Summary: Corporate governance represents the foundation of market economy development and a democratic society, encompassing key aspects of management control, shareholder reporting, as well as the oversight of operations and the implementation of long-term strategic goals. The subject of this research is to analyze the specificities of the legislative framework for corporate governance in Bosnia and Herzegovina and to examine the characteristics of ownership concentration within the banking and insurance sectors. The aim is to explain the features of the corporate governance system in Bosnia and Herzegovina and to identify the key holders of power and processes within the observed corporations. The primary objective of the research is to determine how highly concentrated ownership shapes the specific characteristics and mechanisms of corporate governance in these institutions, and to define the key stakeholders of power and processes in banks and insurance companies in Bosnia and Herzegovina. The study focuses on two crucial pillars of financial stability in Bosnia and Herzegovina – banks and insurance companies. By analyzing these two sectors, almost the entire financial system of the country is covered. The paper seeks to answer the question of who the actual holders of power in financial corporations are and what control mechanisms they utilize in practice. Furthermore, the research examines the role of the state as a regulator in overseeing the operations of these institutions. The findings can provide a basis for understanding the relationships between management, shareholders, and stakeholders, offering guidelines for enhancing the efficiency and transparency of the financial sector in Bosnia and Herzegovina.