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COOPERATION WITH THE ALBANIAN CORPORATE GOVERNANCE FORUM Tirana, 22 June 2006 – IFC is working with partners from governmental and nongovernmental sectors across the region to improve regulatory frameworks, establish new corporate governance institutions and promote principles of good corporate governance. On May 23, 2006 Southeast Europe Corporate Governance Project signed a Memorandum of Understanding with the Albanian Corporate Governance Forum. The Forum is a network composed of nine governmental and nongovernmental institutions: • • • • • • • • • Securities Commission of Albania, Institute of Chartered Accountants of Albania, Tirana Stock Exchange, Share Register Center, Union of Chambers of Commerce and Industry, Albanian-American Chamber of Commerce of Albania, the Institute of Economy of the Albanian Academy of Sciences, the Department of Management - Faculty of Economy of Tirana University and the Albanian American Trade and Development Association.
On 14 June 2006, IFC and the Albanian Forum held a roundtable discussion on how to organize a shareholders’ meeting. The participants discussed how to notify shareholders, set the agenda, organize voting, keep minutes and distribute decisions taken at the meeting to shareholders. Representatives of fifteen Albanian joint stock companies participated at the roundtable. On 29 June 2006, a roundtable discussion about the benefits of listing shares at stock exchanges took place in Tirana. The benefits of listing company’s shares include: access to capital for growth, higher public and investor profile, improved valuation and reassurance of customers and suppliers. Representatives of twenty Albanian joint stock companies also discussed the application of corporate governance standards when listing company’s shares. Good corporate governance is a prerequisite for listing and provides assurance to investors.
Participants at roundtables in Tirana, Albania discussing organization of shareholders’ meetings and benefits of listing shares
PRIVATE ENTERPRISE PARTNERSHIP SOUTHEAST EUROPE