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Corporate Compliance Officer Roles in Bosnia and Herzegovina: A Comparative Analysis with European Union Standards

In a bid to align its corporate governance systems with those of the European Union, Bosnia and Herzegovina has been under pressure to reform its regulatory framework. This article examines the current state of corporate compliance officer roles in the country, highlighting areas of similarity and divergence with EU standards.

Current State of Corporate Governance in Bosnia and Herzegovina

According to a recent study, corporate governance in Bosnia and Herzegovina is characterized by two distinct systems, one in each entity. The research reveals that ownership concentration plays a significant role in shaping these systems, with implications for transparency and accountability. In order to address these challenges, the country must adopt more stringent business transparency standards, mirroring those of the EU’s Transparency Directive.

Key Characteristics of Corporate Governance Systems in Bosnia and Herzegovina:

• Two distinct systems, one in each entity
• Ownership concentration plays a significant role in shaping these systems
• Implications for transparency and accountability

Areas of Divergence with EU Standards

The analysis highlights key areas where Bosnia and Herzegovina falls short of EU standards, including:

• Lack of independence in corporate governance bodies
• Inadequate disclosure requirements

EU Regulatory Framework:

• Stricter regulations to prevent conflicts of interest and ensure greater oversight
• Emphasis on transparency and accountability

Recommendations for Reforms

To rectify the situation, the government has been urged to introduce reforms that would enhance the quality of corporate governance, including strengthening the role of compliance officers. This includes:

• Strengthening transparency requirements
• Improving disclosure standards
• Enhancing oversight mechanisms

Future Directions:

The study concludes that while Bosnia and Herzegovina has made some progress in aligning its corporate governance systems with EU standards, there is still much work to be done. To achieve this goal, the country must prioritize reforms aimed at strengthening transparency, accountability, and compliance mechanisms, ultimately enhancing the overall quality of corporate governance.

Keywords:

• Corporate governance
• Transparency in the operation of corporations in Bosnia and Herzegovina
• European Union transparency directives
• Quality of corporate governance in Bosnia and Herzegovina