The Croatian Financial Services Supervisory Agency (Hanfa), together with Jutarnji list, hosted its 8th annual conference on IPOs, with participants framing going public as a test of a company’s readiness for transparent, responsible and sustainable business practices rather than only a capital-raising event. Hanfa also presented results from its 2024 Annual Report on Corporate Governance, including market-wide compliance metrics and early observations from the first year of sustainability reporting under the new European standards. Government and supervisory leaders linked capital market development to trust, political stability and clearer regulatory frameworks, and highlighted measures such as government retail bonds, the e-Riznica and m-Riznica digital platforms and a planned IPO fund as initiatives supporting market participation. Hanfa’s leadership stressed that IPOs increase demands for transparency and accountability, with corporate governance underpinning risk management and ESG goal-setting; awards for best compliance with the Corporate Governance Code in 2024 went to Podravka grupa d.d. (Prime Market), Končar - Elektroindustrija d.d. (Official Market), Ericsson Nikola Tesla d.d. (Regular Market) and Hrvatski Telekom d.d. (greatest progress). The governance report put overall Code compliance in 2024 at 72%, led by Leadership (84%) and Risk, Internal Control and Audit (81%), with weaker results in Appointments of Board Members (61%) and Stakeholders and Corporate Social Responsibility (58%); it also noted gradual improvement in gender diversity. On sustainability reporting, an analysis of 40 reports found all issuers produced reports under the Corporate Sustainability Reporting Directive and European Sustainability Reporting Standards, while identifying challenges around climate risk methodologies, supply chains and transition planning. Hanfa noted that a new Corporate Governance Code adopted in December 2024 took effect in early 2025 and now applies to all companies listed on the regulated market, with the first reports reflecting its implementation expected in next year’s corporate governance reports.
Croatian Financial Services Supervisory Agency 2025-09-24
Croatian Financial Services Supervisory Agency reports 72% Corporate Governance Code compliance in 2024 and spotlights IPO transparency at annual conference
The Croatian Financial Services Supervisory Agency (Hanfa) hosted its 8th annual conference on IPOs, emphasizing transparency and sustainability. Hanfa's 2024 Annual Report on Corporate Governance showed a 72% compliance rate, with achievements in leadership and risk management but weaker results in board appointments and CSR. The report highlighted the first year of sustainability reporting under new European standards, noting challenges in climate risk methodologies and supply chain management.