25.12.2015, 23:54
Bank of Russia Publishes First Consultative Report
OREANDA-NEWS. Bank of Russia publishes first consultative report.
The consultative report is designed to inform the public at large about the Bank of Russia's stance and to collect opinions from an unlimited number of people to adjust the submitted proposals and standards.
The document prepared by the Financial Market Access Departments was the first consultative report placed on the Bank of Russia website. It provides for public discussion the megaregulator's proposals and initiatives to upgrade corporate governance in public joint-stock companies. Certain provisions based on best corporate governance practice are offered to be approved at the legislative level or at the level of Bank of Russia regulations. Financial market participants may submit their opinions within two months following the report publication.
The proposed changes refer to the competence of management of public companies, the responsibility of their managers, organisation of work of the board of directors (supervisory board); the rights of shareholders of public companies, equal and fair attitude to all shareholders, countering abuses from large shareholders (persons controlling them) against minority ones; auditing and reporting of public companies.
The Bank of Russia will publish consultative reports on a regular basis, since this form of cooperation with market participants is recognised as the most effective one, if the number of interested persons is rather great and the task set by the regulator has only a general concept.
The consultative report is designed to inform the public at large about the Bank of Russia's stance and to collect opinions from an unlimited number of people to adjust the submitted proposals and standards.
The document prepared by the Financial Market Access Departments was the first consultative report placed on the Bank of Russia website. It provides for public discussion the megaregulator's proposals and initiatives to upgrade corporate governance in public joint-stock companies. Certain provisions based on best corporate governance practice are offered to be approved at the legislative level or at the level of Bank of Russia regulations. Financial market participants may submit their opinions within two months following the report publication.
The proposed changes refer to the competence of management of public companies, the responsibility of their managers, organisation of work of the board of directors (supervisory board); the rights of shareholders of public companies, equal and fair attitude to all shareholders, countering abuses from large shareholders (persons controlling them) against minority ones; auditing and reporting of public companies.
The Bank of Russia will publish consultative reports on a regular basis, since this form of cooperation with market participants is recognised as the most effective one, if the number of interested persons is rather great and the task set by the regulator has only a general concept.
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