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Macedonia’s Corporate Governance Framework Under Scrutiny as Compliance Officer Responsibilities Come into Focus

A comprehensive report has shed light on Macedonia’s corporate governance policy framework, highlighting areas for improvement and providing investors with a benchmark against which to measure compliance. The study assesses the country’s enforcement and compliance practices, noting that recent regulatory changes have brought about some positive developments.

Recommendations for Strengthening Corporate Governance

The report identifies several key recommendations aimed at strengthening Macedonia’s corporate governance landscape:

  • Overhaul Disclosure Framework: Revisit the disclosure framework as part of the ongoing revision of the Securities Law.
  • Enhance Shareholder Transparency: Require shareholders to disclose all direct and indirect ownership interests, enhancing transparency and accountability within the country’s corporate sector.
  • Increase MSEC Authority: Increase the authority of the Macedonian Securities and Exchange Commission (MSEC), particularly its powers to impose sanctions.

Strategies for Improved Corporate Governance

The report calls for:

  • MSEC Strategy Development: Develop a strategy to utilize enhanced authority to improve corporate governance and shareholder rights.
  • Corporate Governance Code: The Macedonian Stock Exchange (MSE) should finalize the drafting of a corporate governance code.
  • Listing Rules Revision: Revise listing rules in line with the new Securities Law, considering introducing a “corporate governance tier” system.

Electronification of Information Dissemination

The report emphasizes the need for the MSE to fully implement an electronic information dissemination system, enabling investors to stay up-to-date on market developments and company performance.

Conclusion

As compliance officer responsibilities come under increased scrutiny, Macedonia’s corporate governance framework is set to undergo significant changes aimed at improving transparency, accountability, and investor confidence.