Category: Serbia

The Serbian government announced that it is looking for a strategic partner to develop a minimum of five self-balancing solar power plants with a total installed capacity of 1,000 MWac (or 1,200 MWdc) and a battery storage system with a minimum total installed capacity of 200 MW and the ability to accumulate at least 400 MWh of electric energy.

The strategic partner will design, develop, build, and maintain the project before transferring ownership to the public power utility company (EPS) on a turnkey basis. The strategic partner must also undertake all other necessary activities and construct the infrastructure for the project’s operation. This includes preparing the sites for the solar power plants and battery systems and building the infrastructure for connecting the solar power plants and battery systems to the power grid, which may require expanding transmission or distribution capacities. As EPS will be the sole owner of the project, all production capacities and related infrastructure will be incorporated into the EPS portfolio.

The timeline for the project’s implementation is set at four to five years, with the contractual period extending for six to seven years.

The responsibilities of the strategic partner

Financing: The strategic partner must secure a letter of interest for financing the total investment costs from international financial institutions or reputable export credit agencies. The financing offer must be suitable for public sector financing with a repayment period of at least 18 years and other terms acceptable to the Republic of Serbia as the borrower.

Project development: The strategic partner will conduct a preliminary project analysis at the feasibility study level with a general project design. The partner should select optimal locations to construct the solar power plants and energy storage battery systems and prepare appropriate spatial planning and technical documentation, including studies on the project’s environmental and social sustainability.

Designing: The strategic partner should produce the technical documentation necessary for project implementation, which includes obtaining construction and usage permits and production licenses for electric energy.

Procurement and construction: The strategic partner is responsible for procuring equipment, software, and other services required for the project’s implementation. They will also be responsible for construction work on all project components, which includes obtaining usage permits and licenses for electric energy production.

Initial management and maintenance: The strategic partner will manage and maintain the project for two years after it becomes operational. During this period, they must transfer knowledge and train EPS’s technical team, which includes instruction in production and planning optimization techniques.

The Serbian government has established a selection committee led by the Minister of Mining and Energy, Dubravka Đedović. The committee’s tasks include issuing a public call, receiving and reviewing submitted documentation, evaluating offers, drafting a contract proposal, and submitting a proposal to the government to select the strategic partner. Upon the Serbian government’s decision to select the strategic partner, the working group will negotiate with the chosen strategic partner to conclude the contract. Following negotiations, the group will submit a report to the government proposing the conclusion of an agreement with the strategic partner selected.

Offers will be evaluated based on general participation criteria and special criteria, which will rank applications according to a points-earned system. The requirements aim to ensure that the strategic partner has demonstrated the technical and financial capacity to implement the project. Applicants are required to provide proof that they have successfully developed or constructed at least 25,000 MW of energy projects, an annual turnover for the past three years of at least five billion dollars per year, employment of more than 5,000 personnel, and a certain proportion and structure of professional staff, subject to other special criteria.

By Ognjen Colic, Partner, Gecic Law

The new Law on Electronic Communications, published on April 29, 2023, in the Official Gazette of the Republic of Serbia no. 35/23, went into force on May 7, 2023. With the entry into force of the new law, the previous Law on Electronic Communications ceases to be valid (“Official Gazette of the Republic of Serbia”, nos. 44/2010, 60/2013, 62/2014 and 95/2018) except for certain provisions related to the secrecy of electronic communications, legal interception, and retention of data, as well as other specific provisions that will be valid until the adoption of by-laws prescribed by the new Law on Electronic Communications.

The Law on Electronic Communications (“Law”) has been vastly harmonized with the European Electronic Communications Code (“EECC”) and it is believed that it will create a modern business environment according to the EU standards, accompanied by positive effects on the economy and citizens’ standard of living.

Aim

The aim of the Law is creating conditions for the even development of electronic communications throughout the territory of the Republic of Serbia and encouraging connectivity, access, wide availability and use of new generation networks (5G), especially very high capacity networks, including fixed, mobile and wireless networks, protection of competition in the provision of electronic communication networks, as well as ensuring constant improvement of the quality of electronic communications services.

Novelties introduced by the Law

Some of the most significant novelties for business entities and citizens introduced by the Law are:

Encouraging wider connectivity to the internet through country

The Law prescribes the role of the Government in terms of closer regulation and undertaking incentive measures for the development of broadband communication infrastructure in rural areas of the Republic of Serbia, ensuring the provision of electronic communication services, especially universal service to certain categories of consumers (socially vulnerable consumers, etc.).

