TIRANA STOCK EXCHANGE FUTURE OUTLOOK Tuesday, 19 January 2010
- Accomplishment as of 2009
a) Albanian Manual of Corporate Governance
During 2009, for the first time in Albania was promoted The Albanian Manual of Corporate Governance. The manual was the product of collaboration of IFC and Tirana Stock Exchange, within the Program on Corporate Governance in Eastern Europe implemented by IFC, and funded by the Swiss Government through the Swiss State Secretariat for Economic Relations (SECO). The manual was introduced during the Business Forum "On the Governance of the Stock Companies in Albania" organized by IFC in cooperation with Tirana Stock Exchange, and sets the stage reference in the field of corporate governance in Albania. The panel of this forum was Mr. Mario Derajic – CEO of “Fratello Trade JSC co.” in Banja Luka, Mrs. Sonila Bicoku -Project Coordinator of the manual and the IFC representative, Mrs. Anila Fureraj – CEO of Tirana Stock Exchange and Mr. Sokol Nako – CEO of “WolfTheiss Albania”. In their respective speeches the panel praised the work done for this manual which is of great importance and will help private companies in Albania in their path for success, as the promoters of development and economic growth of a country; the manual gives executive directors and shareholders a general overview of the structure of corporate governance, today’s practices and a practical guide designed to help implement good governance in practice; manual will assist the government, lawyers, judges, investors and others by a structure which assesses the level and scope of reference of the corporate governance practices for Albanian companies. Finally, this manual serves as a tool for institutional educating of the next generation of Albanian managers, investors, the policymakers as well as corporate practices for good governance.
b) The promotion of Family Business Governance
The forum on “Family Business and its Governance” was organized in cooperation with Tirana Stock Exchange and the support of IFC and enabled by the American Chamber of Commerce in Albania. The purpose of this meeting was the promotion of family business governance, the advantages family business might have if entering an IPO, and the impact that the new Law for commercial companies brings in this business. The forum was a very good opportunity for promoting the TSE to domestic investors and foreigners’ ones.
Activating the securities market as a common trading platform for several financial instruments, will be the strategic objective of the TSE. Achievement of such an important goal shall be carried out through:
Working closely with and assisting in the continuance of domestic top level businesses, TSE members, etc. to make them aware of advantages the securities market may offer them as well as providing these stockholders with necessary information, in order to be listed at TSE,
Bilateral negotiations with Albanian Government towards the inclusion of TSE in the privatization process of the state-owned enterprises (SOEs). These negotiations will cover identification of potential strategic and non-strategic state owned companies, which can be privatized through IPO,
Negotiations both with the Albanian Government and the Ministry of Finance towards the assignment of TSE, by Ministry of Finance (MoF), as Government’s agent in organizing primary auction for long-term public debt securities,
Negotiation and cooperation with both, MoF and AFSA towards the compilation of legal and fiscal incentives, which are deemed necessary to encourage private companies to raise their capital through IPOs and TSE listing,
Performance of a marketing campaign, in full compliance with the marketing program compiled by TSE with a final objective to attract domestic business at exchange listing;
In cooperation with AFSA, carrying out of a continued public education & information campaign regarding the securities market and advantages that provides its use;
Improvement of information technology at TSE in order to make it possible to provide the market with an appropriate Electronic Trading System for securities;
Keeping fruitful cooperation with institutions in the region;