
Remaining time:
Welcome address
Ivan Shteriev
CEO, Macedonian Stock Exchange
Opening speeches
Gordana Dimitrieska Kochoska
Minister of Finance
Bujare Abazi
President of the Securities and Exchange Commission
Keynote speeches
The Challenges of Monetary Policy amid Conditions of Increased Uncertainty
Trajko Slaveski, Governor, National Bank of the Republic of North Macedonia
Should the SEE Region Aim for Deeper Integration?
Blaž Brodnjak, Chief Executive Officer, NLB Ljubljana
Coffee break
EBRD’s Current Offer for Successful and Bold Local Companies
Attila Toth, Principal, Capital Markets Development, EBRD
Our IPO Experience
Darko Perushevski, Co-owner and Executive Director, Svod Master AD (Gley TV Platform)
Panel 1: “Someone, on the Stock Exchange…”
Zlatica Civkaroski, Management Board Member, Sparkasse Bank Skopje
Zoran Martinovski, President, Prime Blue Institute
Kristijan Polenak, Managing Partner, Polenak Law Firm
Hristijan Kovacevski, Co-owner, Uniplast
Irina Avramska, Owner, Finovate MK
moderator: Karolina Karovska Bozhinovska, Director of Department, Macedonian Stock Exchange
Potential IPO possibility: Neotel, Today and Tomorrow
Dame Cvetkovski, Executive Director, Neotel
Coffee break
On-stage Interview 1: Current Conditions and Challenges of the Macedonian Stock Exchange
Ivan Shteriev, CEO, Macedonian Stock Exchange
Goran Temenugov, journalist, author and host of the podcast “Where’s the Money?”
Panel 2: What Will Multifunds Bring to Pension Members and the Capital Market?
Goran Martinoski, Head of Asset Management Department, KB First Pension Company Skopje
Maciej Bitner, Head of Regulatory Research, Warsaw Stock Exchange
Gordan Šumanović, President, Management Board of Raiffeisen Pension Funds, Croatia
moderator: Aleksandra Tomikj, Bloomberg Adria
ETFs as a Local and Regional Development Driver
Krešo Vugrinčić, CEO and President of the Management Board, Intercapital ETF, Croatia
Lunch
Outlook on Future Global Market Trends
Blaž Hribar, Member of the Management Board, Pokojninska družba A, Slovenia
The Importance of Small Stock Exchanges in Emerging Markets
Hüseyin Erkan, Former CEO of the Istanbul Stock Exchange and the World Federation of Exchanges
István Máté-Tóth, Deputy CEO, Budapest Stock Exchange, Hungary
Commercial Presentation: Fledgeworks – The Only HR Platform You’ll Ever Need
Ilijancho Gagovski, Co-founder, Fledgeworks
Panel 3: Before and After 2025 – The Impact of Updated Financial Reporting Standards – in collaboration with ISOS
Dragan Davitkov, Partner, PWC North Macedonia
Dragan Dimitrov, Partner, BDO Macedonia
Goran Tilovski, Head of Controlling, Accounting and Tax, Makedonski Telekom AD Skopje
Kosta Kostadinovski, Founder, Capital Asset Management
moderator: Vesna Prentoska, President of the Institute of Accountants and Chartered Accountants
Digital Transformation Trends and the Macedonian Reality
Filomena Pljakovska Asprovska, President of the Management Board, CaSys
Fireside chat: CSD at a Strategic Crossroads
Darinka Damjanovic, Executive Director, CSD
Daniel Lenardic, Partner, Management Consulting, KPMG Croatia
Panel 4: Good Practices in Corporate Governance – Regulation vs. Practice
Orde Gjorgjioski, Director of Legal and General Affairs, Vitaminka AD Prilep
Gorazd Popovski, Head of Legal Department, Stopanska Banka Skopje
Tihomir Kasapinov, ESG coordinator, Manager for management systems and Project management, Winery Tikves
moderator: Zorica Asenova, Chief Legal Advisor, Macedonian Stock Exchange
Opening speeches
Gordana Dimitrieska Kochoska
Minister of Finance
Gordana Dimitrieska – Kochoska is a Master of Economic Science. In 2006, she graduated top of her class in macroeconomics at the Faculty of Economics within “Ss. Cyril and Methodius” University.
