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AATDA AL Corporate Governance Project Reaches Mid-Point -- Shows Excellent Progress

In November, AATDA launched an important initiative to enhance Albania’s business environment by improving corporate business practices and strengthening the legal and regulatory framework in which Albania’s private sector exists. Well underway at the midpoint of the one-year project, AATDA has held meetings with key corporate governance stakeholders and business organizations throughout Albania to introduce the project and its concept, and has conducted a national survey (February-March) of 120 companies and stakeholder groups that is being used to assess the current state of corporate governance in Albania.  

As a result of the survey, a series of Roundtable events are being held to discuss the survey results and map out plans for improving corporate governance. The first Roundtable was held on April 24 in Tirana gathering 28 leaders from the banking, insurance and financial services sectors.  A second Roundtable was held in mid-March with 25 members of government agencies and business organizations including the Tirana Stock Exchange, the Share Registry Center, the Ministry of Economy and Trade and a number of Chambers of Commerce from throughout Albania.   

AATDA AL is also conducting a public awareness campaign through publication of articles in the press, and is developing a television program to be aired on the subject.  Also in process of development is the issuance of two publications, including a reference guide for shareholders, business associations and chambers, and a research report on the capital market in Albania which is intended to provide a roadmap to capital access for Albanian companies. As a result of the project, a plan for development of improved corporate governance will be formulated, articulated, and implemented by group advocacy by AATDA and its network of stakeholder organizations. It is expected that the project will be completed by the end of October. It is funded by the Center for International Private Enterprise (CIPE), an affiliate of the U.S. Chamber of Commerce.