Corporate Governance of the Companies Listed on the Belgrade Stock Exchange Metadata Analysis Based on the Results of the Methodology G20/OECD Questionnaires
Main Article Content
Abstract
The present article addresses the ex-post metadata statistical analysis of the corporate governance questionnaire of the listed companies at Belgrade Stock Exchange. The period is 2013-2020, with 50 reports filed as public information at the official website of the exchange. Methodology is based on the standardized approach promulgated on the IFC technical support to the exchange. It reflects fully the G20/OECD corporate governance principles and corporate governance assessment quality based on this method. The statistics consisted of handling of large and voluminous data with 50 questions, while the question No. 3 was included as a number but not as a question in the reports. Statistical calculation allowed us to make some conclusions and recommendations. At the same time, we are aware that those reports were not assured or audited internally withing the companies, externally by the auditors or by the stock exchange itself. The main goal of our analysis was to give a standard and harmonized overview on the quality of corporate governance of issuers at the Belgrade Stock Exchange, which in turn could be compared with the relevant exchanges worldwide, also to be used for policy makers, regulators and issuers to make practical steps to further improve the quality of corporate governance.
Article Details
Section
Once the manuscript is accepted for publication, authors shall transfer the copyright to the publisher. If the submitted manuscript is not accepted for printing by the journal, the authors shall retain all their rights. The following rights on the manuscript are transferred to the publisher, including any supplementary materials and any parts, extracts or elements of the manuscript:
- the right to reproduce and distribute the manuscript in printed form, including print-on-demand;
- the right to print prepublications, reprints and special editions of the manuscript;
- the right to translate the manuscript into other languages;
- the right to reproduce the manuscript using photomechanical or similar means including, but not limited to photocopy, and the right to distribute these copies;
- the right to reproduce and distribute the manuscript electronically or optically using and all data carriers or storage media, and especially in machine readable/digitalized form on data carriers such as hard drive, CD-ROM, DVD, Blu-ray Disc (BD), Mini Disc, data tapes, and the right to reproduce and distribute the article via these data carriers;
- the right to store the manuscript in databases, including online databases, as well as the right to transmit the manuscript in all technical systems and modes;
- the right to make the manuscript available to the public or to closed user groups on individual demand, for use on monitors or other readers (including e-books), and in printable form for the user, either via the Internet, online service, or via internal or external networks.
References
Belgrade Stock Exchange. 2008. “Corporate Governance Code.“ https://ecgi.global/code/corporate-governance-code-belgrade-stock-exchange.
Compliance Online. 2020. “OECD Principles of Corporate Governance.“ https://www.complianceonline.com/dictionary/OECD_Principles_of_Corporate_Governance.html.
European Bank for Reconstruction and Development. 2016. “Corporate Governance in Transition Economies. Serbia Country Report.“ https://www.ebrd.com/cs/Satellite?c=Content&cid=1395252875583&pagename=EBRD%2FContent%2FDownloadDocument.
Global Corporate Governance Forum. 2016. “Better Companies, Better Societes.“ http://documents1.worldbank.org/curated/en/315951468331253219/pdf/628840NEWS0Glo00Box0361495B0PUBLIC0.pdf.
Gobiernocorporativoarg. 2019. “The Importance and Applicatioon of the OECD Guidelines for Multinational Enterprises for Argentine MNEs.“ https://www.gobiernocorporativoarg.com/wp-content/uploads/2019/10/The-Importance-and-Application-of-the-OECD-Guidelines-for-Multinational-Enterprises-for-Argentine-MNEs-1.pdf.
Gurria, Angel. 2019. “G20/OECD Seminar on Corporate Governance in Today’s Capital Markets.“ https://www.oecd.org/about/secretary-general/g20-oecd-seminar-on-corporate-governance-in-today-capital-markets-june-2019.htm.
IFAC. 2020. “Enhancing Corporate Reporting: The Way Forward.” September 11, 2020. https://www.ifac.org/knowledge-gateway/contributing-global-economy/discussion/enhancing-corporate-reporting-way-forward.
IFC. 2003. “Toolkit 1: Developing Corporate Governance Codes Best Practice.“ https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/sustainability-at-ifc/publications/publications_handbook_cg-toolkit1.
IFC. 2005. “Toolkit 2: Developing Corporate Governance Codes Best Practice.“ https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/sustainability-at-ifc/publications/publications_handbook_cg-toolkit2.
IFC. 2016. “From Companies to Markets – Global Developments in Corporate Governance.“ https://openknowledge.worldbank.org/bitstream/handle/10986/31759/From-Companies-to-Markets-Global-Developments-in-Corporate-Governance.pdf?sequence=1&isAllowed=y.
Institutional Investor Advisory Services. 2019. “Governance Scorecard.” https://www.iiasadvisory.com/governance-scorecard.
