The protection of the minority and majority shareholders represents a challenge for the enterprises that are implementing the principles of corporate governance, the head of the parliamentary commission on economy, budget and finance Veaceslav Ionita said in the opening of the meeting of the Eurasia Group on Corporate Governance of the Organization for Economic Cooperation and Development (OECD). The event was held in Chisinau on June 3, under the aegis of the National Financial Market Commission, IPN reports.
According to Veaceslav Ionita, when a shareholder owns 90% of the shares, while the rest 10% belong to 170,000 minority shareholders, the conflicts that appear between the two categories of shareholders represent an impediment to business development and attraction of investments. This is a bad inheritance from the privatization process that took place in Moldova. “When they speak in the West about the implementation of the principles of corporate governance, they mean transparency in the work of the companies and the shareholders’ access to information. We also face other problems, to which we hope to find solutions,” stated the MP.
Aurica Doina, a member of the Administration Board of the National Financial Market Commission, said the corporate governance is the mechanism for creating a normal atmosphere of cooperation between shareholders, suppliers and clients of enterprises. “In Moldova, the implementation of the Corporate Governance Code that was approved in 2007 is optional. However, there are many companies that implement good practices in this field, especially the banks and insurance companies,” she added, voicing hope that amendments will be made to the legislation to improve corporate governance.
The Eurasia Group on Corporate Governance was constituted by the OECD in 2011, with the participation of the authorities of capital markets, stock exchanges and other relevant bodies from Armenia, Azerbaijan, Belarus, Georgia, Moldova, Turkmenistan, Ukraine, and other countries. The Group represents a platform for identifying the best corporate governance practices.
