Review of the Romanian Market’s Corporate Governance Code by EBRD and BVB, with the expertise of Envisia Boards of Elite



In the eve of the Future of Corporate Governance International Conference, 3rd edition this year, Envisia is honored to be nominated, together with EBRD, the General Secretariat of the Government of Romania, the Agency for Monitoring and Evaluation of the Performance of Public Enterprises, the Financial Supervisory Authority and the Romanian Investor Relations Association, to collaborate on the revision of the Corporate Governance Code of the Bucharest Stock Exchange, in order to align it with recent regulatory changes and up-to-date international standards.




"It is a success and a validation of the knowledge and the expertise brought by Envisia in the area of governance policies and procedures and the professionalization of the Boards - the ultimate level of leadership in the economic ecosystem," said Carmen-Daniela Micu, CEO and founding member of Envisia Boards of Elite.

"Revised standards of corporate governance will generate competitive advantage equally for listed and non-listed companies in Romania and will ensure good practices derived from OECD principles. We trust the revised BVB Governance Code will be instrumental in enhancing transparency and rigor, but in such a way that minimizes reporting burdens on business." Stated Adriana Lobda, founding member of Envisia.

"Specialized programs and workshops, specifically designed by Envisia on the new code of corporate governance will be the key factor in supporting its successful implementation. The boards of the listed companies will be guided through specialized courses to effectively align to the new corporate governance code on the capital market." said Gabriela Hartescu, PhD, Envisia Dean and founding member.

The European Bank for Reconstruction and Development (EBRD) and the Bucharest Stock Exchange (BVB) will work together to review the Romanian market’s corporate governance code, aligning it with recent regulatory changes and updated global standards.

This joint initiative is designed to help listed companies improve their governance and reporting quality, by aligning with EU regulatory changes affecting governance structures, the latest G20/OECD Corporate Governance Principles and best practice in the field. The updated code is expected to provide guidance on emerging issues in governance and reflect the evolving priorities of stakeholders and enhancing their corporate resilience in a rapidly changing world.

The revised version of the Code is meant to be released by the end of 2024, so the first year of reporting compliance with the new Code is 2026 for the financial year 2025. The process of reviewing the Code will take into account the input and insights of all market participants.

“Corporate governance is paramount for investors, who rely on robust governance frameworks to assess the integrity and performance of companies, make informed investment decisions and allocate capital efficiently. By promoting disclosure, oversight, and shareholder rights, effective governance enhances investor confidence, lowers the cost of capital, and reduces agency conflicts,” said Victoria Zinchuk, EBRD Head of Romania.

“These updates are not about compliance, but also about common sense, about aligning governance practices with evolving regulatory frameworks, industry standards, and societal expectations. By applying the good governance principles, companies can enhance transparency, accountability, and risk management, fostering investor trust and safeguarding long-term sustainability,” said Radu Hanga, Chairman of the BVB Board.  

Adrian Tanase, BVB CEO added: “Strong governance signals management's commitment to long-term value creation, including sustainability, aligning shareholder interests with corporate objectives and fostering sustainable shareholder returns. This underscores the crucial role of the Code in the investment landscape, making it a key area of interest for investors.”

The EBRD has a close and long-established relationship with BVB, including joint work on the environmental, social and governance reporting guidelines which BVB published in 2022, with technical assistance from the EBRD, as well as the development of the current Corporate Governance Code adopted in 2015.

The EBRD and BVB are supported in the project by representatives of renowned institutions from the international governance landscape and from the Romanian private and public sector: the General Secretariat of the Romanian Government, the Agency for Monitoring and Evaluation of the Performance of Public Enterprises, the Financial Supervisory Authority, the Romanian Investor Relations Association, the promoter of investor relations concept in Romania, and the Envisia Boards of Elite, the business school for board members and C-level executives, actively promoting responsible corporate governance practices.