The Bucharest Stock Exchange (BVB) announced the establishment of its Corporate Governance Committee on Thursday, December 4, to support the implementation of the revised 2025 BVB Corporate Governance Code.
Romania’s capital market recently celebrated 30 years of activity and is undergoing significant corporate governance reform. The revised BVB Corporate Governance Code, updated jointly by BVB and the European Bank for Reconstruction and Development (EBRD), will apply from the 2025 financial year.
The 2024 monitoring report for the previous code indicates high compliance among listed companies in areas such as board independence, conflict-of-interest disclosure, and board structure. However, challenges remain in board evaluation, disclosure practices, and nomination processes, where further guidance and oversight are needed.
The new Committee is intended to serve as a key advisory body, helping to address these weaker areas, BVB said.
The members of the new body are:
Anar Aliyev – Principal Counsel – Corporate Governance at EBRD;
Magadalena Caramilea – Sustainability Director at Autonom Group;
Adriana Lobda – Co-founder of Envisia Boards of Elite;
Calin Metes – Portfolio Manager at Franklin Templeton;
Razvan Rusu – Portfolio Manager at Allianz Tiriac Private Pensions Romania;
Marian Siminica – Executive Director at The Institute for Financial Studies;
Ioan Sumandea – Head of Sustainable Corporate Governance and Financial Markets at Banca Transilvania;
Loredana Chitu – BVB Board member;
Radu Hanga – BVB Board Chairman and Chairman of the Corporate Governance Committee.
The new code is needed in the current context. The OECD Corporate Governance Factbook 2025 shows strong global momentum toward increased board accountability, clearer separation of oversight responsibilities, and expanded sustainability governance.
“Through the introduction of the Corporate Governance Committee, BVB aligns itself with these international trends and reinforces Romania’s progress in meeting OECD expectations during its ongoing accession process. The Corporate Governance Committee will focus on three strategic areas: supporting the implementation and monitoring of the revised Corporate Governance Code, promoting alignment with OECD principles and emerging global governance expectations, and fostering a culture of governance excellence across the capital market through guidance, dialogue, and engagement with listed companies,” the institution noted.
(Photo source: BVB)
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