Chairman of CBM's Supervisory Board discussed implementation of corporate governance standard
11.11.2016
CREDIT BANK OF MOSCOW's Chairman of the Supervisory Board William Owens spoke about successful implementation of Corporate Governance Code standards at OECD-Russia Roundtable.
The Corporate Governance Code was developed by the Bank of Russia and enacted for issuers in 2014, giving Russian joint-stock companies basic guidance as regards best corporate governance standards.
"Since the Bank's IPO and SPO in 2015, we have sought to adopt the best standards of corporate governance and comply with the Code's principles and the Exchange's requirements to issuers designed to protect interests of all shareholders, regardless of the size of their shareholdings. The Bank's shares have consistently climbed up and have been included in RTS and MICEX Indices. It should be noted that only three Russian banks are covered by MICEX Index: Sberbank, VTB and CREDIT BANK OF MOSCOW. All this speaks of efficient corporate governance, transparent structure, and, therefore, investment attractiveness and improving market positions", — underlined William Owens.
Upward trend in CBM share prices since trading debut on 1 July 2015
Another speaker at the OECD-Russia Roundtable was Mikhail Kuznetsov — Member of CREDIT BANK OF MOSCOW's Supervisory Board and executive director of .
In particular, Mikhail Kuznetsov talked about a corporate governance appraisal tool for issuing companies known as the National Index of Corporate Governance (CG Index). The Index's methodology is based on Russian listing rules and the Corporate Governance Code. The Index allows for comprehensive appraisal and benchmarking of corporate governance levels required to make well-founded economic decisions both for the company in question and other market participants — investors, the stock exchange and the regulator.
"A survey of the top 100 public Russian companies listed at the Moscow Stock Exchange made in 2016 showed that the overall compliance with corporate governance principles reaches 67.4%. The Index suggests that CREDIT BANK OF MOSCOW is among the top 20 companies demonstrating the highest level of compliance with corporate governance principles", — commented Mikhail Kuznetsov.