Regulatory treatment of new very high-capacity network elements

The Law introduces provisions that regulate co-investment in very high-capacity networks and the regulatory treatment of very high-capacity network elements.

New mandatory obligation of investors

The Law introduces the obligation of investors, when constructing or reconstructing buildings with several business or residential units, to build the first collection or distribution point of the network inside the building or outside it in order to enable access to the infrastructure inside the building.

The approach to the radio frequency spectrum and numbering has been improved, which encourages the introduction of new services and increases competitiveness on the market

The Law emphasizes the neutrality of the right to use radio frequencies, that is, the right to use radio frequencies that are not subject to restrictions in terms of technology, as well as in terms of the types of electronic communication services provided. A more consistent distribution of the radio-frequency spectrum will ensure the timely and appropriate availability of the spectrum for the application of the 5G network, which is currently not provided in Serbia.

Possibility of assigning a numbering range to entities which do not perform the activity of electronic communications

The Law prescribes the possibility of assigning a numbering range to entities which do not perform the activity of electronic communications, such as IoT service providers for the provision of special services (smart homes, smart cars, etc.) with a potentially very large user base, and enables, if it is technically possible, long-distance number portability, in order to make it easier for end users to change operators, especially with M2M services.

Obligation of operators to issue invoices in electronic form

The Law introduces the obligation of issuing invoices in electronic form. The provider of a publicly available electronic communication service issues an invoice to the end user in electronic form without the need for the end user’s prior consent. This will reduce costs and will have a positive impact on the environment.

Mandatory registration of prepaid service users

The Law introduces the registration of users of the public mobile communication network who use the prepaid service. The main goal of introducing registration is, first of all, to prevent misuse of electronic communications.

Summary

Overall, the introduction of Serbia’s new Law on Electronic Communications represents a significant step towards an advanced digital society. By harmonizing with the EECC and introducing new features, Serbia has established a forward-thinking regulatory environment that supports innovation, empowers consumers, and fosters competition.

By Tanja Dugonjic, Partner, and Alen Handan, Associate, Bojanovic & Partners

The Parliament of Republika Srpska adopted the amendments of the Company Law of Republika Srpska which entered into force on 2 March 2023. This is the sixth time that the Company Law has undergone changes since it was enacted, whereas the recent amendments brought significant novelties, rather than cosmetic ones.

Below are presented the major changes that relate to all types of companies or only to LLCs or JSCs. 

General changes

1. Extension of deadlines

The deadline for exercising the right of the company based on the breach of conflict of interest and competition rules is now extended to 6 months (instead of 60 days) as of finding out for the breach, i.e., 10 years (instead of 3 years) as of the occurrence of the breach. The statute of limitations for claims of shareholders towards the company (and vice versa) is set to 10 years (instead of 3 years) from the due date. In addition, the statute of limitations for dividend claims of shareholders in open JSC is set to 10 years as of the company’s decision on dividend distribution.

Changes that relate to LLCs:

1. Minimal share capital

As of 2 March 2023, if the share capital of the LLC is equal to or higher than BAM 5,000 half of the amount shall be paid to the temporary account until the registration of the company is completed and the rest is paid according to the deadlines for the payment of monetary contribution determined in the memorandum of association, but no later than two years from the date of registration.

In addition, for LLCs established by more than one shareholder, the minimal monetary contribution of each shareholder cannot be less than BAM 1.

2. Registration of shares with the Central Securities Registry

The major novelty brought by the amendments is related to the registration of shares in LLC with the Central Securities Registry of Republika Srpska. Now, shares in LLC may be registered with the Central Securities Registry by which such share obtains the status of the security. Hence, as of 2 March 2023, if the share is registered with the Central Securities Registry the shareholder is allowed to freely transfer its share.

This novelty consequently triggers many other aspects. To name a few, the book of shares may be now maintained by the Central Securities Registry which also records the pledges established on the shares registered in Central Securities Registry. Also, these shares of LLCs, for which the Central Securities Registry maintains a book of shares, may be traded on the stock exchange.

3. General Meeting of sole shareholder LLC
If the sole shareholder of LLC is a legal entity, it may be now determined by its memorandum of association that the general meeting function is performed by the body of the sole shareholder, otherwise, this function is performed by the authorized representative. In addition, there is no longer a need to prepare the minutes of the General Meeting, but only to record the enacted decision in the book of decisions.

