MICEX-RTS and OECD sign agreement to strengthen corporate governance in Russia

MICEX-RTS and OECD sign agreement to strengthen corporate governance in Russia

12/12/2011

On December 12 MICEX-RTS and the Organization for Economic Co-operation and Development (OECD) signed an agreement that will strengthen corporate governance in Russia through a program called the OECD-Russia Corporate Governance Roundtable. The signing ceremony took place at the Russian Ministry of Economic Development as part of OECD Secretary-General Angel Gurría’s visit to Moscow.

The joint MICEX-RTS and OECD program, to last for a period of three years, will tackle remaining corporate governance challenges in Russia through dialogue, research and access to international experts. The program will also improve the understanding of Russian corporate governance practices and ongoing reform efforts among key target audiences. One of the most important aims of the program is to ensure that corporate governance standards used in Russia are accurately perceived by the international investment community.

The program calls for research to be presented at roundtable meetings and technical seminars by Russian and international experts, including the leading practitioners responsible for assessing, developing and implementing global best practices in corporate governance.

The joint work of the OECD, MICEX-RTS, government bodies and market participants will help lay the groundwork for the formation of an International Financial Center in Moscow.

Ruben Aganbegyan, President of MICEX-RTS, said: "This is not the first time the OECD has shared its expertise on corporate governance in Russia. Earlier cooperation bore important results, and many of the practices we take for granted today, such as independent directors on corporate boards, are the result of that earlier work. The agreement we are marking today will further develop the Russian legal system and strengthen corporate governance practices in line with international standards. I would also like to note that this project was made possible thanks to the support of the Central Bank of Russia, the Ministry of Economic Development, the Ministry of Finance and the Federal Service for Financial Markets."

"Our goal is to provide the international community with an accurate understanding of Russian corporate governance practices and to make it aware of ongoing reform efforts. We are confident that our project will help the Russian financial market realize its potential in full," said OECD Secretary-General Angel Gurría.

Alexander Ikonnikov, Chairman of Russia’s Independent Directors Association, said: "This timely initiative will open new doors for Russian business. I believe the program will assist executives and directors in their efforts to introduce the most advanced governance standards."