EBRD to help Croatia improve corporate governance standards

While Croatia has had a code for listed companies since 2007, the regulation needs constant renewal and adaptation in response to market developments and changes in the wider regulatory environment, the EBRD said in a statement late on Tuesday.

Croatia's existing code was drafted in 2007 by ZSE in cooperation with HANFA for companies listed on the ZSE and was updated in 2011. Its introduction has led to significant progress with the principles of transparency of business operations, avoidance of conflicts of interest, efficient internal control and effective division of responsibilities, but now the code requires further development, the EBRD said.

The EBRD will now review the code in order to align it with international standards and best practices.

"The aim of this process is to strengthen the implementation of best practice, enhance the monitoring of companies and improve transparency," the bank noted.

To date, the EBRD has invested 3.6 billion euro ($4.3 billion) in 197 projects in Croatia.

($=0.844371 euro)