Corporate governance

All Baltic stock exchanges adopted the Corporate Governance codes (Codes), which means that the listed companies should now review their reporting system and adjust it to the Codes. The Codes were developed by a roundtable of experts - issuers, investors, auditors, entrepreneurs, public sector representatives, lawyers, local financial supervisory authorities and others.

The Codes provide procedural instructions for companies and help to resolve conflicts of interest and prevent special interest groups from exerting too great influence on the management of the company. It must be clear to investors, which regulations that take into account the interests of shareholders are followed in the management of the company, and which are not.

The Codes also provide recommendations as to composition of the management bodies, openness and transparency and other important aspects of governance, thus further ensuring fair treatment and equal access to information for all shareholders. The Codes are applicable under the comply-or-explain principle whereby companies must comply with the Code or explain why they have chosen an alternative approach.


The Codes are in force on all three exchanges from January 1, 2007.