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The new Code of Corporate Governance has been signed


Zagreb, 15 October 2019 - At the conference "Corporate Governance Quality", the new Code of Corporate Governance was signed by the Chairman of the Management Board of Croatian Financial Services Supervisory Agency (CFSSA) Ante Žigman and the President of the Management Board of the Zagreb Stock Exchange (ZSE) Ivana Gažić.

The new Code of Corporate Governance sets standards of corporate governance and business transparency of joint-stock companies whose shares are admitted to trading on the regulated market of the Zagreb Stock Exchange.

The first Code of Corporate Governance was drafted by CFSSA and ZSE back in 2007, followed by a review in 2010. Significant progress has been made since then in governance practices, as reflected in recently amended codes of other European countries and in EU legislation. Amendments to national legislation have also introduced binding requirements on issues previously regulated only in the Code.

The Code has been amended to take account of these changes in law and practice and other factors affecting the Croatian capital market. The intention was also to create a shorter and simpler Code, which more clearly indicates good practices, while reducing the time required for company to report.

The most important changes to the text of the Code concern the responsibilities of management and supervisory boards, the diversity of members of the management board and the supervisory board (especially gender diversity), and the independence of the supervisory board and its committees.

Mr Ante Žigman: The adoption of the New Code and its application will reduce to a minimum the possibility of the recurrence of omissions or business decisions that, as we still remember, occurred in Agrokor. The new principles introduce the best European corporate governance practices into the Croatian Capital Market and place emphasis on the responsibility of companies’ governance structures as regards expertise, independence, remuneration, and relationship to shareholders and all key stakeholders. In order to revive the trading volume and stimulate the capital market, one of the key factors is to secure and increase investor confidence in the financial instruments they buy, and the high level of corporate governance of companies that issue these instruments directly affects this. With the new Code, we will increase this standard in Croatia, avoid overlaps with the existing laws, eliminate redundant and unnecessary details, and shorten the time that companies spend on reporting. On the other hand, we will maintain and raise the standards of corporate governance, thereby increasing the trust of investors and protecting their interests.

Ms Ivana Gažić: We are very pleased to have been able to work with Hanfa on the new text of the Code. Corporate governance has been in our focus for many years, and together with the regulator, issuers and other stakeholders, we are continuously working to create an environment that fosters excellence and the highest ethical business standards. According to some research, reputation can account for 75 percent of a company’s value, which means that companies take a huge risk when taking care of only what they do, not the way they do it. The capital market rests on trust, and once trust disappears, it is very difficult to regain it. We believe that with this Code we are opening a new chapter of corporate governance in Croatia and we look forward to continuing our joint efforts to raise the transparency and standards of corporate governance.

Companies will be required to apply the Code from 1 January 2020.











 
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