Russia Banking Corporate Governance Project

The project closed March 2007. The information listed on this site has not been updated since then. For more information about IFC corporate governance activities in Russia please contact pluternauer@ifc.org

Funded by the State Secretariat for Economic Affairs of Switzerland (SECO)

Findings of a 2003 survey conducted by the International Finance Corporation (IFC) of 52 Russian banks indicated that corporate governance is a key area for further improvement. Banks came to realize that good corporate governance helps them attract strategic investors, raise funds in capital markets, increase operational efficiency, minimize credit losses, and protect minority and other stakeholders’ rights, which will eventually build investor and depositors confidence and trust.

To respond to the banks' needs, IFC, the private sector arm of the World Bank, is implementing the Russia Banking Sector Corporate Governance Project. The main focus is on the working practices of the Supervisory Board and the Management Board, disclosure and transparency policies and practices, as well as internal control systems. The project also leverages IFC's corporate governance work in the non-financial sector in Russia and other countries in the region.

Seeking to improve corporate governance practices, the project is:

• Assisting Russian commercial banks by:
  • organizing public seminars and round tables on topics related to corporate governance in the banking sector;
  • providing consultations and closed workshops upon demand;
  • conducting an in-depth pilot program for select banks committed to improving their corporate governance and risk assessment practices.
• Supporting non-governmental organizations involved in the Russian banking sector.

• Facilitating public-private dialogue on banking reforms.