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Vesna Ilić Ljušić Business Operations Belgrade Stock Exchange Skopje, May 19, 2009.

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Presentation on theme: "Vesna Ilić Ljušić Business Operations Belgrade Stock Exchange Skopje, May 19, 2009."— Presentation transcript:

1 Vesna Ilić Ljušić Business Operations Belgrade Stock Exchange Skopje, May 19, 2009

2  Facts  Market structure  Trading statistics  BELEX vs. SEE  Survey - Corporate responsibility  Conclusion

3  Serbia was the last in the SEE to enter market reforms,  The Belgrade SE registered 7 transactions in equities in the whole 2001,  Serbias’ population 7.4 mln, but only aproximately 0.3% trade,  No IPOs,  Privatization of state-owned copmanies ongoing – but no companies listed,  Underdeveloped debt market – state, municipal, corporate bonds...

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8 BELEX15  15 most liquid shares  Free-float Mcap weighted  26% of free-float Mcap of BELEX  Real-time calculated  Max weight 20%  Index certificates traded in Frankfurt, Stutgart, Vienna and Warsaw BELEXline  80 components  Free-float Mcap weighted  51% of free-float Mcap of BELEX

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11 Stock Exchange Total Market Capitalization 2007 (EUR) Total Market Capitalization 2008 (EUR) Change Banja Luka SE3.961.412.7821.884.483.571-52,43% Belgrade SE18.179.636.89210.345.197.540-43,09% Ljubljana SE26.857.834.56615.617.491.000-41,85% Macedonian SE4.714.939.5582.027.333.625-57,00% NEX Podgorica SE3.581.250.3201.419.802.960-60,35% Montenegro SE3.698.754.9932.256.001.797-39,01% Sarajevo SE7.934.480.6303.992.515.661-49,68% Zagreb SE53.746.435.63724.146.574.096-55,07% Stock Exchange Total Turnover 2007 (EUR)Total Turnover 2008 (EUR)Change Banja Luka SE379.676.297140.651.405-62,95% Belgrade SE2.059.797.987882.476.067-57,16% Ljubljana SE2.226.881.7191.285.790.000-42,26% Macedonian SE681.605.231201.571.384-70,43% NEX Podgorica SE452.825.75782.955.440-81,68% Montenegro SE277.837.77977.378.603-72,15% Sarajevo SE651.569.748243.926.812-62,56% Zagreb SE9.071.278.8354.236.909.987-53,29%

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16 BELEX15TOP 10 (cont) abs% % LOCAL LANGUAGE WEBSITE15100%10100% ENGLISH LANGUAGE WEBSITE1387%990% LIST OF MANAGEMENT / BOARD MEMBERS ONLINE1173%770% ADDITIONAL INFORMATION ON MANAGEMENT / BOARD320%110% ANNUAL FINANCIAL REPORT 2008 (serbian)1280%660% ANNUAL REPORT 2007 (serbian)640%220% ANNUAL REPORT 2007 (english)320%110% SEMI-ANNUAL AND QUARTERLY FINANCIAL REPORTS960%550% SHAREHOLDING STRUCTURE ON WEBSITE/ANNUAL REPORT747%330% GOVERNANCE STRUCTURE ON WEBSITE/ANNUAL1280%770% GOVERNANCE STRUCTURE IN ANNUAL REPORT213%220% SHAREHOLDERS RIGHTS POLICY ON WEBSITE/ANNUAL320%00% ENVIRONMENTAL STANDARDS ON WEBSITE/ANNUAL533%330% ENVIRONMENTAL STANDARDS IN ANNUAL REPORT17%00% EMPLOYEE DEVELOPMENT/BENEFIT POLICY ON WEBSITE/ANNUAL427%110% EMPLOYEE DEVELOPMENT/BENEFIT POLICY IN ANNUAL REPORT213%110% SPONSORSHIP INFORMATION ON WEBSITE/ANNUAL320%2 COMPLIANCE WITH CORPORATE GOVERNANCE CODE747%220% NAMES OF SUPERVISORY BOARD MEMBERS427%00% ADDITIONAL INFORMATION ON SUPERVISORY BOARD MEMBERS427%00%

