Hanfa successfully completed the project aiming at strengthening corporate governance and regulatory capacity in Montenegro
Key activities of the Twinning Light project “Strengthening Corporate Governance Provisions and Administrative Capacity of the Capital Market Authority of Montenegro” were held in Podgorica during the week of 15 -19 September 2025.
A training on the new Corporate Governance Code was organised on 16 September 2025. One of the key results of the project was the development of a modern Code of Corporate Governance in Montenegro, fully aligned with the standards of the European Union and the OECD.
The results of the project were demonstrated by Andreja Hašček, the Member State Project Leader and Head of Hanfa’s Issuers Supervision Directorate, and Ilda Pepić from the Capital Market Authority of Montenegro, the Beneficiary Country Project Leader, through presentations on two key project components.
The following day saw the closing ceremony, attended by the member of the Hanfa Board Jurica Jednačak, Hanfa’s experts and representatives of the Delegation of the European Union to Montenegro and the Capital Market Authority of Montenegro. The event also brought together representatives of Montenegrin and European institutions, market participants and experts in the field of finance and corporate governance. It was also attended by Veselko Grubišić, the Ambassador of the Republic of Croatia to Montenegro.
Speaking at the ceremony, Jurica Jednačak pointed out: “Cooperation with Montenegrin institutions, and in particular with the Capital Market Authority, is an illustrative example of how such cooperation can be effective both in terms of achieving our supervisory and regulatory objectives and in the process of transferring knowledge and experience with a view to providing support in the process of Montenegro’s accession to the European Union.”
Ambassador Grubišić also addressed the attendees, stressing that this is the tenth of a total of twelve Twinning projects in Montenegro whose implementation was led by Croatian institutions: “Croatia remains deeply committed to continuing this kind of cooperation. Sharing knowledge and experience is essential for any further progress, and this project confirms that we can deliver concrete, measurable and sustainable results through joint efforts and a partnership approach”.
A speech was also delivered by a representative of the Delegation of the European Union to Montenegro, Bernard Brunet, who pointed out: “This Twinning project has proven to be a successful partnership between Montenegro, Croatia and the European Union. The project provided Montenegro with important support in the progress of the EU accession negotiations, in particular in fulfilling the final criteria related to the alignment with European legislation in the field of company law. In the coming months, the EU and Montenegro will work intensively to close this chapter of the negotiations. The project has also contributed to strengthening the capacity of the Capital Market Authority, which is an essential prerequisite for the effective application of European rules and standards upon the accession. The European Commission also welcomes the adoption of a modern Corporate Governance Code, as an important step in enhancing trust and transparency among investors. I am convinced that this will encourage new investments in Montenegrin companies and the economy, for the benefit of all citizens.”
Željko Drinčić, the President of the Capital Market Authority of Montenegro, thanked the Delegation of the European Union for its continuous support, Hanfa for its partnership and expertise, the Ministry of Finance, the Central Depository and Clearing Company, the Montenegro Stock Exchange, and all financial system institutions for their commitment and contribution, adding that “corporate governance, high professional standards and transparency are key to investor confidence and the sustainable development of the capital market. We continue to build together a market that is stable, professional and competitive, in line with European standards and best practices.”
This Twinning Light project has once again confirmed the role of Hanfa as a reliable regional partner in the development and modernisation of regulatory practices. It also strengthened bilateral relations between Hanfa and the Capital Market Authority of Montenegro, encouraging Montenegro's further convergence with the European economic and financial area.