Dimitrieska – Kochoska’ education has been expanded by a number of specializations in the field of finance and controlling, acquiring a number of certificates under various programs such as: One-year Controlling Academy carried out by the Management Center Belgrade, licensed by CA AKADEMIE AG, Munich, One-year Certified Accounting Analyst conducted by ABIT Academy Skopje. She has also attended the following trainings and seminars: “Developing and Turning the Professional and Personal Managers’ Skills from Potential into Talent” organized by the Croatian Psychological Association, “Kaizen Foundation”, “CAPEX Analysis”, “Cash Flow Analyses”, “Analysis of Financial Statements”, all of them being organized by the Management Center Belgrade, while also actively participating in diverse congresses.
She has extensive career backgrounds in the field of financial consulting and corporate banking. In 2006, she was hired by Makedonski Telecom, holding a post in the Tax Department, in the period 2006-2007, she was part of MoF’s Cabinet, more precisely the Public Debt Department, in the period 2007 – 2014, she used to work in the Corporate Banking Department at Stopanska Banka, in the period 2014 – 2017, she was a member of the Board of Directors, as well as Chief Finance Officer in “AD Elektrani na Makedonija”, in the period 2018 – 2020, she was hired as financial consultant in the field of controlling, finance and taxes in KFK DOOEL, whereby as of 2020 up to 2024, she was rehired at the same position therein.
In 2020, Dimitrieska-Kochoska was elected as Additional Deputy Minister of Finance as part of the Caretaker Government of the Republic of Macedonia. Dimitrieska-Kochoska is, in addition to her native Macedonian language, fluent in English and Spanish. She is married with two children.
Bujare Abazi
President of the Securities and Exchange Commission
M-r Bujare Abazi was elected President of the Securities and Exchange Commission of the Republic of North Macedonia on May 20th, 2025 by the Parliament of the Republic of North Macedonia.
M-r Bujare Abazi received her education at the University of Zagreb and the State University of Tetovo, where she earned the title of Master of Economics and Traffic Engineer-Postal Technology.
From 2000 until her election as President, she has been professionally engaged in 'Post of North Macedonia' JSC Skopje in several positions where, with her expertise and experience, she performs the most responsible tasks and makes a significant contribution to improving the quality of services, internal control, and corporate governance of the institution. In March 2023, M-r Abazi was appointed General Director of the Company, and she holds the position until February 2024.
She has extensive experience in solving complex problems, managing human resources and in decision-making processes, for which she has attended many trainings and seminars during her professional development, for which she also holds certificates.
M-r Abazi, in addition to the Albanian and Macedonian languages, actively uses the English and Croatian languages.
Keynote speeches
Trajko Slaveski
Governor, National Bank of the Republic of North Macedonia
Trajko Slaveski, Ph.D. was born in Ohrid in 1960. He is a full professor at the Faculty of Economics, Sts. Cyril and Methodius University in Skopje, where he also graduated. He continued his postgraduate studies in the United States, first at California State University (1986/87), and then at Harvard University (1989/90). In 1997 he was a visiting professor at Arizona State University, Tempe, USA.
In the period 1999 – 2006, he taught at the postgraduate study program for Southeast European Studies at the National and Kapodistrian University of Athens, Greece, in English.
Dr. Slaveski has played a major role in the development of economic policy in the country. He is a co-author of the first Anti-Inflation Program of the Republic of Macedonia, a document crucial for the economic stabilization after the declaration of independence in 1992, which laid the foundations for the introduction of the national currency – the denar.
In his remarkable professional career, Dr. Slaveski has held important public positions. He was Minister of Development (1999-2000) and Minister of Finance (2006-2009) in the Government of the Republic of Macedonia, and in 2021, he was elected President of the Skopje City Council. In the capacity of Minister of Finance, he served as Governor of the World Bank and the European Bank for Reconstruction and Development for our country.
As a member of the Government, he initiated and led multiple significant reforms, including the introduction of flat tax, payment system modernization, integrated collection of personal income tax and social security contributions in the Public Revenue Office (gross salary concept). He was closely managing the fiscal policy implementation amidst high inflation in 2007 (a result of the increase in global food and energy prices) and the Great Recession in 2007−2009 period.
He has long been known for his active participation in public economics and finance debates. He has authored eight books (several in co-authorship), as well as numerous scientific and expert articles published in domestic and international journals, as well as in public media.
