[This paper is an attempt to draw the attention of international corporate governance scholarship to the neglected emerging markets of Central and Eastern Europe, which are not just capable of enriching the treasury boxes of corporate governance with unique experiences but which are also in need of assistance in creating a growth-boosting corporate governance culture. To back up these contentions and to break the path to corporate governance in the region a selected number of examples is discussed and tentatively put into the framework of modern corporate governance. The examples come from two neighboring countries of the region, which notwithstanding of their geographic proximity are to be placed - according to most criteria - on the opposite ends of the pendulum, as while Hungary has already become a Member State of the European Union and is well ahead in creating a functioning market economy, Serbia has only recently set the transitory ball into rolling. Yet they seem to share at least partly a common problem: in neither of them does corporate governance enjoy the eminence it should; especially with regard to its potential growth-fostering effect. The examples discussed also prove that a substantial number of gaps, inconsistencies and dilemmas plaguing or preventing efficient corporate governance exist. All the blank spots or pathological phenomena are potential agenda items for a corporate governance program devoted to the region. The empirical evidence - many of which was simply left out from the few available documents devoted to this specific corner of contemporary world - serve also the end to show that the way companies are run in the region cannot be understood without paying equal attention to all the formants of corporate governance including the legal, economical, social and political environment. In particular special attention should be given to pathological phenomena that have emerged due to imbedded legacies from the - in the case of the region - socialist past. The idea is to show that it does make sense to discuss the applicability of the ideas of Berle & Means in the context of transitory countries. Or that it is both possible and profitable to work out a map of known local governance patterns and to allow these countries to learn from western experiences. In sum, this paper wishes to highlight that corporate governance could, on one hand, gain a lot from focusing more on these countries, and on the other hand, it could also contribute to their efforts aimed at building up of a working market economy by the mechanisms of corporate governance. I