OECD-Russia Technical Seminar on Corporate Governance, 1 July 2014 - Moscow, Russia

The 2014 Technical Seminar of the OECD Russia Corporate Governance Roundtable focused on the corporate governance of State-owned Enterprises (SOEs) and facilitated a discussion of two central topics: i) Nomination, Election and Remuneration of Executive and Supervisory Boards; and ii) Audit of SOEs" Performance.

The invitation-only meeting was well attended and brought together over 60 experts from SOEs, authorities, regulators and the Exchange.

Alexander Afanasiev (CEO, Moscow Exchange), Vladimir Gusakov (Managing Director for Government Relations, Moscow Exchange) and Rostislav Kokorev (Corporate Governance Director, Ministry of Economic Development of the Russian Federation) opened the Technical Seminar. The speakers highlighted the progress made in the area of corporate governance in Russia and in particular the recent adoption of the new Russian Corporate Governance Code as well as the key role the OECD Russia Corporate Governance Roundtable played therein. Nevertheless, it was also emphasized that significant efforts still need to be taken in the area of implementation of the Code, in particular in SOEs, as well as in some specific areas of legislation.

The first panel discussed issues related to the Nomination, Election and Remuneration of Executive and Supervisory Boards. Rosimuschestvo representatives first presented their "Methodical recommendations on the application of key performance indicators" as well as their "Principles for the motivation and remuneration of top management and board members", which the Agency developed earlier this year together with a group of experts. These recommendations and principles were then further debated in this session and considered in the light of international experience and best practices.

The second panel, devoted to Audit of SOEs" Performance, started with a comprehensive presentation by Rosimuschestvo representatives on the work carried out by revision commissions, which constitute a specificity of the Russian corporate governance landscape. The interaction of these revision commissions with audit committees and internal audit services was subsequently discussed.

Meeting Documents and presentations

Final agenda
OECD Guidelines on Corporate Governance of State-owned Enterprises, OECD Publishing (2005) English version and Russian version
Boards of Directors of State-Owned Enterprises: An Overview of National Practices, OECD Publishing (2013) English version only
Board Formation: Nomination and Election in OECD Countries and Russia, OECD Russia Corporate Governance Roundtable (2012) English version and Russian version
Survey Russian boards: Selection, nomination and election, PWC-IDA, OECD Russia Corporate Governance Roundtable (2012) English version and Russian version
Accountability and Transparency: a Guide for State Ownership, OECD Publishing (2010) English version only
Draft Guidelines on the organization of the internal audit function in joint-stock companies with the participation of the Russian Federation (2014) Russian version only
Methodical recommendations on the application of key performance indicators (2013) Russian version only
Guidelines for the organization of controlling processes for revision commissions ( 2013) Russian version only