Regulatory Policy with Involved Stakeholders and Perceived Fairness
Regulatory Policy with Involved Stakeholders and Perceived Fairness

Summary/Abstract: The regulatory reform is one of the preconditions for improvement of economic performances and quality legal surrounding. Quality regulation is one that when being passed includes the stakeholders, is transparent, strengthens the trust, makes the institutions open and, citizens accept and respect it more easily. Despite the significant amount of positive changes, there is still long way to go to change the culture and to overcome all obstacles on the way toward effective engagement of the stakeholders. In many cases, the scope of the regulatory policy limited to minimizing the administrative costs of the business. The tools for regulatory policy- consultations, regulatory impact assessment and initiatives for reducing the overload - are at great extent used in procedural manner after the regulatory policies and decisions are already made. But, high quality regulation on its own, is not enough. Even the best prepared regulation is poor tool for management if implemented through consistent supervision and retributions. Even in the countries with relatively solid regulation, citizens often feel they are not treated well in the interactions with the institutions. The perceptions for fair and unfair treatments have shown to have significant impact on whether or not the citizens believe in their government, accept and obey the regulations and whether they feel included in the society or not. For society, the expenses can be higher when citizens feel to be treated unjustly. There has to be improvement on both the objective quality of regulation and the impressions for fair treatment encouraged by the personal experience of the citizens with the regulation. Number of studies identify three key factors that run the perceived fairness, which are: voice, respect and explanation.

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