Under Article 10 of the Regulation, the BVB Board of Governors may establish Special Commissions with advisory roles in key areas related to BVB’s activity as a market operator, enabling the involvement of individuals with expertise in capital markets, financial regulation and corporate governance to support decision-making processes.
The establishment of the Committee comes at a pivotal time for Romania’s capital market, which is undergoing significant corporate governance reform. The revised BVB Corporate Governance Code, updated jointly by BVB and the European Bank for Reconstruction and Development (EBRD), will apply from the 2025 financial year. The 2024 monitoring report for the previous Code indicates high compliance among listed companies in areas such as board independence, conflict-of-interest disclosure and board structure. However, challenges remain in board evaluation, disclosure practices and nomination processes, where further guidance and oversight are needed. The Committee is intended to serve as a key advisory body, helping to address these weaker areas and reinforce overall governance standards.
BVB is honored to have the following experts as part of the Corporate Governance Committee: Anar Aliyev – Principal Counsel – Corporate Governance at EBRD, Magadalena Caramilea – Sustainability Director at Autonom Group, Adriana Lobda – Co-founder of Envisia Boards of Elite, Calin Metes – Portfolio Manager at Franklin Templeton, Razvan Rusu – Portfolio Manager at Allianz Tiriac Private Pensions Romania, Marian Siminica – Executive Director at The Institute for Financial Studies, Ioan Sumandea – Head of Sustainable Corporate Governance and Financial Markets at Banca Transilvania, together with Loredana Chitu – BVB Board member and Radu Hanga – BVB Board Chairman and Chairman of the Corporate Governance Committee.
Developments at the international level provide further context for the Committee’s relevance. The OECD Corporate Governance Factbook 2025 shows strong global momentum toward increased board accountability, clearer separation of oversight responsibilities and expanded sustainability governance. With 92% of jurisdictions now including board-level risk oversight provisions and 79% requiring sustainability reporting, global frameworks underscore the importance of comprehensive governance systems that ensure resilience, transparency and long-term value creation. Through the introduction of the Corporate Governance Committee, BVB aligns itself with these international trends and reinforces Romania’s progress in meeting OECD expectations during its ongoing accession process.
The Corporate Governance Committee will focus on three strategic areas: (1) supporting the implementation and monitoring of the revised Corporate Governance Code, (2) promoting alignment with OECD principles and emerging global governance expectations, and (3) fostering a culture of governance excellence across the capital market through guidance, dialogue and engagement with listed companies. Its activity is intended to contribute to a more transparent, well-regulated and investor-oriented market environment.
By introducing the Corporate Governance Committee, the Bucharest Stock Exchange reaffirms its dedication to strengthening governance standards and enhancing the credibility and competitiveness of Romania’s capital market. This initiative underscores BVB’s commitment to robust corporate governance as a foundation for sustainable growth, investor protection and long-term market development.