Isaksson, Mats. 2017. “Corporate Governance and market-based finance for growth companies.“ https://www.cmvm.pt/pt/Comunicados/ConferenciasdaCMVM/Documents/MatsIsakssonCorporateGovernanceLisbon2017.pdf.
Jones, Huw. 2021. “UK company directors face personal liability for financial statement – sources.” https://www.reuters.com/article/uk-britain-accounts-idUSKBN2A513W.
Legislative Train Schedule a European Green Deal. 2021. “A European Green Deal Review of the non-Financial Reporting Directive, 2021-01-01. https://www.europarl.europa.eu/legislative-train/theme-a-european-green-deal/file-review-of-the-non-financial-reporting-directive.
Ljutić, Ivana. 2013. “ Legal Control of Transnational Companies” Faculty of Law – University of Nis, Serbia. PhD Thesis in International Business Law. Note: Only in Serbian language: “Pravna kontrola multiocionalnih kompanija.” Doktorska disertacija. Pravni fakultet Univerziteta u Nišu. http://www.prafak.ni.ac.rs/files/disertacije/Dokt-Iva-Ljutic_2013.pdf.
Nenova, Tatiana. 2005. “A Corporate Governance Agenda for Developing Countries.“ Contaduría y Administración, núm. 217, septiembre-diciembre, 2005. http://www.redalyc.org/articulo.oa?id=39521708.
OECD. 1999. “OECD Principles of Corporate Governance.“ ISBN: 9789264173705 (PDF) https://doi.org/10.1787/9789264173705-en OECD iLibrary | OECD Principles of Corporate Governance (oecd-ilibrary.org).
OECD. 2004. “OECD Principles of Corporate Governance. “ ISBN: 92-64-01597-3 OECD Principles of Corporate Governance - 2004 Edition.
OECD. 2017. “Methodology for Assessing Implementation of the G20/OECD Principles of Corporate Governance (Under embargo until 17 March 2017). OECD Report to the G20 Finance Ministers and Central Bank Governors, March 2017.” https://www.oecd.org/daf/methodology-for-assessing-the-implementation-of-the-g20-oecd-principles-of-corporate-governance-9789264269965-en.htm.
OICV-IOSCO. 2016. “The Growth and Emerging Markets Committee of the International Organizations of Securities Commission.” https://www.iosco.org/library/pubdocs/pdf/IOSCOPD544.pdf.
Peković, Zdravković, and Goran Pavlović. 2020. †žThe Role of Balanced Scorecard Models in the Assessment of the Board of Directors Performance. “Economic Analysis, 53 (2).
Raičević, and Dijana Medenica-Mitrović. (2020) “Social Responsibility of Banks in the Function of Comparative Advantage on the Market.“ Economic Analysis, 2020, Vol. 53, No. 1.
Sachs, Ram. 2019. “Тhe International Law of Corporate Governance.“ Pace International Law Review. Volume 32, Issue 1, Winter 2019. https://digitalcommons.pace.edu/cgi/viewcontent.cgi?article=1395&context=pilr.
Serbian Chamber of Commerce. 2012. “Code of Chamber of Commerce Serbia“ https://www.ebrd.com/documents/ogc/serbia.pdf.
Seskar, Lidija. 2014. “Corporate Governance Scorecard for joint stock companies in Serbia. -Belgrade Stock Exchange experience.” https://www.ifc.org/wps/wcm/connect/dd1579db-3ee8-49cf-b0c6-7b07877e3301/Lidija+Seskar.pdf?MOD=AJPERES&CVID=kqMZ8wi.
Siems, and Oscar Alvarez-Mcotela. 2017. “The G20/OECD Principles of Corporate Governance 2015: A Critical Assessment of their Operation and Impact.“ Journal of Business Law. 2017, https://ssrn.com/abstract=3000329.
The World Bank-IBRD-IDA. 2016. “Serbia – Report on the Observance of Standards and Codes (ROSC) on accounting and auditing : update (English).” https://documents.worldbank.org/en/publication/documents-reports/documentdetail/557921479710152064/serbia-report-on-the-observance-of-standards-and-codes-rosc-on-accounting-and-auditing-update.
The World Bank-IBRD-IDA. 2020. “Doing Business. Measuring Business Regulation. Serbia DB 2020.“ https://www.doingbusiness.org/en/data/exploretopics/protecting-minority-investors/reforms.
Virijević-Jovanović, Janovac, and Dragana Nešović. (2020) “Implementation of Two – Dimensional Model of Corporate Social Responsibility in Serbian Companies.“ Economic Analysis, Vol. 53, No. 1.
Zivkovski, Igor. 2020. “Corporate Governance in Serbia.“ https://www.ceelegalmatters.com/serbia/12586-corporate-governance-in-serbia.