He is married, father of two, and grandfather of two.
Blaž Brodnjak
Chief Executive Officer, NLB Ljubljana, Slovenia
Blaž Brodnjak is the Chief Executive Officer of NLB d.d., the parent institution of the leading banking and financial group headquartered and focused exclusively in Southeast Europe – the NLB Group. He has over two decades of experience in the banking sector, having started his career from entry-level positions and steadily progressing to senior management roles in prominent international banking institutions such as BACA, Raiffeisen, BAWAG P.S.K., and Hypo Alpe Adria.
In addition to his professional banking expertise, Mr. Brodnjak has played a significant role in corporate governance, serving on executive and supervisory boards of numerous banks, insurance companies, and manufacturing firms across eight countries. In 2022, he was named “Manager of the Year” by the Managers’ Association of Slovenia. Outside of his professional duties, he enjoys working with his family in their vineyard and is a dedicated advocate of sustainability in both business and private life.
Outlook on Future Global Market Trends
Blaž Hribar
Member of the Management Board, Pokojninska družba A, Slovenia
Blaž Hribar has been a member of the management board of Pokojninska družba A since 2015, where he is responsible for investment management. Previously, he was Head of Analysis at NLB Skladi and has almost two decades of experience in asset management. He is also the author of numerous articles and professional contributions in this field.
EBRD’s Current Offer for Successful and Bold Local Companies
Attila Toth
Capital Markets Development, EBRD
Attila Toth is working for EBRD as an Associate in the Capital Markets Development Team since 2018. He is specialized in equity capital market and capital market infrastructure development where he built up a 20-year experience. He started his career at the Hungarian Debt Management Agency in 1997 and joined the Budapest Stock Exchange in late 1999. During his 16-year career at the BSE he was responsible for business and product development, trading and post-trading. Between 2008 and 2016 he was the Deputy CEO of the stock exchange responsible for issuer and trading member relations, product development, trading and business strategy. He is an experienced lecturer having lectures on the Budapest Corvinus University and the Central-European Foundation for Broker-dealers. Attila Toth has a master’s degree in finance from Budapest Corvinus University.
Our IPO Experience
Darko Perusheski
Co-owner and Executive Director, SVOD Master AD (Gley TV Platform)
He has thirty years of experience in the fields of media, marketing, and ICT.
He served as Director of A1 Television (2000-2009), was the Chief Operating Officer of the first digital terrestrial platform – Boom TV, and led the design and implementation of the first Macedonian national streaming platform, GLEY.
Panel 1: “Someone, on the Stock Exchange…”
Zlatica Civkaroski
Management Board Member, Sparkasse Bank Skopje
Ms. Zlatica Civkaroski was appointed as a Member of the Management Board of Sparkasse Banka AD Skopje on April 1, 2024. She began her banking career in 2004 at Teteks Kreditna Banka and later continued at TTK Banka, where she held several managerial positions, including Acting Director of the Market and Operational Risk Management Division, Supervisor in the Corporate Clients Department, and Director of the Credit Analysis Division.
In May 2012, she joined Sparkasse Banka, steadily advancing through multiple positions. She played a key role in the system and process implementation of group collection policies during the merger with Ohridska Banka, after which she served as Director of the Collateral Management and Collections Division. In July 2023, she was appointed Director of the Credit Risk and Collections Division. As a member of the Bank’s Management Board, she is responsible for strategic risk management, credit risk and collections, regulatory compliance, anti-money laundering, and legal affairs.
Zoran Martinovski
President, Prime Blue Institute
Zoran Martinovski is an experienced development finance expert with over 35 years of international experience across sectors ranging from international trade to high-tech. He spent more than 20 years with the International Finance Corporation (IFC) as a representative in North Macedonia and Montenegro, working on private investments and advisory services across the Western Balkans.
He has worked on investments exceeding USD 300 million in energy, infrastructure, manufacturing, agribusiness, banking, and healthcare, including complex public-private partnerships. He has extensive experience collaborating with private companies, governments, donors, and investors.
Martinovski holds an MBA in international business and finance, is a Ron Brown Fellow, and a Harvard Kennedy School alumnus. He is fluent in Serbian, Croatian, and Bulgarian.
