Skopje, 27.12.2024
The Minister of Economy and Labor, Besar Durmishi, announced that the Draft Law on Amendments to the Company Law was adopted in the Assembly following an abbreviated procedure. This Draft Law on Amendments to the Company Law is based on the Reform Agenda, which is integral part of the Growth Plan for the Western Balkans countries, adopted by the European Union.
According to the Reform Agenda, specifically section 4.1.5. Reforms in the management of state-owned companies, the Republic of North Macedonia is obliged to adopt the Draft Law on Amendments to the Company Law by the end of the year, which introduces new rules for appointing independent non-executive members to the board of directors, that is independent members to the supervisory board, for state-owned companies.
If this measure is implemented in a timely manner, in accordance with the Reform Agenda for the Republic of North Macedonia, it is planned to withdraw financial resources in the amount of EUR4.400.906.47.
The notification on the Proposal for Amendments to the Company Law aims to establish special conditions that determine the required work experience for the selection and appointment of independent non-executive members of the board of directors, that is, independent members of the supervisory board in a company with full and dominant state ownership.
In other words, for the selection and appointment of an independent non-executive member of the board of directors, or more precisely an independent member of the supervisory board, the candidate must have at least four years of work experience, specifically in the area of financial operations and legal matters.
In such manner, the Draft Law is expected to create an appropriate legal framework for adjusting the criteria for the selection of independent non-executive members of the board of directors and independent members of the supervisory boards in joint-stock companies with dominant state ownership, in order to ensure quality management and efficiency, and thus contribute to raising the expertise and professionalism in the management and supervision of the operations and governance of these companies.
