On December 31, 2021, the latest amendments to the Listing Rules of the Macedonian Stock Exchange became effective, adopted by the Board of Directors of the Stock Exchange on December 21, 2021, and approved by the Securities and Exchange Commission on December 27, 2021.

These latest amendments to the Listing Rules are related to the manner and dynamics of the implementation of the new Code of Corporate Governance by the listed joint stock companies on the Stock Exchange, which in accordance with Article 42-a and Article 63-a of the Listing Rules, as of 01.11. 2021 meet the criteria for its implementation.

With the changes made, the imperative obligation for prompt application of the Code is transformed into an option for the companies. Namely, the listed joint stock companies will independently, based on their assessment and business policy, decide whether in their annual reports in 2021 (which they will adopt in 2022) they will report on the current application of corporate practices provided in the new Code. This normative decision was made taking into account the requests of some of the listed companies that reacted to the dynamics of the implementation of the new Code through the Chamber of Commerce.

From the beginning of next year, the application of the Code will be mandatory for all companies that will meet the prescribed criteria. The new Code of Corporate Governance incorporates state-of-the-art international best practices and will have multiple positive long-term implications for the operations and image of the listed companies. The Code was a joint project of the Stock Exchange and the Securities and Exchange Commission with technical assistance from the European Bank for Reconstruction and Development.

The Stock Exchange encourages all affected listed companies to start applying the new Code in 2022, ie to report on their current corporate practices in accordance with the provisions of the Code, especially given the fact that reporting on the application of the Code is done according to the principle " apply or explain why you did not apply. "

The consolidated text of the Listing Rules can be found at the following link: https://www.mse.mk/en/content/21/1/2008/listing-rules

The Code for corporate governance of listed companies on the Stock Exchange is available at the following link: https://www.mse.mk/en/content/14/10/2021/corporate-governance-code