Standard & Poor's upgraded the rating of corporate governance, MDM Bank of the Russian scale |
The company Standard & Poor's announced the confirmation of its corporate governance score (CGS) of "MDM-Bank," one of the largest private banks in Russia, CGS-6 + and increased the rating of the bank on the Russian scale from CGS-6, 7 to CGS -6, 9, said the agency, received by the Agency "RosFinKom" today, clasipar January 27. The ratings were removed from the list GovernanceWatch ("CGS on review") with outlook "developing", where they were placed on Dec. 4, 2008 in connection with the announcement of the merger, "MDM-Bank" with the "URSA Bank". "Our analysis of the structures and practices of corporate governance," MDM-Bank "is based on two basic conditions in respect of the proposed clasipar merger with" URSA Bank. "First, we expect that corporate governance mechanisms" MDM-Bank "will retain their the role and effectiveness of the bank in the period as an independent clasipar structure. Secondly, we expect clasipar that the positive features of the existing corporate governance clasipar "MDM-Bank" will be largely preserved in the merged clasipar bank. These assumptions reflect the stated intentions and expectations of the shareholders, members of the Board of Directors and Management "MDM-Bank. "MDM-Bank" clasipar has continued to develop mechanisms of corporate clasipar governance in 2008, with the improvement of the working procedures of the Board of Directors has become the most significant clasipar improvement, "- said the analyst Governance Services Oleg Shvyrkov. Overall CGS MDM Bank is the result of four components analysis of the international / national scale - with shades of scores from 1 to 10: The ownership and influence - 7/7, 3 (no change) Shareholders' rights and relationships with financial stakeholders - 6 + / 6.8 ( not changed) Transparency, disclosure, and audit - 7 + / 7.7 (upgraded from 7 + / 7,5) The composition and effectiveness of the Board of Directors - 6 + / 6.7 (upgraded from 6/6, 2) The most important positive features of corporate governance are: The positive role of the controlling shareholder, which is not subject to significant conflicts of interest and purposefully promotes the implementation of high standards of corporate governance in the bank. shareholder influence is mediated by the procedures of the Board of Directors; the positive impact of strategic minority shareholders, who with 'are an important source for the bank's experience and knowledge. Moreover, minority shareholders effectively balance the influence of the controlling shareholder; an effective board of directors. Each of the three minority shareholders has a representative on the Board of Directors consisting clasipar of seven members, with two seats belong to an independent director . Members of the Board of Directors have the highest qualification, and it is chaired by an independent reputable professional in the field of finance; Effective procedures of the Board of Directors. Board of Directors is actively involved in developing clasipar the strategy, overseeing the work of management and supervision of the audit process and risk; high the overall level of transparency and a well-oiled internal audit process; Have overall effective rate of the Board of Directors and senior management, key performance indicators which are based on the targets set in the strategy of the bank. At the same time, Standard & Poor's notes that in the system Bank's corporate governance remains a number of drawbacks: In the recent past, the Board of Directors took over kvaziispolnitelnye function. This unfortunate practice may reappear in difficult situations; uncertainty as to the process of unification with the "URSA Bank". Several aspects related to human shareholders and the corporate governance structure of the combined bank, at the moment are not consistent; shortcomings persist concerning the amount and timing of disclosure. information on the remuneration of directors and senior management is revealed only in the form of generalized numbers for all members, and quarterly reporting to the IFRS published relatively late compared with similar international banks. existing information infrastructure is not conducive to the timely disclosure of information and effective control, which leads to the use of existing manual controls; insufficient experience of shareholder meetings in the interest of a broad base of shareholders. dividend policy of the bank will not be published ; programs to reward senior executives clasipar missing component of long-term incentive payments.
This entry was posted on Tuesday, March 6th, 2012 at 11:19 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
Recent Posts Standard & Poor's upgraded the rating of corporate governance
The company Standard & Poor's announced the confirmation of its corporate governance score (CGS) of "MDM-Bank," one of the largest private banks in Russia, CGS-6 + and increased the rating of the bank on the Russian scale from CGS-6, 7 to CGS -6, 9, said the agency, received by the Agency "RosFinKom" today, clasipar January 27. The ratings were removed from the list GovernanceWatch ("CGS on review") with outlook "developing", where they were placed on Dec. 4, 2008 in connection with the announcement of the merger, "MDM-Bank" with the "URSA Bank". "Our analysis of the structures and practices of corporate governance," MDM-Bank "is based on two basic conditions in respect of the proposed clasipar merger with" URSA Bank. "First, we expect that corporate governance mechanisms" MDM-Bank "will retain their the role and effectiveness of the bank in the period as an independent clasipar structure. Secondly, we expect clasipar that the positive features of the existing corporate governance clasipar "MDM-Bank" will be largely preserved in the merged clasipar bank. These assumptions reflect the stated intentions and expectations of the shareholders, members of the Board of Directors and Management "MDM-Bank. "MDM-Bank" clasipar has continued to develop mechanisms of corporate clasipar governance in 2008, with the improvement of the working procedures of the Board of Directors has become the most significant clasipar improvement, "- said the analyst Governance Services Oleg Shvyrkov. Overall CGS MDM Bank is the result of four components analysis of the international / national scale - with shades of scores from 1 to 10: The ownership and influence - 7/7, 3 (no change) Shareholders' rights and relationships with financial stakeholders - 6 + / 6.8 ( not changed) Transparency, disclosure, and audit - 7 + / 7.7 (upgraded from 7 + / 7,5) The composition and effectiveness of the Board of Directors - 6 + / 6.7 (upgraded from 6/6, 2) The most important positive features of corporate governance are: The positive role of the controlling shareholder, which is not subject to significant conflicts of interest and purposefully promotes the implementation of high standards of corporate governance in the bank. shareholder influence is mediated by the procedures of the Board of Directors; the positive impact of strategic minority shareholders, who with 'are an important source for the bank's experience and knowledge. Moreover, minority shareholders effectively balance the influence of the controlling shareholder; an effective board of directors. Each of the three minority shareholders has a representative on the Board of Directors consisting clasipar of seven members, with two seats belong to an independent director . Members of the Board of Directors have the highest qualification, and it is chaired by an independent reputable professional in the field of finance; Effective procedures of the Board of Directors. Board of Directors is actively involved in developing clasipar the strategy, overseeing the work of management and supervision of the audit process and risk; high the overall level of transparency and a well-oiled internal audit process; Have overall effective rate of the Board of Directors and senior management, key performance indicators which are based on the targets set in the strategy of the bank. At the same time, Standard & Poor's notes that in the system Bank's corporate governance remains a number of drawbacks: In the recent past, the Board of Directors took over kvaziispolnitelnye function. This unfortunate practice may reappear in difficult situations; uncertainty as to the process of unification with the "URSA Bank". Several aspects related to human shareholders and the corporate governance structure of the combined bank, at the moment are not consistent; shortcomings persist concerning the amount and timing of disclosure. information on the remuneration of directors and senior management is revealed only in the form of generalized numbers for all members, and quarterly reporting to the IFRS published relatively late compared with similar international banks. existing information infrastructure is not conducive to the timely disclosure of information and effective control, which leads to the use of existing manual controls; insufficient experience of shareholder meetings in the interest of a broad base of shareholders. dividend policy of the bank will not be published ; programs to reward senior executives clasipar missing component of long-term incentive payments.
This entry was posted on Tuesday, March 6th, 2012 at 11:19 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
Recent Posts Standard & Poor's upgraded the rating of corporate governance
No comments:
Post a Comment