In 2010 the first regulation on corporate governance of state-owned enterprises in the Republic of Slovenia was adopted. It resulted in a significant change of attitude towards the management of the state-owned enterprises. Adoption of the law coincides with the admission of Slovenia to the OECD. OECD pays much attention to the corporate governance of state-owned enterprises. There have been poor corporate governance practices in Slovenia in the past. First steps will have to be followed in a number of revisions. But this was only the first step. The second step that will be significantly heavier to be made is the corporate managerial culture that is a foundation to all norms of corporate governance which are to fulfil their function. This is not a classic legal mantra by which norms are not necessary if the corporate governance culture is high enough. Even countries with a long tradition of corporate governance face many difficulties in corporate governance.