OREANDA-NEWS. On 25 June 2008 was announced, that the Transcreditbank Board of Directors had their regular meeting in Moscow.  The top item on the agenda was discussion and approval of the Concept of Development of Corporate Governance System in TransCreditBank for the period till 2010, Corporate Ethics Code, Regulation on Disclosure Policies.  Relevant amendments will soon be made to the Charter and by-laws of the Bank.  Text of the new regulations is posted on the corporate web-site.

The need for further improvement of the Bank’s corporate governance system in accordance with the best international corporate practices and for development of its disclosure policies was largely driven by approval of the Strategy of Development of TransCreditBank till 2010 which sets forth further steps to be taken by the Bank to become a leading bank on the national scale, ranking on the Top15 list for all key financial performance indicators.

Approval of the Corporate Governance Code is another proof of the Bank’s unfailing willingness to abide by corporate governance standards and is intended to further strengthen trust on the part of shareholders, employees and the public.  Besides Russian legal norms, the Corporate Governance Code includes additional provisions based on generally accepted Russian and international standards of corporate governance.  The Bank plans to increase the number of seats on the Board to include independent directors and to establish audit, strategic planning, HR and remuneration committees under the Board.

The Bank’s disclosure policies are intended to furnish the most complete and reliable information about the Bank and its business to its shareholders, investors and other stakeholders.  The Bank discloses information based on the principles of reliability, accessibility, promptness, completeness and regularity, while maintaining reasonable balance between openness and safeguarding its commercial interests stipulated by the laws of Russia, the Bank’s Charter and by-laws.

Openness and reliability of disclosed information are the underlying principles of the Bank in its dealings with clients, partners and shareholders.   The Bank tries to use all available sources to provide access to disclosure for all stakeholders and builds its relations with clients, partners and counterparties on the basis equality and openness.