CBM won Best Banking Corporate Governance Russia 2018.
Capital Finance International has declared Credit Bank of Moscow winner of the Best Banking Corporate Governance Russia 2018 Award in the annual competition held among financial sector companies. The judging panel agrees that the Bank’s business model built on openness and effectiveness traditionally represents a hallmark of quality in corporate governance.
CBM has prioritised corporate governance from its earliest corporate beginnings, proactively engaging all stakeholders — shareholders, customers, staff, and regulatory entities. The Bank has received strong support, and assistance, from large multilateral financial institutions for the design, implementation, and monitoring of its corporate governance code and invited these institutions to appoint seasoned experts to a seat on its Supervisory Board. CBM’s Supervisory Board has also appointed a dedicated high profile professional to advise particularly on corporate governance development and further improvement. The Bank improves its corporate governance system on an ongoing basis in line with legal changes and best practices, both Russian and international ones. CBM’s ten-seat Supervisory Board includes five independent members and two who represent the interests of minority shareholders, which contributes to a balanced approach in making strategic decisions.
The bank’s internal and external operations, processes, and dealings benefit from full transparency. For recent decades, the Bank has demonstrated a remarkable growth trajectory, becoming one of the country’s largest banks and entering the list of systemically important financial institutions. The secret of its success is the ability to quickly adapt to changing market conditions and the determination to adhere to sensible, if not refreshingly conservative, standards of corporate governance. Such an approach not only strengthened to bottom line but also allowed the Bank to increase its market share. Having stringent internal policies and excellent reputation among the international financial community, the Bank has been extremely successful in raising international funding, having gained leading positions among CIS financial institutions on international debt capital markets in 2017 and 2018.
The CFI.co award selection panel is using a wide range of criteria to help inform decisions regarding the awards, such as: corporate governance, financial performance, transparency, risk management etc. Judging panel consists of business journalists, corporate leaders and academia. Initial nominations for the awards come from the readers and subscribers, after which the judging panel determine a shortlist based purely on merit. The awards programme identifies true top performance — not based on the size of the nominated organisation but on excellence.