Corporate Governance of the Companies Listed on the Belgrade Stock Exchange

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.