Kristijan Polenak
Managing Partner, Polenak Law Firm
Kristijan Polenak is an experienced attorney with over 25 years of legal practice in corporate law, banking, and commercial transactions. He is the Managing Partner of Polenak Law Firm and leads the firm’s M&A and Banking practice groups. Through his extensive work with financial institutions and companies across various industries, he has established himself as a trusted legal advisor and team leader on high-level transactions and regulatory matters.
In addition to his legal career, Mr. Polenak has contributed to legal education as a lecturer at the Faculty of Law in Skopje and has worked with judges on understanding the workings of capital markets. He is actively involved in organizations such as AmCham, the European Business Association, and the Permanent Court of Arbitration. He has published numerous papers on corporate governance, M&A, banking regulation, and public infrastructure projects. He is a member of the Macedonian Bar Association and the International Bar Association and is fluent in both Macedonian and English.
Hristijan Kovacevski
Co-owner, Uniplast
Irina Avramska
Owner, Finovate MK
Irina has more than 20 years of experience in helping companies improve access to finance and achieve sustainable growth through transparency, sound financial management, and strategic alignment with new market requirements. Her work spans strategic planning, business diagnostics, financial and operational analysis, and the design of governance and reporting systems that enhance investor confidence and credit readiness. In recent years, she has also supported firms and institutions in linking their growth strategies with decarbonization and green transition objectives, recognizing that access to finance increasingly depends on accurate and transparent data as well as alignment with low-carbon pathways. By combining financial expertise with practical knowledge of green financing and just transition initiatives, she helps businesses to prepare for securing financing but also position themselves for long-term competitiveness in a decarbonizing economy.
moderator: Karolina Karovska Bozhinovska
Director of Department, Macedonian Stock Exchange
Potential IPO possibility: Neotel, Today and Tomorrow
Dame Cvetkovski
Executive Director, Neotel
Dame Cvetkovski holds a degree in engineering and has dedicated his entire professional career to the fields of Information Technology and Telecommunications.
He began his career at the former Public Enterprise for PTT Traffic “Macedonia,” in the newly established Data Processing Center.
In the early 1990s, during the transformation of the Macedonian economy, he joined the newly established company Neokom AD, which went on to become a leading ICT firm in the country. For many years, he led the Sales and Systems Integration departments.
In 2004, following the legal liberalization of the telecommunications sector, he actively participated in the founding of Neotel – the first alternative telecommunications operator in the country – established by Neokom and three university professors.
As of April 2024, Neokom entrusted Dame Cvetkovski with the direct management of Neotel AD, which has since grown into a serious telecommunications provider, particularly recognized by the business sector.
On-stage Interview 1: Current Situation and Challenges of the Macedonian Stock Exchange
Ivan Shteriev
CEO, Macedonian Stock Exchange
Mr. Ivan Shteriev has been the CEO of the Macedonian Stock Exchange Inc. Skopje since 2005. He participated in the team responsible for setting up the stock exchange in the Republic of Macedonia in 1996 and has been working at the MSE since its foundation, first as a Floor manager and then as a Director of Trading Department until 2005.
He participated in numerous working groups responsible for drafting laws and regulations related to the domestic securities industry. He was also a member of the Board of the Macedonian Central Securities Depository and Commissioner at Macedonian Security & Exchange Commission. Mr. Ivan Shteriev is also member of the Supervisory Board of SEE Link (SEE link is a project started by Bulgaria, Macedonia and Zagreb stock exchanges with the objective of creating a regional infrastructure for trading of securities listed on those three markets. The project is supported by the European Bank for Reconstruction and Development).
He participated as speaker and presenter of numerous domestic and international conferences on topics related with the functioning of the securities markets.
Goran Temenugov
journalist, author and host of the podcast “Where’s the Money?”
Panel 2: What Will Multifunds Bring to Pension Members and the Capital Market?
Goran Martinoski
President of the Management Board, KB First Pension Company Skopje
Goran Martinoski is a member of the Investment board of KB First Pension Company, with more than 18 years of professional experience in the field of investments and financial markets. As Head of the Asset Management Department his work includes the preparation of investment strategies, the selection of appropriate investment instruments, and monitoring of economic and industry trends.
Martinoski has expertise in managing investment portfolios, ETF funds, equities, bonds, financial markets, and capital markets, and also possesses extensive professional experience in the pension industry. He has obtained certifications in investment advisory and securities trading. He is a regular guest lecturer at universities in the Republic of Macedonia.
