Source: Central Bank of the Russian Federation in English
15 December 2020
The Bank of Russia has held a workshop dedicated to the issues of board formation and succession planning at part state-owned public joint-stock companies.
The workshop was attended by representatives of the Finance Ministry, Rosimushchestvo (the Federal Agency for State Property Management), the Accounts Chamber, business representatives and members of the investment and professional communities.
The participants exchanged their practices of board of directors formation and succession planning, discussed the most topical issues and presented updates on plans for corporate governance process development.
The meeting also deliberated initiatives aiming to enhance corporate governance practices at public and non-public joint-stock companies with state participation. Specifically, under review was a proposal that Bank of Russia recommendations on board formation and succession planning should extend to both types of non-public joint-stock companies: privately held and part-state owned.
The current recommendations apply to listed public joint-stock companies in the first place.
However, these recommendations establish that they may be applied at any company seeking to improve governance efficiency and promote practices that assist in sustainable long-term corporate development and help deliver on its goals.