Corporate governance – system of rules, conducting and controlling corporations, which should enable optimization of operating managers in favor of capital owners (shareholders). In countries with developed capital market efficient corporate governance enables the stock market. Namely, stock market stocks are a real reflection of the fundamental (fundamental) values of corporations. If stock prices are growing, it is only evidence that managers work well, for which awards and stimuli follow. Conversely, if stock prices are declining, managers can be changed by the owners (shareholders) or by the new owners, if the firm is taking. Corporate governance in the Republic of Macedonia is S “even ineffective. The reasons lie in the insufficient development of the capital market, which is why stock prices are not a real reflection of the real performance of enterprises. Weaknesses are also present in the system of informing investors for financial and especially for non-financial performance of the listed firm. However, with the latest amendments to corporate legislation, the Republic of Macedonia made significant progress in this domain. According to the EBRD, from the aspect of the compliance of the legislation in the field of corporate governance with international standards, the Republic of Macedonia is best among the countries in transition. The current efforts in this domain are aimed at: Increasing the efficiency of the implementation of the existing legislation; Improving the informing of shareholders by accepting the EU Directives on transparency regulating the issues of the contents of the financial statements and their supplement with non-financial information (the plans of business development, the quality of managerial teams, etc.); Encouraging the development of capital by offering new types of securities, tax incentives, etc. EBRD TRANSTITION REPORT 2005, 24. EBRD TRANSITION REPORT 2005, 24.; S. Arsov, corporate governance and capital market, “Newsletter” no. 7-8, Ministry of Finance of the Republic of Macedonia, Skopje, 2004. T. F. The fifteenth (Macedonian) Corps of Novi of the Austrian-Yugoslav border (May 1945)
Original article in Macedonian language Cyrillic alphabet
Кириличен напис КОРПОРАТИВНО УПРАВУВАЊЕ