In recent years, he has also focused on ESG investing, which, together with his team, has been implemented in the portfolios of the funds managed by KB First Pension Company. At present, the company manages over 1.4 billion euros in pension savings and has been awarded prestigious international recognitions in recent years for the strategies implemented in fund management.
Maciej Bitner
Head of Regulatory Research, Warsaw Stock Exchange
Maciej Bitner joined the Warsaw Stock Exchange in February 2025 to support legal reforms aimed at fostering the development of the Polish capital market. His team is responsible for regulatory progress in areas such as the pension system (including individual and occupational pension products), capital gains tax, annuities, and the development of new financial products that require legislative changes (such as ETFs).
Before joining the WSE, Maciej spent five years as an expert at the Polish Financial Supervisory Authority (KNF), where his main task was implementing the government’s strategy for capital market development. Prior to that, he served as the chief economist at the Warsaw-based think tank WiseEuropa, where he coordinated various research and analytical projects on topics including the middle-income trap and the impact of capital market development on economic growth. He is the author of various analytical publications, including a comparative study on costs across different capital markets in Europe.
Maciej holds a PhD in economics from the University of Warsaw and two master’s degrees – In economics and philosophy. He teaches a course on equity and fixed income within the Quantitative Finance program run by the Economics Department of the University of Warsaw.
Gordan Šumanović
President, Management Board of Raiffeisen Mandatory and Voluntary Pension Funds Management, Croatia
Gordan Šumanović, CFA, was appointed as Chairman of the Management Board of Raiffeisen Mandatory and Voluntary Pension Funds Management Company in January 2022.
He obtained his Bachelor of Commerce with Honours in Finance in 2000 at the University of Witwatersrand in Johannesburg, South Africa. After completing his studies abroad, he worked in insurance representation and financial consulting. From 2004 to 2006, he was employed at Raiffeisen Invest d.o.o. as a financial analyst, and from 2006 to 2012 at Raiffeisen Pension Management Company for Voluntary Pension Funds d.o.o. and Raiffeisen Pension Management Company for Mandatory Pension Funds d.d. as a portfolio manager, director of the Investment and Analysis Department, and member of the Management Board. He holds a CFA certificate and a license as an authorized pension fund manager.
moderator: Aleksandra Tomikj
Bloomberg Adria
ЕТФ-овите како локален и регионален развоен драјвер
Krešo Vugrinčić
CEO and President of the Management Board, Intercapital ETF, Croatia
Krešo Vugrinčić is a senior investment professional with over 13 years of experience in equity research, portfolio management, and leadership roles across Southeast Europe. He began his career in 2012 as a sell-side analyst at InterCapital Securities and joined InterCapital Asset Management in 2015 to establish the buy-side equity research function, later taking over the management of all equity strategies.
In 2022, he was appointed Head of Front Office, and in 2024, he became Chief Investment Officer (CIO) and a Member of the Management Board. As of May 2025, he serves as CEO of InterCapital ETF, a specialized ETF management company focused on expanding access to UCITS ETFs across Southeast Europe.
Krešo is also a Member of the Board of Directors at CFA Society Croatia, supporting the Institute’s mission to promote ethics, education, and professional excellence in the financial industry.
Commercial Presentation: Fledgeworks – The Only HR Platform You’ll Ever Need
Ilijancho Gagovski
Co-founder, Fledgeworks
Ilijancho Gagovski is an active participant in the Macedonian IT industry for the past 25 years. In the 90s he worked as a salesman in MBS –IBM Alliance, at the beginning of the 2000s he worked as Sales and marketing manager in Login Systems, from 2002 to 2013 he was general manager of the Microsoft office in Macedonia, and from 2013 e is a co-founder and manager of PrymApps, a software production company. Ilijancho is an engineer of electronics and telecommunication by education and a futurist by vocation.His ongoing interest are the different ways in which technologies change our lives and everyday experiences.
The Importance of Small Stock Exchanges in Emerging Markets
Hüseyin Erkan
Former CEO of the Istanbul Stock Exchange and the World Federation of Exchanges
Hüseyin Erkan is the former Chief Executive Officer of the World Federation of Exchanges (WFE), a role he held from 2012 to 2014. Previously, he served as Chairman and CEO of the Istanbul Stock Exchange from 2007 to 2012.
