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Zagreb Stock Exchange

Name Zagreb Stock Exchange
Country Croatia
Number of listed companies 97
Domestic market capitalization 22637 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

ESG reporting required as a listing rule Yes

The Croatian Financial Services Supervisory Agency, at the Board meeting held on 17 March 2021, adopted the following: Guidelines for the Preparation and Disclosure of ESG Relevant Issuer Information 

  • The Regulation is oriented towards environmentally sustainable objectives exclusively and prescribes direct obligations, with the following being applicable to issuers:
    – obligation to disclose information for issuers of corporate bonds that are made available as environmentally sustainable and
    – disclosure obligation for all entities subject to non-financial reporting requirements under the NFRD (Articles 21a and 24a of the Accounting Act) as regards how and to what extent their activities are related with economic activities qualifying as environmentally sustainable.
    .

Has written guidance on ESG reporting No

Offers ESG related training Yes

  • With the help of EBRD (European Bank for Reconstruction and Development), in 2010 Zagreb Stock Exchange established the Zagreb Stock Exchange Academy, a department for education in the field of capital markets. Today the Academy is the largest provider of education in financial markets in Croatia.
  • Among others, Academy offers seminar Socially Responsible Investing giving participants the insight in ESG concept.
  • Course offered in March 2021: Responsible investing

Market covered by sustainability-related index No

Has sustainability bond listing segment No

Has SME listing platform Yes

  • Progress Market is multilateral trading facility in Croatia and Slovenia, managed by the Zagreb Stock Exchange, Inc, intended for small and medium enterprises.

Additional information
Organizational model of stock exchange
Public listed company; demutalized in 2016.

Regulatory bodies

Regulatory model
Limited exchange SRO (“Limited exchange self-regulatory organization”)
The Zagreb Stock Exchange is regulated by the Capital Market Act and the Stock Exchange Rules and supervised by Croatian Financial Services Supervisory Agency (CFSSA).

About the stock exchange
Registered office: Ivana Lučića 2a/22, Zagreb, Croatia.

Zagreb Stock Exchange manages the Regulated Market and Multilateral Trading Facility Progress Market, which is also registered as a SME Growth Market.

Zagreb Stock Exchange has been approved as APA (Approved Publication Arrangement) by the Croatian Financial Services Supervisory and is also accredited by the Global Legal Entity Identifier Foundation (GLEIF) for issuing LEI’s.

More info here.

Stock Exchange Database Criteria

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.

Field

Criteria Considered

Conducts business in Country or Market in which the stock exchange operates
Number of listed companies (Date updated) Updated either by the stock exchange directly or using WFE data
Domestic market capitalization  Updated either by the stock exchange directly or using WFE data
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include: 

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.