4. Quorum for deciding on reserved matters

Enacting decision on reserved matters (i.e. amendments of the memorandum of association and the agreement of the shareholders; increase and decrease of the share capital; status changes; change of legal form and termination of the company; distribution of profits to shareholders; acquiring own company shares and disposal of company assets of high value) has undergone a significant change. Instead of a previous statutory solution that required the consent of all shareholders, now the above-listed matters may be decided by the 2/3 majority of all shareholders (unless otherwise stipulated in the internal acts).

5. Termination of shareholder status
Provisions regulating the termination of shareholder status are now more detailed and systematic. Thus, the amended provisions regulate the conditions and consequences of voluntary termination of the shareholder status including the situation when a shareholder does not claim the compensation for its share, but also the termination based on the court decision, and the decision of the company.

Changes that relate to JCSs:

1. Sale price of shares

So far, the sale price of shares could be determined in a lower amount compared to its nominal value. However, from now on a general rule is that the sale price cannot be lower than the nominal value of the share except in the following circumstances:

• when the book value of the share is lower than the nominal value whereby the sale price of the shares cannot be lower than the book value,
• sale of ordinary shares in the procedure of exercising the right of pre-emption of shares of existing shareholders or sale of shares to a stockbroker for their resale (in the procedure of taking over the issue of shares), whereby the sale value of the shares cannot be lower than the market value unless the market value is lower than the book value, in which case the book value of the share is applied,
• issuance of shares in the company reorganization procedure.

2. Determining the market price of shares
In addition to the previously set requirements for determining the market value of shares in JSC (weighted average price on the stock exchange or other regulated market, in the period of six months before the date of the decision determining the market value of the shares, if in that period the trading volume of shares of that class on the securities market represented at least 3% of the total number of issued shares of that class and that in at least three months of that period, the trading volume was at least 1% of the total number of issued shares of that class on a monthly basis) the amended Company Law also introduces a third requirement, being that it was traded on more than one-third of the days of possible trading on a monthly basis.

3. Dividend distribution
According to the amended Company Law, part of the undistributed profit (up to 20%) may be distributed in the form of shares to the employees of the company. However, only the employees who do not hold more than 5% of the share capital (including new shares) are entitled to these “dividend” shares.

The amendments invoke the principle of equal treatment of all shareholders regarding dividend payment and envisage that the monetary dividend may be registered in the Central Securities Registry. In the latter case, the dividend payment is performed by depositing the funds to the special purpose account of the Central Securities Registry that conducts the direct payment to shareholders.

In addition, special rules for challenging the decision on dividend distribution are envisaged if such a decision does not foresee dividend payment but the company should pay the dividend based on the circumstances of its business and under the following conditions:

• a positive assessment of a good businessman (being the independent auditor) has been obtained,
• enacting a decision on dividend payment is mandatory in accordance with the company’s dividend policy determined based on the corporate governance standards.

The lawsuit may be filed by the shareholders holding at least 10% of the share capital.

4. Convening the general meeting
The main novelty with regard to convening the general meeting is related to the content and publication of the invitation to the general meeting. Now, the invitation does not have to be published in two newspapers registered in Republika Srpska, while the content of the invitation is regulated in more detail.

5. Cross-border M&A
The amendments introduced the cross-border M&A transactions determining the requirements, the announcement of cross-border M&A, the content of the agreement between the companies, registration of the change, participation of the notary public, consequences of this transaction, etc. Involved are only LLCs and JSCs incorporated in Republika Srpska and the foreign companies (established as companies based on capital). In addition, the law envisages a simplified procedure in case the acquirer is the sole shareholder of the local company or if the acquirer is the local company holding at least 90% of shares in another company.

6. Conversion of JSC to LLC
Regarding the conversion of JSC to LLC, two additional requirements have been added. Hence, for such conversion the JSC has to meet the conditions for conversion from an open JSC to a closed one and the Securities Commission has to issue the approval in accordance with the regulations regulating the securities market.

7. Squeeze-out
The squeeze-out provisions have also undergone certain changes. The significant one is that in case the adequacy of squeeze-out compensation has been challenged, the payment to minority shareholders is not anymore suspended until the final court decision.

