Proper corporate governance contributes to sustainable economic development

Prishtina, September 9, 2020 – The implementation of corporate governance principles in Small and Medium Enterprises (SMEs) contributes to sustainable economic development by increasing the performance of these companies and facilitating their access to external capital. This was stated during a workshop organized by the American Chamber of Commerce in Kosovo, with the support of the European Bank for Reconstruction and Development (EBRD).

AmCham Executive Director Arian Zeka, stressed that AmCham regards proper corporate governance as highly important as it has a positive impact on improving the prospects for access to finance, fighting of corruption and enterprise management in general. Meanwhile, Vlora Avdiu-Burani, Representative of the EBRD Small Business Advice program stated that this program remains open to providing support for local SMEs regarding corporate governance, while inviting businesses to address the challenges they face through this program.

The workshop was led by Visar Dobroshi, Managing Partner at Recura Financials. Dobroshi emphasized the main pillars on which Corporate Governance must be based, such as responsibility, accountability, correctness, and transparency.

He mentioned the benefits companies enjoy from a good Corporate Governance strategy which ensures continuity and further empowerment of enterprises, attraction of investors, employee retention and increased corporate performance. According to him, in order for corporate leaders to ensure the best possible management of their activities they must create a good and flexible working environment as well as ensure the involvement of their staff in the creation of company policies among other things.

He further mentioned some of the challenges entrepreneurs face today such as attracting and retaining the right staff within the company and adapting to the changing expectations of the new generations. Dobroshi also emphasized the different types of decision making as a key tool for planning corporate continuity, where he singled out joint decision making which creates synergy and combines the talent and experience of all individuals which make up the company. He also delineated the key steps for diagnosing corporate action planning, while stressing that companies with a good management plan are able to better face various challenges.

Representatives of business members of the American Chamber of Commerce who were an active part of this workshop had the opportunity to discuss upon corporate governance as well as offer their perspectives on the strategies implemented by the companies they represent.