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The Pension Reserve Fund Of Republic of Srpska a.d. Banja Luka , Banja Luka , Bosnia and Herzegovina
The Pension Reserve Fund Of Republic of Srpska a.d. Banja Luka , Banja Luka , Bosnia and Herzegovina
The European volontary pension a.d. Banja Luka , Banja Luka , Bosnia and Herzegovina
The European volontary pension a.d. Banja Luka , Banja Luka , Bosnia and Herzegovina
With the listed companies on the Banja Luka Stock Exchange, it is noticeable that a large number do not adhere to their legally prescribed obligations that are brought to the timely publication of information on business activities. In this regard, the research problem is the unfavorable position of minority shareholders in terms of information on business activities and business results of issuers listed on the capital market. The aim of this paper is to present a critical review of the justification of certain applicable norms and sanctions that exist for non-compliance and to propose more effective measures to preserve the rights of non-controlling shareholders through the presentation of statutory reporting obligations, as well as the role of other institutions, bodies, and entities in this issue and protecting the interests of all stakeholders. Also, the possible legal and economic consequences of the violation of shareholders' rights will be pointed out. The research method is originally a method of induction, when reviewing the current legal regulations, from individual norms to general ones. The conclusion of the research is that a fine for authorized persons who have a subject duty in the company or a ban on voting rights over shares of controlling shareholders would be more effective for compliance with statutory obligations to publish information and reporting, in the interest of all stakeholders, especially minority shareholders. The most important result of the proposed measures is the possibility of achieving timely reporting, so that investors (shareholders) and all other interested parties receive timely information that may affect the investment decision-making process, and avoid negative phenomena such as information asymmetry and agency problems. This "timely transparency" is the basis for establishing full confidence, which should result in all the synergistic positive effects of the capital market.
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