THE IMPLEMENTATION GAP: ALIGNING THE ENERGY SECTOR IN NORTH MACEDONIA WITH OECD GOVERNANCE STANDARDS
The global shift towards energy transition presents unique governance challenges for transition economies. This study argues that formal compliance with governance frameworks does not guarantee institutional legitimacy, particularly where political interference is structurally incorporated. The research examines the corporate governance architecture of North Macedonia’s two strategic energy stateowned enterprises (SOEs), JSC ESM and JSC MEPSO, using the 2024 OECD Guidelines as a normative benchmark. Based on a survey of 80 experts, the study finds evident contradiction between internal and external views of governance. While internal board members report moderate levels of political influence and perceive structures as professionally capable, external stakeholders express significant concerns regarding party influence and limited board independence. The findings suggest that ownership practice often functions as an informal political tool, undermining national energy security. To bridge this gap, the results show that improving board independence, protecting governance structures from political interference, and improving general transparency are critical for improving institutional credibility and effectiveness.