He began his education in England and earned his bachelor’s and MBA degrees in economics and international finance from New York University Stern Business School. Erkan started his career in the private sector and entered the capital markets in 1989.
He joined the Istanbul Stock Exchange in 1994, where he held various senior positions, including Deputy CEO, until 2006. He was also a board member of Takasbank and actively participated in numerous international initiatives, including IOSCO, WFE, FEAS, SECI, and COMCEC, focusing on capital markets development and regional cooperation.
In 2012, he was appointed CEO of the WFE, leading the organization until 2014.
Erkan is married with two children and speaks English.
István Máté-Tóth
Deputy CEO, Budapest Stock Exchange, Hungary
Digital Transformation Trends and the Macedonian Reality
Filomena Pljakovska Asprovska
President of the Management Board, CaSys
Filomena Pljakovska-Asprovska is the Chief Executive Officer and President of the Management Board at CaSys AD – the only card processing, e-commerce, and card personalization company in North Macedonia. She holds a degree in Electrical Engineering and a Master’s in Economics, and has completed executive programs at Schulich School of Business and Kellogg School of Management. With over 18 years of experience in fintech, she has been instrumental in driving innovation and secure digital payment solutions in the country.
Starting as a systems administrator, she rose through the ranks to become a Sector Director and later a board member. Under her leadership, CaSys successfully introduced the country’s first personalized chip cards, achieved high-level security certifications (PCI DSS, ISO27001), and launched 3D secure e-commerce. She is also a member of the National Council for Payment Systems and is actively involved in promoting cashless payments. Known for her strategic vision and commitment to lifelong learning, she continues to lead impactful digital transformation projects.
Panel 3: Before and After 2025 – The Impact of Updated Financial Reporting Standards – in collaboration with ISOS
Dragan Davitkov
Partner, PWC North Macedonia
Dragan is a Partner at PwC Central and Eastern Europe, where he leads the Assurance practice for North Macedonia, Albania, and Kosovo. He has more than 23 years of international experience in the financial industry, serving top clients across various sectors and markets (Balkans and three years in the Netherlands). He is a Certified Auditor and a CPA Macedonia, with a bachelor's degree in financial management.
As a financial expert and leader, Dragan is passionate about delivering high-quality services and solutions to his clients, helping them navigate complex challenges and achieve their goals. He has extensive expertise in assurance, alternative delivery models, private sector consulting, accounting consulting, digital transformation. He was BoD member and the President of the American Chamber of Commerce in North Macedonia, where he advocates for the interests of the business community and fosters strong bilateral relations. Experienced Board member with several Regulatory institutions.
Dragan Dimitrov
Partner, BDO Macedonia
Mr. Dragan Dimitrov, Managing Partner in the BDO DOO Skopje is M.sc of economics. He worked in the National Bank of RM (4 years), on the project of USAID for banking development (1 year), then over 2 years on the project of USAID for improvement of the accounting and auditing in North Macedonia. Since 2000 he is actively engaged in auditing of the financial statements in BDO DOO Skopje, with two years interruption when he served as CEO in Stater banka AD Kumanovo. He actively participates at the training of accountants and auditors for applying IAS/IFRS and ISA in Macedonia. He was also engaged in many M & A projects, due diligences, corporate finance and restructuring engagements etc. He is a certified appraiser and forensic expert.
Mr. Dimitrov currently serve as a President of an Institute of Certified Auditors of Republic of Macedonia (ICARM).
Goran Tilovski
Head of Controlling, Accounting and Tax, Makedonski Telekom AD Skopje
Goran Tilovski is Head of the Controlling, Accounting and Tax Department at Makedonski Telekom AD Skopje, where he oversees financial and strategic planning, IFRS reporting, taxation, treasury, and customer finance. He joined the company in 2003 and has since held a series of senior leadership positions in accounting, compliance, and risk management. Since 2017, he has been leading the department, with responsibilities that include CAPEX management, commercial controlling, and internal reporting.
Before joining Makedonski Telekom, Tilovski built his career at KPMG in Skopje, where he managed large audit and due diligence projects across a range of industries. He has also contributed to academia as a lecturer in accounting and has completed international leadership and compliance programs, bringing a broad perspective to his financial expertise.
