REPEATED EVALUATION OF THE "COMPANY GOVERNANCE CODE" WILL BE DONE IN MAY

Open joint-stock companies, insurers, and companies engaged in non-bank financial trust services (and investment management activities) must follow the "Corporate Governance Code" recently approved by the Financial Regulatory Commission (FRC). When the FRC reviewed the Code’s implementation among the reports of 116 companies in the regulated sectors, it had increased by an average of 16.4% by the end of 2022. Also, at the beginning of this year, the report on the implementation of the code of joint-stock companies (registered in categories I and II of the Stock Exchange) has been reviewed and approved; and time-bound assignments have been given in response to the report. In addition, to ensure the fulfillment of the tasks, a repeat evaluation will be conducted next May. In this way, the work of determining the ranking of corporate governance (based on the results of the evaluation of the quality of corporate governance, or the implementation of the Code) will be fully implemented in the regulated sectors. Assessing the implementation of the ‘Corporate Governance Code will be undertaken:

•           according to the required methodology,

•           with issue of a unified report (determining the governance level of each sector)

•           defining the current conditions, risks, and trends of corporate governance,

•           improving the regulatory environment, and

•           providing quality indicators needed by customers and investors to make decisions.

For this reason, the FRC regularly analyzes the results of the evaluation of the implementation of the ‘Corporate Governance Code and regularly disseminates information to the public.