In the last decade Investors are increasingly applying the above mention non-financial factors as part of their analysis process to identify material risks and growth opportunities. Approximately 72% of global investors in 2022 said they use ESG principles in their investment approach and decision making.
Meanwhile, Business and law firms in North Macedonia are having trouble to understand the meaning of the ESG principles, and how it benefits in their everyday business activities. Also, ESG principles may not always fit into one specific category. However, climate change is a good example. As a result, we usually think of it as an environmental issue, but it has far-reaching implications that include social and governance risks. In the same manner, changing weather patterns can disrupt supply chains, while company boards can support or oppose requests from shareholders for transparent climate-related disclosures.
|climate change||employee health and safety||executive pay|
|greenhouse gas (GHG) emissions||supply chain risk||bribery and corruption|
|biodiversity||cybersecurity and data privacy||board diversity and structure|
Moreover, Traditionally, a manager chooses to invest in companies based largely on their financial metrics and reports. In the same way, they might look at things like earnings, profit margins and debt levels. However in recent years, there has been a growing focus on looking beyond the balance sheet. Therefore, when you integrate material ESG principles into the investment decision-making process, you can assess many other kinds of risks a company faces. For example, investors may ask:
|Environmental: How does a company’s business impact the environment?||Social: How does the company interact with its employees, customers and communities?||Governance: How does the company govern itself? Is it free from bribery and corruption?|
On the other hand, ESG risk refers to a risk a company may face due to weak ESG practices. Here are some examples of strong versus weak ESG practices:
|Company Focus||Strong ESG||Weak ESG|
|Employees||Engagement, strong culture, innovation||Lack of training, unsafe conditions, high turnover rate|
|Customers||Responsiveness, availability, dispute resolution||No returns policy, poor labelling, over-charging|
North Macedonia business are recently starting to implement and noticing the ESG principles as important factor for growth of their business. In that line the Macedonian Stock Exchange, has recently adopt a ESG REPORTING GUIDE FOR LISTED COMPANIES, which helps the listed companies on Macedonian Stock Exchange, to adopt, understand and implement the ESG principles.
Taking into consideration the growing development of ESG principles, which will be determined factor for investors in future, Tosic & Jevtic law firm, as one of the leading law firms in the corporate sector, joint their forces with ESGPRO, UK based company, one of the leading companies in implementation of ESG sustainability reporting in UK, to help and assist the Macedonian business to implement the ESG factors.
We believe that in the next 5 years, ESG principles, will become one of key factors for foreign investors which will determine if they will be investing in Macedonian companies or their A&M.
Also, we as a law firm believe that if Macedonian companies want to export their products to western countries and companies, especially within the EU, UK, Canada or USA, their ESG or sustainability report will be one of the key factors that the foreign partners will require and ask.
Additionaly, if Macedonian companies, want to be part of the global trade, expend their export, cooperate with foreign companies, or attract foreign capital, investors of buyers, it will be inevitable to adopt and implement the ESG principles and standards. In the end the ESG principles, stand for better environment, better inclusion, better protection of the employees, and better customer satisfaction, then business that implement these factors, will show of with better financial results and profit.
Our law firm and our partners from ESG PRO are ready to take you to the next principles step and make your business more attractive and profitable.
Ivica Jevtic - Managing partner at Tosic & Jevtic law firm
North Macedonia as successor of Yugoslavia is member of almost all the international conventions regarding the protection of intellectual property rights, which guarantees safety and reliability in this matter. The laws applying in North Macedonia regarding intellectual property are completely harmonized with the international conventions and agreements regulating this matter.
North Macedonia is member of the Paris Convention for the protection of industrial property since 1921, member of the Convention establishing the World Intellectual Property Organization (WIPO) since 1967, member of the Agreement on Trade-related aspects of intellectual property (TRIPS agreement) since 2003, member of the Madrid agreement concerning the international registration of marks since 1921, member to the Nice agreement concerning the international classification of goods and services for the purposes of registration od marks since 1966, member to the Vienna agreement establishing an international classification of the figurative elements of marks since 2010.
In this article, we will present the procedure of trademark registration in North Macedonia which is conducted in accordance with the intellectual property law that is applied in North Macedonia.
The answer to this question depends on several factors. However, if you wish for local protection of an individual trademark and protection to up to three classes of goods and services the administrative costs are as follows:
The process of protection of a trademark lasts for approximately 9 months. The reason for this is that the trademark application is published in the Official gazette of the State office of intellectual property of North Macedonia and any party having an opposition to such registration may file an objection within a term of 3 months from the date of publication. What is also worth mentioning here is that the Paris convention for the protection of intellectual property determines that any person who has duly filed an application for a trademark in one of the countries of the Union, or his successor in title, shall enjoy for the purpose of filing in the other countries, a right of priority during the period of six months. This period shall start from the date of filling the first application and the day of filing shall not be included in the period.
However, you should be aware that protection is granted from the moment of filling the application for trademark registration in the State Office of intellectual property. Therefore, the duration of the administrative procedure does not affect the right itself.
North Macedonia and the State office of intellectual property obey to the international conventions and agreements concerning the protection of intellectual property rights. As members of almost all international conventions and agreements regulating this matter, you can be sure that your intellectual property right will be protected and recognized as such in almost all countries in the world, if the protection is sought there afterwards.
The administrative costs for the protection of a trademark are one of the lowest in the region which makes North Macedonia attractive for seeking protection of your intellectual property rights.
Our Law Firm has experienced lawyers that may guide and assist you in the protection of your intellectual property in North Macedonia.
Ivana Jevtic Nikolova