Kosta Kostadinovski
Founder, Capital Asset Management
Financial advisor with a passed professional exam for investment advisor, insurance agent, pension agent and investment agent.
moderator: Vesna Prentoska
President of the Institute of Accountants and Chartered Accountants
Vesna Prentoska has more than 20 years of experience in financial analysis, reporting and statements, forecasting, budgeting, and controlling, as well as over 15 years of experience in managerial positions, both in national and international companies. Although finance and financial management is her primary professional field, she has also led numerous projects of varying complexity in the past.
Vesna has a proven track record of successfully leading teams in the implementation of multiple projects, fostering a positive work environment and encouraging teamwork, critical thinking, impartiality and objectivity, impact assessment, and detailed analysis to identify the best approaches. One of her greatest achievements is the integration of reporting under Macedonian standards, IFRS standards, and Budget reporting into a single system, which streamlined processes and significantly reduced the time required to prepare consistent financial and budget reports. Through this project and other professional activities, Vesna has demonstrated her commitment to continuous improvement and her proactive nature, developed strong analytical and leadership skills, and proven her fluency in English.
Fireside chat: CSD at a Strategic Crossroads
Darinka Damjanovic
Executive Director, CSD
Darinka Damjanovic is the Executive Director of the Central Securities Depository AD Skopje (CSD), with more than 23 years of experience in business law and the capital market. She began her career as a Legal Advisor on the Macedonian Registers Project, working on the development of the Central Registry and Central Securities Depository systems. From 2002 to 2012, she served as Head of the Legal Department at CSD, and from 2012 to 2017, she was Head of the Business Operations Directorate at the same institution.
Darinka holds a Law degree with a specialization in Commercial Law from Ss. Cyril and Methodius University in Skopje. She passed the Bar Exam in 2004 and the Professional Securities Exam in 2008, and she possesses a valid license for securities operations issued by the Macedonian Securities and Exchange Commission.
With her extensive experience and expertise, Darinka Damjanovic makes a significant contribution to the development and advancement of the capital market in North Macedonia.
Daniel Lenardic
Partner, Management Consulting, KPMG Croatia
Daniel is Partner responsible for Management Consulting services at KPMG in Croatia and Bosnia-Herzegovina, with 14 years of experience. Daniel has led IT projects for numerous clients in various industries. Projects that Daniel has worked on have spanned areas of business strategy and planning, financial modeling, market research and feasibility studies, corporate restructuring, organizational development, business process improvement, performance management, operations management, as well as commercial due diligence.
Panel 4: Good Practices in Corporate Governance – Regulation vs. Practice
Orde Gjorgjioski
Director of Legal and General Affairs, Vitaminka AD Prilep
Orde Gjorgjioski is the Director of Legal and General Affairs at Vitaminka AD Prilep and an Assistant Professor of Business Law at the International Slavic University. He holds two PhDs – one in law and one in management – and has published over thirty academic papers and two books. With more than 15 years of legal experience, including 12 years in executive positions, he plays a vital role in both the corporate and academic communities.
Mr. Gjorgjioski is a board member of several organizations including GS1 Macedonia, Pakomak, the Judo Federation of Macedonia, and Rotary Club Prilep. He has also founded the women’s handball club RK Despina and has contributed to various legal, business, and environmental initiatives. He regularly speaks at conferences and has participated in international training programs, including legal studies in Novi Sad, Serbia and advanced training in innovation management in Tokyo, Japan.
Gorazd Popovski
Head of Legal Department, Stopanska Banka Skopje
Gorazd Popovski is the Director of the Legal Division at Stopanska Banka AD Skopje, where he is responsible for all legal affairs. He is currently serving as the Chairman of the Legal Commission at the Macedonian Banking Association.
He has extensive experience in legal matters, with particular expertise in Banking Law, Commercial Law, Civil Law, legal risk assessment, and collateral issues. He has significant experience in managing and monitoring complex commercial cases of high financial value.
Gorazd Popovski regularly collaborates with international banks, particularly the National Bank of Greece (NBG), which is the dominant shareholder of Stopanska Banka AD Skopje. He possesses excellent research, writing, and oral communication skills.