The amendment will be applied to the pending procedures which definitely meets the practical expectations. Also, the statute of limitations for the minority shareholders’ entitlement to compensation is extended to 10 years (instead of 3 years). In addition, as of 2 March, the registration of the squeeze-out decision shall be conducted within 15 days as of the expiry of 30 days deadline for challenging the decision (or 15 days as of rendering the final court decision in the procedure of challenging the squeeze-out decision). Moreover, according to the amended provisions, the court shall now ex officio check whether the decision has been challenged, meaning that the statement of the director on the status of the decision challenging is no longer necessary.

By Nihad Sijercic, Partner, and Nevena Tomic Lucic, Advisor, Karanovic & Partners

We would like to remind you that tomorrow is the final day for legal entities in Serbia to register as users of the e-government portal.

In accordance with the latest amendments to the Law on Companies and the Law on Registration Procedure with the Serbian Business Register Agency (2021), it has become mandatory for all legal entities in Serbia to complete their registration on the e-government portal by 26th May 2023.

This important development aims to streamline and enhance the efficiency of administrative processes for legal entities throughout the country. By registering on the e-government portal, you will gain access to a wide range of digital services and resources that will simplify your interactions with government institutions.

To ensure compliance with the new legal requirements and take advantage of the benefits provided by the e-government portal, we strongly urge all legal entities in Serbia to complete their registration before the deadline. Failure to do so may result in disruptions to your business operations and potential penalties.

To register on the e-government portal, please visit the designated website and follow the provided instructions. You will be required to provide accurate and up-to-date information about your legal entity, including relevant identification documents and contact details. The registration process has been designed to be user-friendly and efficient, ensuring a smooth transition to the digital platform.

Embracing the e-government portal will not only contribute to your operational efficiency but also promote the overall advancement of digital governance in Serbia. By leveraging the benefits of this portal, legal entities can enjoy streamlined administrative procedures, reduced paperwork, and enhanced accessibility to essential services.

By Zivko Simijonovic, Senior Associate, JPM Jankovic Popovic Mitic

In January 2023, the Serbian Ministry of Mining and Energy initiated the procedure for the amendments to the Law on the Use of the Renewable Energy Sources (“Amendments”) whose purpose was, among others, to limit the installed power of the prosumers.

The initial draft of the Amendments limited the installed power for the prosumers to 10 MW which was in general welcomed by the pundits and the public during the public hearing process. However, the Serbian distribution system operator (Elektrodistribucija Srbije) objected to the proposed limitation and proposed that instead of 10 MW, the installed power should be limited to 6.9 kW for households, and to the 150 kW for commercial prosumers Despite the Republic of Serbia’s strong commitment to a green energy agenda, the Ministry of Mining and Energy accepted a significant reduction without offering any clear or lawful justification, apart from the unsupported argument that this is the case in other EU countries. The Amendments with decreased installed power were confirmed by the Government of the Republic of Serbia and entered the official procedure for adoption of the amendments to the law before the National Assembly, calling into question the future of the prosumers in Serbia. This led to a series of public discussions redefining the proposed limits, after which the Ministry of Mining and Energy unofficially confirmed that limits to the installed power of commercial prosumers will be temporarily increased to 5 MW while for household prosumers limitation of installed power will be increased to 10.8 kW.

On 28 April 2023, the official draft of the Amendments adopted by the National Assembly officially confirmed the decision, increasing the limitation of installed power for household prosumers to 10.8 kW and stipulating that a limitation of 150 kW of installed power for commercial prosumers will not be applied to the commercial prosumers which have to initiate the procedure for the connection of energy facility before 1 July 2024. The connection procedure shall be deemed initiated on the date when a request for issuance of technical conditions for connection was submitted to the system operator. For those commercial prosumers who initiate the connection procedure after 1 July 2024, the installed power will be limited to 150 KW.

The Amendments entered into force on 7 May 2023, while the provisions related to the limitation of installed power for household prosumers (10.8 kW) will become effective on 1 January 2024.

By Petar Mitrovic, Partner, and Nemanja Providzalo, Senior Associate, Karanovic & Partners

The Commission for Protection of Competition of Serbia (the “Commission”) announced on 3 May 2023 that it initiated an antitrust investigation against the companies KTG Solucije d.o.o. Subotica and Eco Sense d.o.o. Subotica due to alleged restrictive agreement – colluding in public procurement procedures (bid rigging).

