This paper analyses the rules on corporate governance which are provided for by the Law on Management of State-Owned Companies. At the beginning, the complexity of regulating this issue is indicated as well as the existence of soft law instruments at the international level which influenced the Serbian legislator. Then, the specifics of the new legal regime regarding state-owned company’s bodies are presented in the central part of the paper. First, special rules which refer to the state representatives in the general meeting of shareholders are presented, followed by those which refer to supervisory board members and finally those which refer to the directors. Bearing in mind that the provisions of the Law on Public Enterprises remain relevant for certain companies, the solutions regarding corporate governance provided by that Law are presented as well. At the end of the paper, it is assessed that the legal regime has certainly been approved but certain shortcomings are noted as well.