Starting from 26th of October 2021, the Amendments to the listing Rules adopted by the MSE Board of Directors from 20th of September 2021 for which an Approval dated from 7th of October 2021 from the SEC was provided, shall enter into force.  Together with the Amendments to the listing Rules a new Corporate governance code for the MSE Listed companies was introduced.

The Amendments to the MSE Listing Rules define the criteria that will determine which companies listed on the Exchange will have the obligation to implement the new Corporate governance code. The MSE listed companies that will not meet the criteria will have the option to voluntarily implement the MSE Corporate Governance Code.

The Corporate Governance Code will be mandatory for companies that shares are listed on the segments of the Official Market of the Macedonian Stock Exchange and on December 31th meet three of the following four criteria:

• Market capitalization of at least 5 million euro;
• At least 100 shareholders
• At least 5% of the company’s shares are in free float
• The shares of the company were traded in at least 30% of the total number of trading days in the current year

The MSE will calculate the criteria of the above mentioned criteria and will inform the issuers that fulfill the criteria or those that no longer fulfill the criteria. The List of issuers that meet the criteria specified in the Listing rules will be published on the MSE web site.
The initial calculation of the criteria for the issuers that will have the obligation to implement the Corporate Code practices will be implemented on November 1 2021.

Listed companies  will publish their best corporate governance practices as part of their annual report in a manner and on dates that are stipulated in the Listing Rules.  The issuers that will implement the MSE Corporate Code will apply an approach known as “comply or explain” meaning that they will have to explain to their shareholders and the market why they have chosen not to apply a particular standard. 

The consolidated text of the MSE Listing Rules is only in Macedonian

You can download the Corporate governance code for the MSE Listed companies on the following link