bosnia & herzegovina

In the recent years, BiH has made progress in implementing the corporate governance concept that resulted in increased understanding of business case for CG among local businesses. Sustainable Finance and integrated ESG are o fless demand on the market, though they are very important for BiH considering the EU Sustainable Finance agenda. BiH is part of the 2019 voluntary national review of the High Level Political Forum on Sustainable Development that might identify further needs to address with respect to SF and integrated ESG.
BiH consists of two autonomous entities: the Federation of BiH (FBH) and the Republika Srpska (RS). 

Each Entity has its own company law, regulates its owncorporate governance regime, and has its own Securities Commission and BankingAuthority. The FBH and RS have their own stock exchanges, the Sarajevo StockExchange and the Banja Luka Stock Exchange, respectively. Because of thecomplex structure of country itself, in B&H exist two corporate governance codeson the entity level cover listed companies exclusively ( on two separate stockexchanges). There are no codes or even recommendations for unlisted companiesand also no specially regulated codes and recommendations for state-ownedcompanies (SOE’s).