Serbian Association of Economists

Rules

RULES ON ACQUIRING AND RENEWING
THE STATUS OF A CORPORATE DIRECTOR

 

Article 1
Purpose
These rules regulate the conditions and the procedure of admission into the Serbian Association of Corporate Directors (hereinafter: the Association) and the issuance and renewal of the relevant certificates.

Article 2
Membership
Membership in the Association is acquired pursuant to the prescribed application and approval procedures.
Founding members accede to the Association by signing the membership form. A signed membership form is an expression of free will of an individual who accedes to the Association by accepting its Statute and the mission, the Code of Ethics and the Corporate Governance Code adopted by the Association. Founding members endorse the OECD (Organisation for Economic Co-operation and Development) Principles of Corporate Governance.
Members may be individuals with a status of corporate director (members of management and supervisory boards), as well as general managers and deputy general managers of companies, banks and other corporate-type organizations (insurance companies, investment funds, pension funds, brokerage firms, etc) operating on the territory of the Republic of Serbia. 
One founding member is a representative of a group of partners in certified auditing companies, consulting companies and law firms. 
Other members acquire membership on the basis of the prescribed admissions procedure.
The admissions procedure consists of registration of candidates for membership or associate membership, fulfillment of conditions for acquiring the status of a member or an associate member and making decision about admission to membership or associate membership.

Article 3
Candidates for membership
The candidates for membership may be:
- corporate directors (members of the boards of managing directors, supervisory board, general managers and deputy general managers of companies, banks and other corporate-type organizations);
- eminent executives of companies, banks and other corporate-type organizations;
- university professors.
Eminent managers are defined as members of executive boards of directors and managers of business functions in large and medium-size enterprises as classified by the Law on Accounting, as well as bank managers with extensive and medium authority and executives in other corporate-type organizations.
University professors in the scope of these Rules are defined as full or associate university professors engaged in corporate governance or a related area of study.

Article 4
Candidates for Associate Membership
A candidate for associate membership in the Association may be a partner in a certified auditing company, consulting company or law firm.
Article 5
Evidence of Membership
The principal evidence of membership in the Association is the certificate. In addition to the general title of "Certificate of Corporate Director," the certificate also specifies membership status as "Founding Member," "Member" or "Associate Member" and lists the completed training courses.
The Certificate is issued in Serbian and English language and it is valid for two years. The Certificate is signed by the President of the Association.

Besides the Certificate, the membership in the Association is acknowledged on the Internet presentation of the Association and in the membership database.  Candidates for membership and associate membership also have the right to be included into the Association's database.

Article 6
Center for Corporate Governance
The Association delegates to the Center for Corporate Governance [Institute of Directors] the tasks of recruiting, database management, monitoring and training of corporate directors. This is a professional forum established by the Alliance of Economists of Serbia to serve the needs of the Association.
The Center for Corporate Governance comprises seven members. Members of the Center for Corporate Governance are appointed for a five year term.

Article 7
Center for Corporate Governance – Activities
The Center for Corporate Governance engages in the following activities:

  • creating the database of founding members, members, associate members and candidates;
  • preparation, organization and conducting of the Programme of Education and Training;
  • evaluation of training programs that are not conducted by the Center for Corporate Governance;
  • testing knowledge of candidates for membership or associate membership;
  • submitting confirmation letters according the fulfillment of conditions to the relevant bodies of the Association for admission of candidates;
  • submitting proposals to the relevant bodies of the Association for renewal of membership status.

Article 8
Programme of Education and Training
Acquiring and maintaining a membership status in the Association requires participation in the Programme of Education and Training.
The Programme of Education and Training consists of a general training in economics and of a specialized training in different areas of corporate governance.
The general training includes economic topics analyzed in the framework of conferences organized by the Alliance of Economists of Serbia.
The specialized training includes seminars in five areas of corporate governance:

  • Strategic Management
  • Financial Management
  • Managerial Accounting
  • Business Law
  • Investments.

