ENVISIA – BOARDS OF ELITE AND THE BUCHAREST STOCK EXCHANGE LAUNCHED A PARTNERSHIP TO SUPPORT THE COMPETITIVENESS OF BOARDS OF DIRECTORS

//ENVISIA – BOARDS OF ELITE AND THE BUCHAREST STOCK EXCHANGE LAUNCHED A PARTNERSHIP TO SUPPORT THE COMPETITIVENESS OF BOARDS OF DIRECTORS

ENVISIA – BOARDS OF ELITE AND THE BUCHAREST STOCK EXCHANGE LAUNCHED A PARTNERSHIP TO SUPPORT THE COMPETITIVENESS OF BOARDS OF DIRECTORS

By |2021-08-19T18:16:46+03:00July 5th, 2021|Categories: Business|0 Comments

Envisia – Boards of Elite and the Bucharest Stock Exchange (BVB) launched on Monday, July 5, an educational partnership entitled “Corporate governance that creates value,” dedicated to capital market actors. The launching event was a high-level conference attended by representatives from the political-administrative sphere and from the private sector, among the speakers being Mrs. Anca Dragu, President of the Romanian Senate, Mr. Alexandru Nazare, Minister of Finance, Mrs. Teodora Preoteasa, Director General of Programming and System Coordination within the Ministry of European Investments and Projects and Mr Nicu Marcu, President of the Financial Supervisory Authority (ASF), as well as representatives of the professional associations.

The program is designed to boost the competitiveness of boards, promote good business practices and develop the skills and abilities needed by board members, thus contributing to building a strong corporate governance culture. The educational initiative is dedicated to all actors in the capital market, listed companies, companies which are currently being listed or interested in this process, intermediaries and authorities.

“Since 2016, when the updated Corporate Governance Code of the stock exchange came into force, the Bucharest Stock Exchange has promoted transparency, mutual trust and efficient communication of listed companies with shareholders, investors and other entities directly interested in their evolution. Back then, as well as now, we believe that the application of corporate governance rules, as simple and intuitive as possible in the interconnected world in which we live, can generate trust between business partners, an intangible asset which is difficult to obtain and takes constant efforts over time. The partnership with Envisia and the educational program it involves comes to support, in a practical manner, this vision of ours on the usefulness of corporate governance, for all actors in the capital market”, says Radu Hanga, President of the Bucharest Stock Exchange.

“Through this project we bring excellence in education derived from the joint research of Envisia-Henley Business School on the Romanian capital market. It is a joy to partner with the Bucharest Stock Exchange, a hub of Romanian entrepreneurial ambition. The years 2020-2021 mark accelerated changes in global governance, and Romania is positioning itself ambitiously, regionally and globally, through professional development, to be able to capitalize on opportunities that arise, but also to avoid emerging risks, including industrial transitions. A professional board, connected to the latest global expertise, is the best guarantee of success in an increasingly uncertain and complex world”, says Carmen Micu, CEO & Founding Member of Envisia.

The need to develop a set of competencies specific to board members, as well as the associated benefits, are addressed by the Envisia team from several perspectives, with an emphasis on applicability in the real economy.

“We are happy to support the listed companies, and not only, in this effort to stimulate the competitiveness of boards of directors. Change within a company can be generated from the bottom up, from the grassroots, from the requirements of the market and customers, investors, shareholders or employees. At the same time, change can come from the top down, from the management of a company. Through this partnership we actively pursue one of our strategic directions, that of supporting Romanian companies that must adapt quickly and efficiently to new realities of the economic environment. The ultimate goal is as simple as possible, obtaining long-term benefits for the entire ecosystem created around a company,” says Adrian Tănase, CEO of the Bucharest Stock Exchange.

“A strategically designed board of directors, based on a diverse expertise and a wide professional horizon, will consolidate a direction of success already assumed or will indicate new directions of growth, precisely because the board is designed to maximize opportunities. The Romanian market is ready for more, better, more efficient, more profitable; but to grow in the current context of the new “normal” economic recovery, it takes thourough understanding, contextualization, wisdom and timely action, to be at the forefront of the regional and European economy. We aim to provide the local ambition with sources of global development for boards, a know-how that is currently indispensable,” says Adriana Lobdă, Founding Member of Envisia.

The representatives of the listed companies, but also of other entities active in the capital market, will be able to participate starting with October 13, 2021 in the practical courses specially prepared by the Envisia – Boards of Elite team within this partnership. The training sessions will address topics such as: the role and responsibilities of boards and board members, the legal and institutional aspects of governance, the role of audit, risk, nomination and remuneration committees, and other strategic topics on the board’s agenda.

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ENVISIA Boards of Elite is the first business school in Romania designed to train board members, offering state-of-the-art education dedicated to presidents, independent directors, non-executive directors, C-Suite level and high quality professionals through prestigious local and international partnerships.

Envisia has launched for the first time globally the Postgraduate Program Board Practice and Directorship in partnership with Henley Business School UK (a business school with triple accreditation, in Europe and USA: AMBA, EQUIS, AACSB). ENVISIA is an educational partner of prestigious professional associations: CISI – Chartered Institute for Securities and Investment UK, IASE – International Association for Sustainable Economy, AAFBR – Association of Financial-Banking Analysts in Romania, ARIR – Association for Investor Relations in Romania, ACI Romania – Association of Financial Markets, ATR – Association of Romanian Treasurers, AAF – Association of Fund Administrators, ACJSFB – Association of Legal Advisers in the Financial-Banking System, etc.

Envisia’s mission is to develop, through education and specialized services, generations of executives who embody professionalism, ethical conduct and responsibility, adding value to businesses and the community. Envisia actively promotes responsible corporate governance practices, preparing companies and their boards for the contemporary pace of current and future challenges. More information available at: https://envisia.eu/.

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On September 22, 2015, the Bucharest Stock Exchange (BVB) launched a new Corporate Governance Code applicable to companies listed on the Main Market on January 4, 2016. The new Code was designed by BVB with the support of the European Bank for Reconstruction and Development (EBRD) and replaces the Code issued in 2001 and revised in 2008. The objective of the Corporate Governance Code is to increase trust in listed companies, as good governance is a powerful tool for strengthening market competitiveness. The Bucharest Stock Exchange maintains a mechanism based on the “apply or explain” principle, through which clear, accurate and timely information about the compliance with corporate governance rules by issuers is transmitted to the market. Central elements of the Code are the investors’ access to information and the protection of shareholders’ rights. The Code seeks not to impose excessive obligations on listed companies that could exceed the benefits, and each issuer must seek to comply with all the provisions of the Code. The Governance Code of the Bucharest Stock Exchange applicable to companies listed on the Regulated Market is available HERE. The simplified version of the Code applicable to companies listed on the AeRO market has been in force since 2016 and is available HERE.

Watch the event synopsis here: https://youtu.be/JH2PfnCChSo

Watch the full event here: https://www.youtube.com/watch?v=A3esAf2SMlU

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