Tihomir Kasapinov
ESG coordinator, Manager for management systems and Project management, Winery Tikves
Tihomir Kasapinov today works as an ESG coordinator, Manager for management systems and Project management at Winery TIKVES AD - Kavadarci. He began his professional career in 2004 as a Mechanical Engineer and Project Manager at VV Tikvesh AD Kavadarci. Graduated from the Faculty of Mechanical Engineering at the University 'St. Cyril and Methodius' in Skopje, he has passed the Project Management, Energy Manager exam, and has attended numerous domestic and foreign training courses in the field of corporate governance, sustainable development, management systems, managing highly effective teams, and investment assessment. Coordinator and leader of the team for the development and achievement of the goals for the company's ESG strategy.
He participated as a speaker and presenter at domestic conferences on topics related to sustainable development, ESG, corporate governance. He had the opportunity to transfer his practical and theoretical knowledge to students at several faculties and high schools as part of dual education programs.
moderator: Zorica Asenova
Chief Legal Advisor, Macedonian Stock Exchange
Zorica Asenova, LLM, is a Legal Advisor at the Macedonian Stock Exchange AD Skopje, starting from April 2018, and she started and built her professional career working in the Securities and Exchange Commission of the Republic of North Macedonia since 2004. She graduated and received her master's degree on the Faculty of Law 'Justinijan Prvi' at the University of 'St. Kiril i Metodij' in Skopje, has passed the Judicial exam, the exam for working with securities and the exam for investment advisors, and has also attended numerous domestic and foreign trainings and conferences in the field of corporate governance, takeovers of joint stock companies, issuance and trading of financial instruments, investment funds as well as other trainings in the field of administrative, business and financial law. Through participation in the work of the working groups for drafting of laws in the area of capital markets and of the working groups for the preparation of the National Programme for Adoption of the Acquis Communautaire, she acquires a broad knowledge of EU legislation in the area of financial services and with the opportunity to participate in the process of its transposition into the Macedonian legislation. She had the opportunity to transfer her practical and theoretical knowledge to students, as well as to the wider professional public, lecturing at numerous trainings and conferences in the country and abroad.
- The conference will be held bilingually, in Macedonian and English.
- The organizer provides simultaneous translation throughout the conference.
- The conference will be held at hotel Metropol Ohrid.
Registration fee for participation
Registration fee for participation in the conference: 8,000 + VAT MKD
The registration fee includes:
- participation in the conference, conference materials, lunch, coffee break and cocktail.
The registration fee does not include:
- accommodation and transportation to Ohrid and other expenses.
Discounts for groups
- If 3 people from the same company/institution apply: -10%
- If 4 or 5 people from the same company/institution apply: -20%
- If more than 5 people from the same company/institution apply: -30%
- Special discount for higher education institutions - 50%
- Special discount for students - 70%
- Free participation for representatives of companies that are members of the BUM Club
Macedonian Stock Exchange AD Skopje
Account number for payment of the registration fee: 300-0000032408-06 Komercijalna banka AD Skopje;
For the accommodation of the participants, the Macedonian Stock Exchange AD Skopje made has made pre-reservations of single and double/triple rooms in Hotel Metropol Ohrid and Hotel Bellevue Ohrid, under the following conditions:
| Prices based on bed and breakfast | Single room | Double room | Triple room |
|---|---|---|---|
| Hotel Metropol and Hotel Bellevue | 70 EUR per day | 96 EUR per day | 129 EUR per day |
| Prices based on half-board | Single room | Double room | Triple room |
|---|---|---|---|
| Hotel Metropol and Hotel Bellevue | 85 EUR per day | 126 EUR per day | 174 EUR per day |
Prices are per room, per day, including tourist tax and VAT
RESERVATION OF HOTEL ACCOMMODATION IS MADE DIRECTLY AT HOTEL METROPOL AND HOTEL BELLEVUE WITH THE EMPHASIS THAT IT IS ABOUT THE ANNUAL CONFERENCE OF THE MACEDONIAN STOCK EXCHANGE
Payment for hotel accommodation is made by the participants of the conference. When registering at the hotel, please indicate the type of accommodation you will use (bed and breakfast or half board). Payment is in Denar equivalent. The price includes VAT.
The number of conference participants is limited. For cancellations received as of September 1, 2025, 50% of the registration fee will be refunded. For cancellations received after September 1, 2025, the registration fee will not be refunded. Macedonian Stock Exchange reserves the right to change the program without notice.
