05.07.2022 18:55 / TASS
The State Duma adopted a law on tax support measures for citizens and businesses The State Duma adopted in the third, final reading a law on a set of measures for tax support of citizens and businesses in the face of sanctions pressure. The document was initiated by the government of the Russian Federation.
05.07.2022 18:51 / TASS
The State Duma adopted a law on the merger of the PFR and the FSS The State Duma at a plenary session on Tuesday adopted in the third reading a bill on the creation of a unified Pension and Social Insurance Fund (Social Fund of Russia), as well as a package of related initiatives, including amendments to the Tax and Budget Codes of the Russian Federation.
05.07.2022 18:41 / TASS
Duma passes IPO/SPO bill in second reading The State Duma adopted in the second reading a bill aimed at developing the institution of public placement of securities on the Russian financial market. The document, which amends the law "On combating the misuse of insider information and market manipulation," was initiated by a group of deputies and senators headed by Anatoly Aksakov, chairman of the State Duma committee on the financial market.
17.05.2022 16:18 / TASS
Central Bank to launch cybersecurity education course The Bank of Russia will launch an educational course on cybersecurity in the 2023-2024 academic year at the Higher School of Economics (NRU HSE), announced Head of the Central Bank of the Russian Federation Elvira Nabiullina, speaking at Junior Pay Tech Forum 2022.
19.04.2022 16:49 / The Bank of Russia
Russian issuers to close foreign depositary receipt programmes A ban on issuing and trading in foreign depositary receipts for Russian issuers’ shares will come into effect on 27 April 2022.
15.04.2022 16:36 / TASS
The Central Bank of Russia rolls out new support measures for the financial sector The Central Bank has prepared a new series of measures to support the Russian financial sector, the regulator said in a release. The CB allowed banks until the end of the year to postpone the formation of reserves for possible losses in respect of assets that have been blocked abroad.
Russian public companies step up action to implement Corporate Governance Code principles
04.12.2018 17:33 / The Bank of Russia
The Bank of Russia has by been publishing this review for three years. The Code was recommended for implementation back in 2014. The effort to monitor the progress of the implementation of its principles helps deliver clarity as to which principles are of practical importance to companies, which challenges they have to address in the course of implementation, and which best practices are already in wide use.
The survey shows that the reporting period saw a twofold rise in the number of companies that operate with 75% implementation of the principle. This takes the share of top tier quotation list companies compliant with the Code by at least 75% to over 70%. This correlates with the more than threefold reduction in the share of companies with low (under 50%) compliance. Many companies report that subsequent implementation of the Code principles is on their agendas.
At the same time, the surveys suggests that companies where the Code principles have yet to be rolled out or those that are still unwilling to do so due to their specific business circumstances have a more solid rationale for their lack of full implementation. The Code is implemented based on the ‘comply or explain’ principle, suggesting that a company failing to comply with a Code recommendation should provide its shareholders with a sound and meaningful explanation for the reasons. Between 2017 and 2018, the Bank of Russia’s activities targeting such companies included letters of explanation, meetings and workshops – to the effect that noticeable improvement was reported in the quality of explanations the regulator received.
The review presents information obtained in the course of monitoring annual company reports as regards the implementation of Code recommendations. The text analysis of annual reports revealed some companies had submitted compliance self-assessments with discrepancies. Companies should ensure the information they disclose is consistent, reliable, and not misleading for shareholders or investors. Inaccurate or discordant information disclosed in an annual report may lead to the need for a probe into its reliability.
Corporate and contract law, Financial markets megaregulator, Improvement of corporate governance, Project Group №1