According to the Commission’s public announcement, the assumption of the suspected violation is based on the documentation provided by the Office for Public Procurement, followed by the Commission’s analysis of Internet Protocol addresses the accused parties used to access the Public Procurement Portal. Based on the Commission’s allegations – one of the accused companies has been withdrawing from the public procurement processes with the aim that the purchaser in public procurement enters into an agreement with the second ranked bidder (the other accused party), but on higher prices.

The Commission has simultaneously conducted dawn raids at the companies’ premises. Furthermore, as the Commission has conducted an analysis of the Internet Protocol addresses – it is very much important to note that the Commission seems to be eager to use all the available technical tools to search for potential competition infringements. The Commission’s analysis hence seems to show that the accused companies could have potentially used the same internet network to access the Public Procurement Portal, moreover the same electronic device for access to the portal.

By Bojana Miljanovic Hussey, and Bojan Vuckovic, Partners, Karanovic & Partners

Serbia seems to rank highly on the destination lists of foreign investors – as the country has been experiencing an uptick in M&A and the arrival of new players – with IT, pharmaceuticals, and energy being among the sectors seeing significant growth, according to Bojanovic & Partners Managing Partner Vladimir Bojanovic.

“Over the past few months, there has been an upward trend in the market with the arrival of new investors in Serbia,” Bojanovic begins. “There have been several M&A deals that are considered landmarks. At the same time, the IT, pharmaceutical, and energy sectors are some of the most prominent industries experiencing significant growth.”

And analyzing those sectors in order, Bojanovic first points out that the primary reason for the increased interest of international IT companies in Serbia is related to the local workforce. “Foreign IT companies are increasingly investing in human capital in Serbia,” he says. “Artificial intelligence is gaining traction, and Serbian law firms are setting up departments focused on AI.”

Second, moving on to the pharmaceutical industry in the country, Bojanovic notes, “it is also attractive to the region due to the availability of a talented workforce.” He highlights that this has been an underlying trend in the past, adding that “pharmaceuticals have always been performing well in Serbia.”

Third, Bojanovic mentions that – while there are some industries that are facing challenges – there are also new winners emerging. “One such sector is the renewable energy industry, which is experiencing phenomenal growth. There are numerous new laws being implemented to facilitate the transition to clean energy, resulting in significant investment in wind and solar energy,” he says. “On the other hand, some sectors, such as coal mining, are not performing well and are gradually fading out. Despite this, coal is still being used due to the lack of alternatives, particularly given the situation with Russia.”

Taking a step back and looking at legislative updates of note, Bojanovic points out that “currently, there is new legislation being adopted, mostly in the form of secondary legislation, including specific laws related to TMT, to develop practical solutions that are applicable to the current technological progress.”

Finally, Bojanovic says “there are rumors that new elections may be held soon, either later this year or in the next. However, the situation regarding those elections remains unclear at this point.”

The European Commission launched a Call for Evidence, which entails asking for feedback from the business community and the general public on adopting new Guidelines on exclusionary abuses of dominance.

This is indeed one of the most important initiatives within the EU antitrust framework, covering one of the main areas of competition law – abuse of dominance. The currently applicable Guidance on enforcement priorities concerning the abusive exclusionary conduct by dominant undertakings from 2008 – appears to be outdated. The idea behind the introduction of the new Guidelines is to align the theories of harm of potential abuses of dominance with the extensive enforcement practices of the European Commission and the rich case law of the Court of Justice of the European Union. Guidelines, such as this one, are always helpful and welcomed by the business community, as they provide greater clarity, predictability, and more legal certainty with respect to the authorities’ general standpoints on some of the most important issues, such as the notion of anti-competitive foreclosure.

The updates of the EU Guidelines on abuses of dominance seem to be aligned in time with the increased wave of abuse of dominance investigations in the Balkans as well. After a couple of years of relative silence in abuse of dominance cases (for instance, in Serbia after the abandonment of the presumption of dominance several years ago), the potential abuses of dominance are again in the focus of the Balkans’ competition authorities. We have hence evidenced that the Serbian competition authority has recently initiated several abuse of dominance investigations, relating to the markets of primary school textbooks, as well as the market of digital platforms for the sale and delivery of mainly restaurant food. Those investigations are still pending but could indicate that the antitrust dominance cases will be in the loop of the Balkans’ competition authorities in the upcoming period, perhaps even more after the introduction of the new EU Guidelines on exclusionary abuses of dominance.

