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NCCG Held a Round Table on Corporate Governance in Russian Banks
Alexander Murichev, Executive Vice President of the RSPP, and Andrey Bougrov, Senior Vice President of MMC Norilsk Nickel, co-chaired the discussion.

Mr. Murichev opened the roundtable by noting the role of corporate governance in building partners’ confidence in banks, transparency, risk reduction, and financial stability. In his opinion, problems in corporate relations often stem from the underlying conflict between the interests of shareholders and executives, and that this is especially true in the banking industry. He further noted that effective corporate governance structures contribute towards building confidence among shareholders and investors in Russian companies, and help to increase their investment attractiveness and shareholder value.

Mr. Bougrov in his opening remarks emphasized that the overall standing of the domestic banking system and its prospects for improvement depend, to a large extent, on the effectiveness of the banks’ management systems. Corporate governance of savings and loans organizations is different from that of companies in the real sector of the economy. Banks place greater emphasis on risk management, face heightened scrutiny from regulators, and are more active in implementing the latest digital technologies in management processes. He further noted that the Central Bank of Russia puts a lot of effort into the development of methodologies, such as the «Guidelines for members of the Boards of Directors of Financial Organizations», a detailed document offered for discussion by the Central Bank of Russia in September, 2018. At the moment, «The Guidelines to assess performance of Boards of Directors of publicly traded shareholder companies», also developed by Russia’s Central Bank, is undergoing public consultation.

Representatives of Russia’s Central Bank, executives from the country’s leading financial organizations, banking associations, consulting companies, and experts took part in the roundtable discussion.