At the beginning of the political and socio-economic transformation in the 1990s in Poland, the State Treasury became a shareholder of many commercial companies, which was a direct consequence of the so called commercialization of state-owned enterprises. Each shareholder participates in a company driven by his/her objective. State Treasury is a unique shareholder, but its objective as a shareholder wasn't legally defined until 2016. The paper focuses on socioeconomic and legal determinants defining in the past and present State Treasury's objective. The text attempts to interpret the concept of the "State Treasury's objective".