Guidelines for the Development of the Russian Financial Market
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
CORPORATE GOVERNANCE
New corporate governance standards reflect best international practices
Listing reform on Moscow Exchange
Simplified listing structure: 2 quotation lists
and 1 non-quotation list instead of a 6-tier
system
✓ Stricter corporate governance criteria for
inclusion in the top-tier list
Stricter requirements for Directors to be
considered independent
Next stage 2018
Only ratings by approved Russian rating agencies
will be considered valid for listing requirements for
Russian issuers` bonds
Corporate actions reform
Information on corporate actions cascaded to
shareholders from issuer through CSD and
nominees
✓ E-proxy voting and E-voting platform for
shareholders has been developed
✓ A number of Russian companies have already
implemented an online voting system in 2017
has been
✓ E-voting for bondholders
implemented and successfully tested
Blockchain technology
NSD used a blockchain-based settlement platform
to complete an inaugural placement of
a RUB 500 mln bond issue in 2017
CBR corporate governance report: annual monitoring of corporate governance practice and
publication of the report on the CBR official site (only in Russian)
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