Russian Financial Sector Update
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
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)View entire presentation