Supporting Romanian market development

This article is brought to you in association with EBRD.

• Launch of revised code, which sets a new standard for business excellence
• EBRD partnered with Bucharest Stock Exchange to develop the new code
• Training for listed companies and other stakeholders to be rolled out in 2025-26

The revised corporate governance code for the Romanian market is published today by the Bucharest Stock Exchange (BVB). BVB and the European Bank for Reconstruction and Development (EBRD) worked together to review the code, aligning it with recent regulatory changes, with updated global standards and market stakeholders’ priorities.

The main purpose of the code is to support the issuer’s corporate resilience in a rapidly changing world, to increase market resilience and access to capital, as well as to foster innovation and sustainable practices.

The code is applicable to all companies listed on the main market of Bucharest Stock Exchange. The first year of reporting compliance with the new code is 2026, for the financial year 2025. BVB will monitor issuers’ compliance with the corporate governance code on an annual basis and will publish annual aggregate monitoring reports.  

A training framework for issuers and other stakeholders will start in February, with a launch conference. During the conference will be announced the training schedule for issuers and other stakeholders with regard to the code.

The move will support Romania’s ambition to join the Organisation for Economic Co-operation and Development (OECD), an international hub for development of economic and social policies which is also a global standard setter in corporate governance.

“We are proud to partner with Romania in launching the revised corporate governance code, an important milestone for OECD accession. The code will strengthen market dynamics, create the foundation for sustainable growth and ensure engagement of companies with their investors to maximise the benefits of the transformative potential of corporate governance reforms. This code is a testament to the country’s dedication to building a robust and competitive corporate ecosystem.” said Victoria Zinchuk, EBRD Head of Romania.

“This code is more than a regulatory tool; it is a catalyst for trust, fostering a business environment where transparency and accountability thrive. It signals to investors that Romania is ready to compete on a global stage.” said Radu Hanga, Chairman of the BVB Board.  

Adrian Tanase, BVB’s Chief Executive Officer, added: “The implementation of the revised corporate governance code comes at an important time as Romania seeks to attract new listings, increase its liquidity and elevate its capital markets to Emerging Market status. Strong governance standards are essential to ensuring that we achieve these milestones.”

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 BVB and EBRD have been supported in revising the code 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 the Investor Relations concept in Romania, Envisia-Boards of Elite, the business school for board members and C-level executives, and Sodali & Co. 

In 2023, the EBRD invested €658 million in Romania. Since cooperation began in 1993, the Bank has committed almost €11.5 billion to 550 projects in the country, of which 82 per cent is in the private sector.