| Abstract [eng] |
Corporate Governance Code for the Companies Listed on NASDAQ OMX Vilnius. Is It Time for a Change? After more than six years since the last changes were implemented in Code of Management of NASDAQ OMX Vilnius Listed Companies, the necessity to evaluate whether global changes (promotion of diversity in collegial bodies, implementation if increasing social responsibility of companies, and strengthening of security of minority shareholders) have created the imperative to correct the existing principles or introduce new ones into the Code. Also, it is important to evaluate whether the companies listed in NASDAQ OMX Vilnius Stock Exchange follow the system “comply or explain”. This Masters Thesis analysis problems related to Board and Board of Observers activates, rights of shareholders, and effect of the system “comply or explain”, and the aim aspired is to create suggestions regarding changes in Code of Management of NASDAQ OMX Vilnius Listed Companies that could be useful aiming to amend and renew the Code. The analysis of how companies listed in NASDAQ OMX Vilnius Stock Exchange follow the system “comply or explain” is one more aim of the Thesis. As it is shown in the Thesis companies listed in NASDAQ OMX Vilnius Stock Exchange increasingly fall behind large part of States of European Economic Area in variety of members in collegial bodies and especially in gender diversity promotion. Aiming to solve this situation there is a proposal in the Thesis to establish the recommendation regarding the policy of variety of members in the Code and regarding gender diversity quota setting would be the most valuable way, while the question of sufficient effort and time designation of collegial members could be solved recommending to establish maximum amount of positions inside the company. The same tenures of Management and Observation Body members and the mode of term regulation would be the best as it would help to avoid implementation of formal term which may conflict with needs and specifics of certain company. Having examined problems related to rights of shareholders, the need of establishment of better mechanism aiming to determine the identity of foreign shareholders and investors in the level of European Union is depicted in this Thesis. Also, the value of the right for shareholder forums and shareholders to receive data lists of other shareholders aiming to establish better conditions for mutual cooperation and communication is evaluated. Having examined the possibility to participate in General Shareholder Meetings via electronic communication the decision was made, that though legal basis was already established, both shareholders and Listed Companies do not express the need for such activities. Aiming to evaluate the quality of explanations furnished by the companies and determine main drawbacks the empiric evaluation of explanations of companies listed in NASDAQ OMX Vilnius Stock Exchange is performed in the Masters Thesis. Based on the results of the analysis having determined main mistakes of the companies and recommendations that are mostly not observed by them, the conclusions on the remedies to improve the quality of explanations of the companies are furnished in the Master Thesis. Finally the possibility of implementation of legal remedies in case the company furnishes insufficient explanations regarding observance of Code of Company Management and assignment of explanations to the sphere of regulated information as more strict alternative to the existing regulation are evaluated in the Thesis. |
