The Former Yugoslav Republic (FYR) of Macedonia is an upper middle-income country that has made great strides in reforming its economy over the last decade. More efforts are still needed to generate economic growth and improve living standards for all.
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This report assesses Macedonia's
corporate governance policy framework, and enforcement and
compliance practices. It highlights recent improvements in
corporate gov... Show More +ernance regulation, makes policy
recommendations, and provides investors with a benchmark
against which to measure corporate governance in Macedonia.
The report identifies a number of key recommendations as
follows. The disclosure framework should be overhauled, as
part of the on-going revision of the Securities Law.
Shareholders should be required to disclose all direct and
indirect ownership. The law should increase authority of the
Macedonian Securities and Exchange Commission (MSEC), and
especially its powers to impose sanctions, while MSEC should
develop a strategy to use its new authority to improve
corporate governance and shareholder rights. The Macedonian
Stock Exchange (MSE) should complete the process of drafting
a corporate governance code, should revise its listing rules
in line with the Code and the new Securities Law, and
consider the development of a "corporate governance
tier". The exchange should fully implement a system of
electronic information dissemination. Show Less -