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19 TOP 10 (cont) June 2007 TOP 10 (cont) February 2008 TOP 10 (cont) March 2009 LOCAL LANGUAGE WEBSITE90%100% ENGLISH LANGUAGE WEBSITE80% 90% LIST OF MANAGEMENT/BOARD MEMBERS ONLINE80% 70% ADDITIONAL INFORMATION ON MANAGEMENT/ BOARD10% ANNUAL FINANCIAL REPORT (serbian)90% 60% ANNUAL REPORT (serbian)20%0%20% ANNUAL REPORT (english)10% SEMI-ANNUAL AND QUARTERLY FINANCIAL REPORTS40%70%50% SHAREHOLDING STRUCTURE ON WEBSITE70%20%30% GOVERNANCE STRUCTURE ON WEBSITE20%50%70% GOVERNANCE STRUCTURE IN ANNUAL REPORT10%0%20% SHAREHOLDERS RIGHTS POLICY ON WEBSITE20%0% SHAREHOLDERS RIGHTS POLICY IN ANNUAL REPORT0% ENVIRONMENTAL STANDARDS ON WEBSITE20% 30% ENVIRONMENTAL STANDARDS IN ANNUAL REPORT10% 0% EMPLOYEE DEVELOPMENT/BENEFIT POLICY ON WEBSITE20%10% EMPLOYEE DEVELOPMENT/BENEFIT POLICY IN ANNUAL REPORT10% SPONSORSHIP INFORMATION ON WEBSITE20%0%20% COMPLIANCE WITH CORPORATE GOVERNANCE CODE0%20% NAMES OF SUPERVISORY BOARD MEMBERS20% 0%

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21 BELEX15 June 2007 BELEX15 February 2008 BELEX15 March 2009 LOCAL LANGUAGE WEBSITE93%100% ENGLISH LANGUAGE WEBSITE86%93%87% LIST OF MANAGEMENT/BOARD MEMBERS ONLINE79%93%73% ADDITIONAL INFORMATION ON MANAGEMENT/ BOARD14%20% ANNUAL FINANCIAL REPORT (serbian)86%87%80% ANNUAL REPORT (serbian)21%7%40% ANNUAL REPORT (english)14%13%20% SEMI-ANNUAL AND QUARTERLY FINANCIAL REPORTS36%60% SHAREHOLDING STRUCTURE ON WEBSITE71%33%47% GOVERNANCE STRUCTURE ON WEBSITE43%60%80% GOVERNANCE STRUCTURE IN ANNUAL REPORT14%7%13% SHAREHOLDERS RIGHTS POLICY ON WEBSITE14%20% SHAREHOLDERS RIGHTS POLICY IN ANNUAL REPORT0%7%0% ENVIRONMENTAL STANDARDS ON WEBSITE36%40%33% ENVIRONMENTAL STANDARDS IN ANNUAL REPORT14%13%7% EMPLOYEE DEVELOPMENT/BENEFIT POLICY ON WEBSITE29%20%27% EMPLOYEE DEVELOPMENT/BENEFIT POLICY IN ANNUAL REPORT14%13% SPONSORSHIP INFORMATION ON WEBSITE29%13%20% COMPLIANCE WITH CORPORATE GOVERNANCE CODE7%33%47% NAMES OF SUPERVISORY BOARD MEMBERS29%40%27% ADDITIONAL INFORMATION ON SUPERVISORY BOARD MEMBERS7%13%27%

22  Online disclosure improved (english and local language web site, list of management/board members, governance structure, annual and financial report, shareholding structure...), but additional information are still not complete  CG Information on the web sites are available in general, but oftenly not easily accesible (web sites are still not investor oriented)  Belgrade SE issued CG Code in cooperation with IFC (International Finance Corporation )  CG code adopted by larger number of companies  Belgrade SE persistant educational efforts on bringing CG to companies Making a progress, but still long way to go...

23 Thank you! Belgrade Stock Exchange www.belex.rs www.belex.info

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