Serbian Association of Economists

Code of Ethics

The Founding General Assembly of  the Serbian Association of Corporate Directors, at the session held on May 23 , 2007 in Belgrade, adopted the




The following Code of Ethics reflects the purpose and the character of the the Serbian Association of Corporate Directors as a non-party, non-governmental and non-profit organization whose mission is to enhance the quality of corporate and public governance in Serbia.
The Code of Ethics is intended to provide a guidance on ethical decision-making by corporate directors, going beyond compliance with laws and regulations and embracing the spirit of the law. Ethical behavior is considered to be the best practice in corporate governance and it is compulsory for all members of the Serbian Association of Corporate Directors. Prior to acquiring a status of a member or an associate member all candidates for membership or associate membership shall be fully informed about The Code of Ethics of the Serbian Association of Corporate Directors.

The Code of Ethics stipulates the following norms of behavior:

  1. Enhancing the image of one's organization by complying with the spirit and the letter of all applicable laws, regulations and rules, the endorsed Code of Corporate Governance and the best practices in this area;
  2. Strong commitment to promote triple bottom line approach to business covering the economic, social and environmental dimensions of the organization's activities;
  3. Provision of accurate and timely information to the owners and other interested parties about all the facts relevant to the organization;
  4. Avoiding conflicts of interest, particularly relating to the following:
    • misuse of the organization’s funds;
    • receiving or offering a private service on the basis of one's position within the organization;
    • discussion of confidential information owned by the organization for personal benefit.
  5. Accountability and respect of professional norms and standards in terms of stewardship of resources, in particular those concerning the distribution of profit and compensation system;
  6. Continuous improvement of one's knowledge and skills and commitment to share these skills with managers, employees and other interested parties;
  7. Commitment to cooperation and acting in good faith, with due respect and fairness vis-à-vis the other members of the Serbian Association of Corporate Directors.

Members and candidates of the Serbian Association of Corporate Directors are obliged to apply the above mentioned norms of behavior, promoting ethical and efficient corporate governance. The Ethics Committee monitors the adherence to the Code of Ethics and may also prescribe sanctions in case of any breach of its principles.

Serbian Association of Corporate Directors

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Code of Ethics

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Serbian Association of Corporate Directors
Bulevаr Mihаjlа Pupinа 147
Dobrinjskа 11
Tel: +381 11 3613-409; 2644-980
Fаx: +381 11 3629-689