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Russian Institute of Directors upgrades VTB Bank’s Corporate Governance Score

 
5 October 2012

Russian Institute of Directors upgrades VTB Bank’s Corporate Governance Score

The Russian Institute of Directors (RID), a non-profit partnership of Russian issuers, has upgraded its National Corporate Governance Score (NCGS) for VTB Bank to 7+ (Developed Corporate Governance Practices).

The rating of the corporate governance at VTB Bank by RID was based on an evaluation of the protection of shareholders’ rights, the work of the management and control units, information disclosure and corporate social responsibility. VTB is the only Russian bank that has been awarded an NCGS.

The rating change is a result of the bank’s consistent efforts to improve its corporate governance practices. In 2011, VTB introduced the post of corporate secretary. In March 2012, the bank’s Supervisory Council evaluated its corporate governance using the methodology approved by the Central Bank. In June 2012, more independent directors were put on the Supervisory Board and a new edition of the Charter was approved which extended the Supervisory Council’s authority to include internal control and risk management. The bank also improved its information disclosure practices to meet the best corporate governance standards.

VTB’s recent improvement in corporate information disclosure helped the bank to win a prize for Best Public Company in a competition organised by the National Association of Corporate Secretaries and the magazine Joint-Stock Company: Corporate Governance Issues.

Representatives of the bank’s minority shareholders have also noted improved corporate governance practices. Leonid Volkov, a member of the VTB Shareholders Consultative Council, said that the decision to create the position of corporate secretary was a major milestone in the development of the bank’s relations with its shareholders. This made the Supervisory Council’s operation as transparent and clear to shareholders as possible and brought our relations with the Supervisory Council to a new level".

Senior Vice President Igor Piun, Head of the Strategy and Corporate Development Department, who is responsible for corporate governance issues at the bank, said: "As a public company, the development of corporate governance is an important issue for VTB Bank. This upgrade in our national rating proves that we are moving in the right direction. But our ambition is to become a true leader in this field. We believe that ongoing improvement of our practices, and greater openness and transparency are among the prerequisites for increasing market capitalisation". 


Tags:
rating, VTB Bank

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