Russia’s Ministry of Economic Development forms Expert Council for Corporate Governance chaired by Minister Ulyukaev

FINMARKET.RU – Russia’s Ministry of Economic Development is re-establishing the Expert Council for Corporate Governance which will be chaired by Minister Alexey Ulyukaev, the Ministry’s spokesperson told Interfax.
Decisions on the Expert Council membership are currently being made. The council will unite experts from the scientific, professional legal and business communities, organizations, representatives of legislative, executive and judiciary authorities.
The order to form the Expert Council for Corporate Governance was signed on May 30. According to the Ministry of Economic Development’s representative, the idea is not to create an entirely new body but to update the old expert council established in 2004 in line with the current state of the expert community. One of the council’s key objectives will be to make the research and expert activities of the Ministry of Economic Development more efficient and to contribute to creating a well-balanced state policy in the field of corporate governance and public property management.
The final list of council members is expected to be formed in the near future, a source with knowledge of the process told Interfax-AFI. The first expert council meeting will be held in September.
The expert council, in particular, may include Deputy Ministers of Economic Development Nikolai Podguzov and Dmitry Pristanskov. Besides, Alexander Branis (Chairman of the Board of Directors, Association of Institutional Investors / API, Director of Prosperity Capital Management); Alexander Varvarin (Vice-President for corporate relations and legal support, RSPP); Alexander Voloshin (Head of the Moscow International Financial Centre Taskforce), Gadis Gadzhiev (a judge of Russia’s Constitutional Court) main join the council.
Other candidates to the council include Alla Laletina (Head of the Legal Department, Rostec Group); Yulia Leshchevskaya (Head of the financial/banking activities and investment development department, Ministry of Economic Development), Alexander Tikhonov (head of the property relations and territorial development department of Russia’s Ministry of Transport), Andrey Yakushin (Head of the corporate relations and disclosure division, Financial Market Access Department, Bank of Russia) and Pavel Filimoshin (economic adviser, Financial Market Access Department, Bank of Russia).
The Bank of Russia has recently formed its Expert Panel on Corporate Governance which also included representatives of the market and experts. According to the panel members, work will begin in late summer or early autumn.
What makes the Ministry of Economic Development’s Expert Council for Corporate Governance different from the Central Bank’s expert panel is that it will focus on the development of proposals for corporate governance at state-owned companies, regulation of non-public joint-stock companies and limited liability companies, Interfax-AFI’s source said. The council will have at least two workgroups to address these issues.
According to the expert, the key issues related to state-owned companies the new Expert Council is expected to deal with include the management of privatized federal state-owned enterprises, improvement of the Board of Directors proficiency, and implementation of the Corporate Governance Code at state-owned companies. The key issues related to non-public companies include harmonization of the laws on join-stock and limited liability companies with the Civil Code, discontinuance of registration of non-public joint-stock companies’ stock issues and changing the registration of rights to stakes in limited companies, the expert says.
“If the Ministry of Economic Development’s Council is effective indeed, we only welcome it and look forward to leveraging collaboration opportunities, presenting investors’ opinions, positions and initiatives. We are hopeful plans will work out,” API Executive Director Alexander Shevchuk, a member of the Central Bank’s Expert Panel on Corporate Governance, commented to Interfax.
Published by Interfax
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