Corporate Governance 

Listed companies must comply with the Securities Market Association's Corporate Governance code. The Commission's Regulation on Prospectuses requires that a company applying for listing takes a stand in its prospectus on how it complies with a domestically issued recommendation.

TheSecurities Market Association's code has been issued according to the Comply or Explain principle, ie, as a rule, company should comply with the recommendation in its entirety. If a company departs from the recommendation, it must disclose and justify such departure. FIN-FSA considers the following subject areas covered by the recommendation as being of particular relevance from the viewpoint of the previously discussed qualitative capacities for listing: competence and independence of board members, remuneration of the board members and management, operating principles of internal control and organisation of risk management.

9 May 2011