By Rastko Petakovic, Senior Partner and Bojan Vuckovic, Partner, Karanovic & Partners

With the latest amendments to the Law on Registration Procedure in the Business Registers Agency, another step has been taken on the digitization of public administration.

Although these amendments were made at the end of 2021, the electronic incorporation of companies has been postponed by 18 months, to prepare all technical measures in the Business Registers Agency (“BRA”).

In this regard, from 17 May 2023, the registration of the incorporation of companies will be carried out only in electronic form through the BRA online application, i.e. e-register. Namely, it will no longer be possible to submit registration applications for incorporation of companies in Serbia at the counters of the BRA in paper form. The online application itself provides several steps through which it is necessary to enter all the necessary data and attach the necessary documentation. To access the application, a qualified electronic signature of the applicant, either a lawyer or a member of the company filing a registration application is required. Nevertheless, although the entire procedure is planned in a manner that all documents that need to be signed, will be signed with a qualified electronic signature, the possibility was left for the lawyer, in accordance with previously acquired legal powers, to digitize certain documents that were signed in paper form (e.g. incorporation act certified by a notary public, power of attorney authorizing a lawyer to submit a registration application, etc.).

The primary objective behind the introduction of electronic incorporation is to enhance efficiency and reduce costs and time associated with company formation. Instead of the Business Registers Agency (BRA) handling the data entry for incorporation based on printed registration applications, it is now the responsibility of clients and their lawyers to input the incorporation data in electronic format.

We view this as a positive step since the electronic registration application itself is designed to minimize errors during data entry, thereby reducing the likelihood of registration application rejections and delays in the overall process. While incorporations will now be conducted electronically, it’s important to note that changes to companies (such as addresses, members, share capital, names, etc.) will still be registered in paper form at the BRA counters. We assume that this gradual transition is part of a larger plan to eventually shift all business activities towards electronic means.

Over the next few months, we will closely observe the readiness and effectiveness of the BRA’s electronic system, and whether it results in a faster and more streamlined process for incorporating companies in Serbia.

By Zivko Simijonovic, Senior Associate, JPM Jankovic Popovic Mitic

The participation of women in business is not only a matter of gender equality and social justice but is also a crucial prerequisite for sustainable economic growth and social progress, particularly in the face of the multiple challenges that humanity is currently confronting. The inclusion of women in business reduces unemployment and ensures greater economic growth, which is of particular importance for countries in transition, such as the Republic of Serbia.

The latest data published by the Serbian Business Registers Agency indicate a positive trend in the representation of women in business entities over the past few years. However, the representation of women compared to men among entrepreneurs is only 33.70%, while women make up only 25.80% of shareholders of companies. Despite progress being made, the good news is not nearly enough – there is still a considerable gender gap in the representation of women in management positions. Consequently, the availability of financial instruments and business opportunities remains greater for male directors than for female directors, with women often being relegated to executor roles rather than decision-making positions.

The World Bank’s seventh annual survey, “Women, Business and Law 2023”, which measures the index of reforms in economic and social gender equality in 190 countries worldwide, shows that Serbia is relatively well positioned compared to other countries, having achieved results comparable to some of the most developed countries in the world concerning business egalitarianism. This is reflected in the data on the number of companies led by women, where the representation of women in company ownership in Serbia is almost at the level of the world average and Europe (33%), with South America (50%) and East Asia and Oceania (47%) being the most notable regions globally.

However, there is still significant room for improvement, especially considering that women in Serbia graduate from universities at a higher percentage than men, participate more in the labor market, and constitute a substantial portion of the overall demographic picture.

Female entrepreneurship is regarded as a crucial economic potential, necessitating constant encouragement of women to start their own businesses and to look up to already successful businesswomen as role models. It is also vital to make good use of the financial resources and incentives that the state makes available to women entrepreneurs.

However, to further reduce the gender gap, a collaborative effort among all stakeholders is required, including the state, companies, politics, media, and women themselves. Amending relevant acts in this field would establish accurate statistics in the economy and public administration and provide the necessary support measures and education needed to achieve a society that values men and women equally. One thing is certain – there is still a lot to be done.

By Aleksa Bosnjovic, Senior Associate, Milica Mihajilica Trainee, SOG Law Firm