Bucharest Stock Exchange launches revised corporate governance code for Romanian market, with EBRD support

• 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.”