In December 2011, the OECD and the Moscow Exchange MICEX-RTS, launched the OECD Russia Corporate Governance Roundtable. The work builds on experience from a series of roundtables meetings and workshops that were held between 1999 and 2008.
This new Roundtable will tackle outstanding corporate governance challenges in Russia and help develop a robust legal and regulatory framework. Through dialogue, research and access to international expertise, it will encourage necessary reforms and fine tuning of existing regulations. Importantly, it will press for better implementation and effective enforcement. The Roundtable is also an opportunity to improve the international understanding of Russian corporate governance developments and ongoing efforts.
The key objective is to contribute to the Russian financial market realizing its full potential. A better corporate governance framework in Russia will facilitate entrepreneurs' and companies' access to finance, so they can seize business opportunities and create jobs. It will also offer investors and the saving public with more reliable investment opportunities, and foster a mature and credible equity culture.
The Roundtable is a long term commitment involving a wide circle of Russian and foreign participants, expert groups, associations, firms and market participants who want to improve corporate governance in Russia. It also has the support of the Ministry of Economic Development, the Bank of Russia, the Moscow International Financial Centre Initiative, and the Federal Service for Financial Markets, among many other authorities.
"Our goal is to provide the international community with an accurate understanding of Russian corporate governance practices and to make it aware of ongoing reform efforts. We are confident that our project will help the Russian financial market realize its potential in full."
Angel Gurría, Secretary-General, OECD
"This is not the first time the OECD has shared its expertise on corporate governance in Russia. Earlier cooperation bore important results, and many of the practices we take for granted today, such as independent directors on corporate boards, are the result of that earlier work. The agreement we are marking today will further develop the Russian legal system and strengthen corporate governance practices in line with international standards. I would also like to note that this project was made possible thanks to the support of the Central Bank of Russia, the Ministry of Economic Development, the Ministry of Finance and the Federal Service for Financial Markets."
Ruben Aganbegyan, President of the Moscow Exchange MICEX-RTS (December 2011)