In addition to members of the Center for Corporate Governance, external experts and eminent directors (director-to-director program) from the country and abroad are engaged in conducting the trainings.
Seminars are held as one-day or two-day events and are accorded a certain number of points.
Members and candidates for membership in the Association are encouraged to participate in training programs outside the Center for Corporate Governance but may acquire a maximum of 40% of total training points required for renewing or acquiring membership in the Association in programs outside the Center for corporate governance.

Аrticle 9
Renewal of Membership – Conditions
Founding members, members and associate members, on the basis of a notification issued by Center for Corporate Governance and at least 30 days prior to the expiration of the Certificate of corporate director, must give their consent for the initiation of procedure for renewal of membership status in the Association by applying the appropriate request form.
In order to renew the status of a member or associate member of the Association, the individual must fulfill three conditions.
Firstly, the Code of Ethics of the Association and the adopted Code of Corporate Governance must be respected in the period of member's or associate member's participation in the Association. The Association's Ethics Committee monitors the member's or candidate member's behavior in this regard.
Secondly, participation in at least two conferences organized by the Alliance of Economists of Serbia within a two-year period is required.
Thirdly, participation in specialized seminars on corporate governance (at least four seminars in at least three areas of specialization in corporate governance within a two-year period) is required. A certain number of seminars organized by the Center for Corporate Governance may be substituted by relevant seminars organized by similar organizations.

Article 10
Renewal of Membership – Procedure
When the founding member, member or associate member whose certificate has expired fulfils the conditions defined by the Programme of Education and Training, the Center for Corporate Governance submits a proposal for renewal of membership to the Executive Board of the Association, which consults the Ethics Committee prior to adopting the final decision on extending the status.

Article 11
Admission – Conditions
Prior to acquiring the status of a member of the Association, an individual has to be a candidate for membership in the Association for at least one calendar year.
In order to acquire the status of a members or associate member of the Association, the individual must fulfill three conditions.
Firstly, the Code of Ethics of the Association and the adopted Code of Corporate Governance must be respected in the period of member's or associate member's participation in the Association. The Association's Ethics Committee monitors the member's or candidate member's behavior in this regard.
Secondly, participation in at least two conferences organized by the Alliance of Economists of Serbia within a two-year period is required.
Thirdly, participation in specialized seminars on corporate governance - at least six seminars in four areas of specialization in corporate governance within a one-year period, a passed examination or at least eight seminars in five areas of specialization in corporate governance within a one-year period, with a passed examination is required. A certain number of seminars organized by the Center for Corporate Governance may be substituted by relevant seminars organized by similar organizations.

Article 12
Admission – Procedure
When a candidate for membership or associate membership fulfils the Programme of Education and Training conditions, the Center for Corporate Governance submits a proposal to the Admissions Committee of the Association, which, in line with the policies of the Association and the opinion of the Ethics Committee, forwards its proposal to the Executive Committee and the General Assembly.
The General Assembly decides on the individual's admission to the Association by a qualified majority of the votes present (2/3 plus one vote of members present).
The General Assembly may reject a candidate by providing an explanation in writing. Candidate has a right to file a complaint against the decision of The General Assembly within a period of 8 days. After receipt of the complaint the General Assembly shall take under consideration statements in the complaint, reconsider its decision and make the final decision within a period of 60 days upon the receipt.

Article 13
The General Assembly has the authority to make changes and  amendments to these Rules, following the procedure established for changing the Statute of the Association.
          The General Assembly  has the authority to give the authentic interpretations of these Rules.

 

Article 14
These Rules come into force the day of the Association's registration by the competent authority.

 

Serbian Association of Corporate Directors
President

Legal documents

Statute
Code of Ethics
Rules

Review of Events

2013

2012

2011

2010

2009

2008

2007

Information

Serbian Association of Corporate Directors
Bulevаr Mihаjlа Pupinа 147
Dobrinjskа 11
Tel: +381 11 3613-409; 2644-980
Fаx: +381 11 3629-689
E-mail: ukds@eunet.rs