A report published by the Bucharest Stock Exchange (BVB) on Tuesday, June 30, showed that approximately 71% of the provisions of the new Corporate Governance Code were fully applied, indicating a high level of compliance by listed companies with the new requirements.
At the same time, nearly 28% of responses indicated partial implementation or non-application of certain provisions, meaning that there are still areas where governance practices need to be strengthened.
The report, published by the BVB with the assistance of the European Bank for Reconstruction and Development (EBRD) and the BVB Corporate Governance Commission, is the first to analyze how listed companies apply the provisions of the new Corporate Governance Code. The latter provides an overview of transparency, risk management, and investor relations. The data concerns the 2025 financial year, the first reporting exercise carried out after the entry into force of the revised Code.
The best performance was recorded in the Reporting and Investor Relations chapter, where the compliance rate reached 75.1%. At the opposite end were areas such as governance of management bodies, remuneration policy, and sustainability, where the compliance level stood between 66% and 68%.
The report showed that procedural provisions were more easily implemented than those requiring substantive changes in company management, such as evaluation of board effectiveness, remuneration policies, or advanced governance practices.
Differences also appeared between the two main market segments. Companies in the Premium category reported a significantly higher level of compliance than those in the Standard category, especially regarding risk management.
According to the report, 90.8% of Premium companies comply with risk management requirements, compared to 60.6% in the Standard category, reflecting different levels of maturity in applying corporate governance principles.
The document also showed that independent directors represent 28.8% of the total members of the boards of directors of the analyzed companies. At the same time, although most companies have established audit committees, seven listed companies did not have such a committee in 2025, despite the Code’s recommendations.
EBRD Director for Romania, Victoria Zinchuk, stated that continuous monitoring of how governance rules are applied is essential for strengthening transparency and investor confidence, contributing to the development of a more competitive capital market.
In turn, the CEO of the Bucharest Stock Exchange, Remus Vulpescu, said that the first aggregated report provides a clear picture of how companies have implemented the new Corporate Governance Code and highlights both the progress made and the areas where improvements are needed.
(Photo source: BVB)
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