- About Us
Montenegro Stock Exchange has improving notice of problem of corporate government in Montenegrin companies. Corporate Governance is understood as the system by which companies are directed and controlled. The Corporate Government Code of the Montenegro Stock Exchange emerged as the result of the cooperation between the Montenegro Stock Exchange and the International Financial Corporation (IFC), within the Program of Corporate Governance in the Southeast Europe, which is being implemented with the financial support of the Swiss State Secretariat for Economic Affairs (SECO). The Code was adopted at the ninth session of the Board of Directors of the Stock Exchange, which took place on May 13th, 2009.
The Code represents a set of rules and principles aimed at improving the corporate governance practice, which are articulated in the structure of the Code through the following:
- Recommendations whose implementation is linked to the application of the rule „comply or explain“ that implies a mandatory implementation of recommendation or explanation of reasons for non-compliance.
- Provisions whose intention is to more closely indicate the desirable practice of the corporate governance and methods for an efficient realization of the recommendations’ objectives.
Up to now five Montenegrin companies adopt the Code: Zetatrans logističke usluge Podgorica (ZETP), Željeznička infrastruktura Crne Gore Podgorica (ZICG), Željeznički prevoz Crne Gore AD Podgorica (ZPCG), Montecargo AD Podgrorica (MORG) and 13 - jul Plantaže AD Podgorica (PLAP).
As the result of the cooperation with the International Financial Corporation (IFC), Board of Directors of Montenegro Stock Exchange adopted ScoreCard for Corporate Government . The Card was adopted at the third session of the Board of Directors of the Stock Exchange, which took place on Feb 23th, 2011. ScoreCard is designing like questionnaire with six chapters:
- Commitment to corporate governance principles and social responsibility
- Shareholders and General Meeting of Shareholders
- Board of Directors
- Chief Executive Officer and Secretary of the company
- Supervision and control activities
- Transparency and disclosure
Download the Montenegro Stock Exchange Corporate Governance: Corporate Governance Code.
Download the scorecard of Montenegro Stock Exchange Corporate governance: Score Card.