Get the latest delivered to your inbox
Privacy Policy

Now Reading

Leading Croatian Companies Improve their Public Disclosures on Corporate Governance and Corporate Social Responsibility (CSR)

Leading Croatian Companies Improve their Public Disclosures on Corporate Governance and Corporate Social Responsibility (CSR)

Published 03-12-07

Submitted by Partners for Financial Stability (PFS) Program

ZAGREB, CROATIA - March 12, 2007 - Results of the third annual research project on public reporting by the top Croatian public companies show that firms have continued to improve their public reporting on corporate governance (CG) and corporate social responsibility (CSR).

The survey of websites entitled, "Investor Relations On-line" found that in each of the past three years, leading Croatian firms provide more of the information that is useful to investors. For instance, more than half of all surveyed firms provide financial statements online, and 74% of firms provide at least the names of their management board members.

Results of the survey entitled, "Reporting on Corporate Social Responsibility by Leading Croatian Firms," indicate a slow but steady improvement in this important aspect of public disclosure. The overall level and quality of leading firms' reporting on their corporate governance structure, environmental activities, and social policies has risen steadily from a low starting base when the surveys were first conducted in late 2004.

Researchers also conducted a comparison of Croatian firms' public disclosures with those of leading companies in other Central European countries. In this regard, researchers found that, in general, Croatian firms are catching up to their peers in the New European states in terms of their public reporting on corporate governance and corporate social responsibility.

Furthermore, in a special analysis of "best practices" by leading Croatian firms, ZSEM’s researches found that a group of about 10 leading firms has reached a level of disclosure which can be considered quite good for a transition country.

The full results of the two surveys were released at a conference for journalists and the public on Wednesday afternoon, March 7, 2007, at Zagreb School of Economics and Management, Jordanovac 110, Zagreb, Croatia.

ZSEM, in cooperation with the PFS Program, conducted the research on CG and CSR reporting in leading Croatian companies. The sample of 43 leading Croatian public or "public nature" companies represents 82% of overall market capitalization and 66% of overall turnover on the Croatian stock market. A research team led by Leslie Matthews Å ulenta, Mirna Koričan & Andrijana MuÅ¡ura conducted the research, analyzing websites and annual reports through two separate surveys "“ IR Online and Reporting on CSR.

As summarized by Dr. Djuro Njavro, dean of ZSEM, "We are pleased to see steady improvement in public reporting by leading Croatian companies. This reflects the trend of development seen in the capital markets in general. Our purpose in conducting this research for the past three years has been to promote a favorable investment climate in Croatia."

The surveys may be found on the websites of ZSEM and the PFS Program: http://www.zsem.hr and http://www.pfsprogram.org/capitalmarkets_research.php

About ZSEM

http://www.zsem.hr under the link Projects

Contact: Zagreb School of Economics and Management
Address: Jordanovac 110, 10 000 Zagreb
Tel: 01 235 4147; Fax: 01 235 4155
E-mail: mirna.korican@zsem.hr; andrijana.musura@zsem.hr
URL: www.zsem.hr

About the PFS Program

The United States Agency for International Development (USAID) established the Partners for Financial Stability (PFS) Program in 1999 as a public-private partnership to help complete reforms necessary to create sound, private and well-functioning financial sectors in the eight Central and Eastern European (CEE) countries that have since joined the European Union. In 2005, the geographical focus of the program shifted to South East Europe (SEE).

East-West Management Institute (EWMI), a New York-based not-for-profit organization, is currently the primary implementing partner.

The PFS Program is mandated to fill remaining gaps in the institutional development of the financial sector in CEE and SEE countries through regional integration and cooperation, selective technical assistance programs and the practical application of lessons learned in neighboring countries. The substantive areas covered under the PFS Program are: accounting, auditing, banking, capital markets, insurance and pension reform. For more information, please visit the PFS Program website at www.pfsprogram.org

Partners for Financial Stability (PFS) Program logo

Partners for Financial Stability (PFS) Program

Partners for Financial Stability (PFS) Program

The United States Agency for International Development (USAID) established the Partners for Financial Stability (PFS) Program in 1999 as a public-private partnership to help complete reforms necessary to create sound, private and well-functioning financial sectors in the eight Central and Eastern European (CEE) countries that have since joined the European Union. In 2005, the geographical focus of the program shifted to South East Europe (SEE). East-West Management Institute (EWMI), a New York-based not-for-profit organization, is currently the primary implementing partner. The PFS Program is mandated to fill remaining gaps in the institutional development of the financial sector in CEE and SEE countries through regional integration and cooperation, selective technical assistance programs and the practical application of lessons learned in neighboring countries. The substantive areas covered under the PFS Program are: accounting, auditing, banking, capital markets, insurance and pension reform. For more information, please visit the PFS Program website at http://www.pfsprogram.org/

More from Partners for Financial Stability (PFS) Program

Join today and get the latest delivered to your inbox