As part of a joint project of the Macedonian Stock Exchange and the Securities and Exchange Commission, the Code for corporate governance of listed companies was adopted, which starts to be applied today. The purpose of the new Corporate Governance Code is to improve the management and control of listed companies, to increase the transparency of their operations, to improve the way in which companies communicate with shareholders and investors, and to apply the good practices of corporate governance. establish support systems for successful development of domestic companies.

- With this, the Stock Exchange makes another important step forward in the implementation of European standards in this area on the Macedonian securities market. The Code refers to the companies whose shares are listed on the Official Market of the Stock Exchange, which meet the conditions prescribed in the Listing Rules. These companies should report annually on whether they apply the best practices prescribed in the Code, it is said in the announcement from the Macedonian Stock Exchange.

Like the codes in other European countries, the new Code, say the Macedonian Stock Exchange, will be applied according to the principle "apply or explain why you did not apply". This approach, they add, means that the application of the provisions of the Code is not mandatory for listed companies.

- Companies may not apply a provision of the Code in cases where there are justified reasons for it, for example, if such a provision does not suit the size or needs of the company. However, in such cases, the companies are obliged to explain why the specific provision could not be applied, is added to the statement.

For the first time, the Code introduces provisions and practices related to issues related to the protection of life suffering and issues of social interest.

Regarding the adopted Code, the Chief Executive Officer of the Stock Exchange, Ivan Steriev said that the implementation of this project not only replaces the current code, adopted several years ago, but also redefines and increases the scope of listed companies to which it refers. and reflect the best contemporary international practices in this field.

- The Code, although formally a document carried by the Stock Exchange, is a strategic anchor on the entire market. Hence, its adoption was jointly initiated and realized by the Macedonian Stock Exchange and the Securities and Exchange Commission, with great support from the European Bank for Reconstruction and Development and the consultants who were hired through it. The Code will be a concrete roadmap for building a good corporate reputation and sustainable long-term development for Macedonian listed companies and will cause a number of positive implications for the Macedonian securities market and beyond. Steriev points out.

The chairwoman of the Securities and Exchange Commission, Nora Aliti, says that efficient, durable and equitable capital markets are built on a series of pillars.

- One very important pillar is good corporate governance. The new Corporate Governance Code provides a solid framework of good rules and standards that set the expectations and boundaries of listed companies that will result in sufficient disclosure to enable investors to make informed decisions. As a regulator, we are confident that the new Corporate Governance Code has the right balance between fostering growth and providing an adequate level of investor protection, she adds.

The Director of the European Bank for Reconstruction and Development (EBRD) Office in the country, Andy Aranitasi, emphasized that the EBRD was pleased to support the initiative of the Macedonian Stock Exchange and the Securities and Exchange Commission to adopt a new Code of Corporate Governance, which, as he says, introduces modern standards for further promotion of the development of the securities market in the Republic of Northern Macedonia.

- On this occasion, the European Bank for Reconstruction and Development thanks the Stock Exchange and the Commission for their proactive role and cooperation and thanks the Grand Duchy of Luxembourg for their generous support of this project. The European Bank for Reconstruction and Development will continue to support these institutions in establishing a reporting and monitoring framework for the new Code, as well as encouraging companies to build their corporate governance by applying the provisions of the Code. added Aranitasi.

Source: MIA