Financial Sector Overview
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
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CORPORATE GOVERNANCE
New corporate governance standards reflect best international practices
Corporate governance
JSC Law amended July 2018:
✓
Strengthening the role of the Board of Directors in JSC
✓ Mandatory risk-management, internal control in public
companies
Mandatory audit committees and internal audit
functions in public companies (starting July 2020)
Disclosure reform
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 2019
Only ratings by approved Russian rating agencies will be
considered valid for listing requirements for Russian
issuers' bonds
✓
Corporate actions reform
to
Information on corporate actions cascaded
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
✓ E-voting for bondholders has been implemented and
successfully tested
Securities
New types of securities - structured bonds, perpetual
bonds, priority dividends non-voting preferred shares
Blockchain technology
NSD used a blockchain-based settlement platform to
complete
placement of
an
inaugural
a RUB 500 mln bond issue in 2017
In 2018 first Russian bonds via smart contracts were
issued for a total sum of RUB 750 mln
CBR corporate governance report: annual monitoring of corporate governance practice and
publication of the report on the CBR official site (only in Russian)View entire presentation