February 13, 2014. The new revised edition of the Corporate Governance Code was approved by the Russian Government
Opening remarks of Prime Minister Dmitry Medvedev at the Government meeting:
«Today we’ll review several important issues, including the Corporate Governance Code. In effect, it combines several basic principles and rules aimed at improving different aspects of corporate relations. These are ensuring shareholder equality, protecting the interests of investors, planning the work of the board of directors, following the rules for disclosing information and generally improving the performance of corporate governance institutions. The Code is addressed to major companies that have access to public capital markets. Naturally, the Corporate Governance Code endorsed in 2002 does not fully conform to the numerous new regulations adopted in 2011-2012, or legislation on the security market and depository, so this work was necessary.
Many issues of corporate governance that are topical for our companies have long been resolved by their foreign counterparts. Naturally, our task is to borrow best practices from around the world and consistently introduce them in our business environment. Therefore, on the one hand, the new Code takes into account international experience, including recommendations of the Organisation for Economic Cooperation and Development. On the other hand, it corresponds to the specific features of the Russian legislation and takes into account the practice of our commercial courts.
I hope that the development of our business culture will make our financial market more competitive and trustworthy, and, most important, improve the operation of our companies. Public companies with state participation should make the most of this Code.»
The chair of the RF Central Bank Elvira Nabiullina presented the main provisions of the New Corporate Governance Code to the members of the Cabinet.