Bucharest Stock Exchange launches new corporate governance code
Bucharest Stock Exchange (BVB) launched on September 22, 2015 a new Corporate Governance Code (CGC) applicable to companies whose shares are admitted to trading on the Main Market. The new Code was designed with the support of the European Bank for Reconstruction and Development (EBRD), as part of a new corporate governance framework which will enter into force on 4 January 2016, and aims at promoting higher standards of governance 2015-09-22 16:15:27
"We deploy new measures in order to lay down the most solid base for the capital market in Romania. The new code of Corporate Governance is a modernized set of rules and practices, which will increase the attractiveness and valuation of Romanian companies, for the greatest benefit of investors. We are introducing this code, with a new system of compliance and enforcement, because Romania did not want to remain anymore in that matter, as a frontier market on the map of European markets. We are satisfied with the final outcome of the modernisation of the approach to corporate governance and culture, which we accomplished together with the EBRD, and we will be watchful now as to those aspects of the implementation, which relate to investors and companies education", stated Ludwik Sobolewski, BVB CEO.
Gian Piero Cigna, Senior Counsel at the EBRD, said: "The new code is much more focused and precise in what is required from listed companies. For instance, it provides a clear list of functions that are expected from the audit committee, therefore complementing the law. I particularly welcome the emphasis on the value of establishing a continuous relation with investors and the quality of disclosure. The new code is yet another step towards transforming Romanian capital market into an attractive investment destination."
At the center of this Code are access to information for investors and protection of shareholders' rights. The new Corporate Governance Code is comprised of 4 sections: Responsibilities, Risk management and internal control system, Fair rewards and motivation, and Building value through investors' relations. Each section has an outline of "general principles", followed by "provisions to comply with".
BUCHAREST STOCK EXCHANGE runs markets for shares, bonds and other instruments, through regulated platforms and alternative systems, and provides a wide range of services to participants of financial markets.
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