Nestor Advisors developed the new Code, with the invaluable support of Tatjana Shishkovska and Kristijan Polenak from Polenak Law Firm, on behalf of the Macedonian Stock Exchange (MSE), Securities and Exchange Commission of North Macedonia (SEC) and with the support of the European Bank for Reconstruction and Development (EBRD).
Click here for more information and to download the full Code from the MSE website.
Ivan Steriev, CEO of the Macedonian Stock Exchange: "The new Code of the corporate governance of the Macedonian Stock Exchange, not just replaces the current Code, but redefines and enlarges the scope of the listed companies to which the Code is addressed and replicate the best international corporate governance practices. Although the Code is an act adopted by the Macedonian Stock Exchange, it is perceived as a strategic milestone for the entire market. The adoption of the new Code was mutually initiated and carried out by MSE and SEC, with the significant support provided by EBRD and its consultants. The Code is a comprehensive route map towards good corporate reputation and sustainable long-term development of the companies, which will make positive implications not just on the Macedonian capital market, but to the broader community as well."
Nora Aliti, President of the SEC: "Efficient, resilient, and fair capital markets are built on a range of foundations. One very important building block is exactly good corporate governance. The new corporate governance code provides a robust framework of good rules and standards that set the expectations and boundaries of listed companies which will result in sufficient disclosure to allow investors to make informed decisions. As a regulator, we are confident that the new corporate governance code has the right balance between encouraging growth and providing for a suitable level of investor protection."
Andi Aranitasi, Head of North Macedonia at the EBRD: "We are delighted to support the MSE and the SEC in the development of the new code of corporate governance. We are very pleased that the code sets robust and modern standards to promote the further development of the capital market in North Macedonia. We would like to thank the MSE and the SEC for their candid and proactive cooperation and the Grand Duchy of Luxembourg for its generous support of this initiative. The EBRD will continue to support the authorities in establishing a reporting and monitoring framework related to the new code and motivating firms to build their governance practices around the code’s provisions."