Harmonization and comparison with EU law of corporate governance in Albania

Abstract

One must recognize that each country has its own corporate culture, national personality and priorities, so there is no single agreed system of "good" governance. The purpose of this study is to further understand the commonalities and differences of corporate governance practices in Albania and EU countries through an analysis of corporate governance codes, practices and legal framework. This research tends to interpret and give information about Albanian company law in the light of provisions of EU company law, which it transposes, focused on corporate governance. The comparison includes legal treaties, dissertations, articles and books, papers on corporate governance. Also there was a consultation with Regulatory Authorities of corporate governance in Albania. Albania has decided to harmonize the national law with that of European law, but Albanian legislator mostly has deviated in their provisions from EU Law. One could realize that this came from the incapability of Albanian market to absorb EU provisions, or from the incapability of Albanian politicians walk in the right path of EU because of the fact this could jeopardize their economic interests. As a result it is urgently needed the expertise of qualified lawyers, not only to understand better the new trends on corporate law but to implement the law properly.