First Report on compliance of the listed companies with the Corporate Governance Code

Tuesday, 3 October 2023


Macedonian Stock Exchange releases inaugural Corporate Governance Report: Paving the way for transparency and excellence in North Macedonia

In a groundbreaking initiative, the Macedonian Stock Exchange (MSE) has joined forces with the Securities Commission of the Republic of North Macedonia, bolstered by support from the European Bank for Reconstruction and Development, to introduce the Corporate Governance Code for Listed Companies in 2021. This collaborative endeavor aims to elevate corporate governance standards, promote transparency, and provide investors and stakeholders with enhanced insights into company management.

The Corporate Governance Code is a pivotal framework, aligning North Macedonian practices with international corporate governance standards. Its primary objective is to cultivate robust governance practices, thereby fostering trust and stimulating sustainable, long-term growth within listed companies.

The recently published MSE Corporate Governance Report signifies a monumental milestone. It reflects corporate practices during 2022, marking the first-year companies were mandated to report on their adherence to the Code. The report primarily offers factual insights into the level of compliance, respecting the learning curve that companies may experience while adapting to the Code’s requirements.

While compliance levels vary across different sections and provisions, the report reveals an encouraging 76% average compliance rate among companies with the Code, signifying a positive reception among most companies. This promising start serves as a foundation for future enhancements in corporate governance practices, reinforcing North Macedonia’s commitment to aligning with international norms.

MSE extends gratitude to the European Bank for Reconstruction and Development, as well as local and foreign consultants, for their invaluable support in shaping this inaugural report. The journey towards bolstering corporate governance in North Macedonia is well underway, and the MSE eagerly anticipates even more remarkable progress in the years ahead.

See the report here.