MSE, with support provided by the European Bank for Reconstruction and Development, has prepared the first Report on compliance of the listed companies with the Corporate Governance Code.

The Corporate Governance Code for Listed Companies was adopted and published by the MSE in 2021, and the obligation for the listed companies to report on compliance with the Code started this year.

Companies required to report on compliance with the Code according to the Listing Rules, reported by answering the appropriate questionnaires which describe the corporate practices of each company during the year 2022. The analyses of the MSE to their answers presented that although the level of compliance with the provisions and sections of the Code varies, the average rate of compliance of the corporate management of companies with the Code is 76% and it is at a satisfactory level.

The information on the level of compliance with the Code in this Report refers in the aggregate to all 28 listed companies and is based on the assessment that the companies themselves state about their compliance with the specific provisions of the Code.

As this is a first report, it primarily contains factual information about the compliance of the companies' corporate governance with the Code rather than providing an opinion on the quality of their management and reporting practices. Any interested person can make a detailed analysis of the level of compliance of a specific company, through a more detailed analysis of the questionnaires answered by that company and published through SEI-NET on the website of the MSE.

This Report on compliance of the listed companies with the Corporate Governance Code is the first edition of what MSE intends to become an annual compliance report that will track progress in meeting the objectives of the Code.

The report is available on the following link:https://www.mse.mk/en/content/2/10/2023/corporate-governance-code