the corporate governance system. Analyzing the changes in the position of management on the global, European and Montenegrin transition experience, the authors strive to prove the hypothesis that the lack of understanding of the position of management and its inadequate regulation have significantly influenced the current situation in the Montenegrin economy. Krupni nedostaci sustava menadzmenta na globalnoj razini, nakon velikih financijskih skandala, prvo u SAD, a zatim u Europi, pokrenuli su debatu o redizajniranju pozicije menadzmenta u sustavu korporativnog upravljanja. Od tada do danas, brojne studije, strucni radovi, politicke inicijative i zakonska rjesenja pokusavala su promijeniti mjesto i ulogu menadzmenta u sustavu korporativnog upravljanja. Potreba za unaprecenjem korporativnog upravljanja nije samo globalna potreba, koja pripada razvijenim zemljama, vec se odnosi i na zemlje u razvoju. Tijekom globalne krize, ponovo se na razini Europske unije preispituje uloga menadzmenta i kvaliteta regulatornog mehanizma. Polazna hipoteza ovog rada odnosi se na stav o menadzmentu, kao jednom od najvaznijih elemenata u sustavu korporativnog upravljanja. Zbog toga je istrazivacki fokus autora usmjeren na empirijsku, prakticnu i regulatornu analizu pozicije i uloge menadzmenta u sustavu korporativnog upravljanja. Analizirajuci promjene u poziciji menadzmenta na globalnom, europskom i crnogorskom tranzicijskom iskustvu, autori pokusavaju dokazati hipotezu da su nerazumijevanje pozicije menadzmenta i njegova neadekvatna regulacija u znacajnoj mjeri uticali na trenutno stanje u crnogorskom gospodarstvu. Keywords: management; corporate governance; Montenegro; EU., UDC 005.35(497.16) 1. INTRODUCTION If we consider one of the most cited definitions of the notion of corporate governance, which is contained in the Cadbury Report, according to which corporate [...]