The Corporate Governance Code of the Bucharest Stock Exchange: Comply or Explain
Cosmina Adela StÄƒnilÄƒ ()
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Cosmina Adela StÄƒnilÄƒ: West University of Timisoara
Ovidius University Annals, Economic Sciences Series, 2019, vol. XIX, issue 2, 895-902
The companies in Romania which have their titles traded on the Bucharest Stock Exchange (BVB), must operate in a transparent manner, based on the rules established by the Corporate Governance Code (CGC) of the Bucharest Stock Exchange. The implementation of these rules will be based on the "comply or explain" principle that aims to provide the market with correct and upto-date information on how the listed companies comply with the corporate governance rules. The BVB monitors the degree of implementation of the CGC provisions by the companies listed through the "comply or explain" statement, a statement that includes a self-assessment of how the "provisions to be respected" are met and the measures taken to comply with the provisions that are not fully fulfilled yet. The objective of the work is focused on the analysis of the compliance of the provisions of the CGC, respectively of the level of implementation by the Romanian companies listed on the Main Market of the Bucharest Stock Exchange during 2016-2018. The companies analyzed in the study must comply with a set of principles and recommendations set out in the Corporate Governance Code, based on the fact that these shares are traded on a regulated capital market. The purpose of the CGC is to create an attractive capital market internationally and to increase the confidence in the listed companies, based on best practices, transparency and trust.
Keywords: corporate governance; corporate transparency; Stock Exchange Bucharest (search for similar items in EconPapers)
JEL-codes: G30 M40 M41 (search for similar items in EconPapers)
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