Codes and Standards for Banks Codes and Standards for Banks and Financial Institutions: and Financial Institutions:

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Codes and Standards for Banks
Codes and Standards for Banks
and Financial Institutions:
and Financial Institutions:
The EBRD-OECD Policy Brief on
The EBRD-OECD Policy Brief on
Corporate Governance of Banks in
Corporate Governance of Banks in
Eurasia
Eurasia
Gian Piero Cigna
Gian Piero Cigna
Senior Counsel, EBRD
Tbilisi, 24 November 2009
The EBRD-OECD Policy Brief
The EBRD-OECD Policy Brief

Developed in 2007-2008
Developed in 2007-2008

Discussion Table made of
Discussion Table made of
representatives of banking sector
representatives of banking sector
in the region
in the region

Focus on corporate governance
Focus on corporate governance
of banks
of banks

Securities markets not well
Securities markets not well
developed
developed

Banks as key vehicle for
Banks as key vehicle for
improving corporate governance
improving corporate governance
of investee companies
of investee companies
10 Recommendations
10 Recommendations
1.
1.
Boards, board members and specialised
Boards, board members and specialised
committees
committees
2.
2.
Bank’s strategic objectives, corporate values
Bank’s strategic objectives, corporate values
and high standards of professional conducts
and high standards of professional conducts
3.
3.
Clear lines of responsibilities and accountability
Clear lines of responsibilities and accountability
4.
4.
Oversight by senior management and internal
Oversight by senior management and internal
control functions
control functions
5.
5.
Internal audit and external auditors
Internal audit and external auditors
10 Recommendations
10 Recommendations
6.
6.
Compensation
Compensation
7.
7.
Transparency and disclosure of corporate
Transparency and disclosure of corporate
governance information
governance information
8.
8.
Corporate governance of state-owned controlled
Corporate governance of state-owned controlled
commercial banks
commercial banks
9.
9.
Bank’s monitoring of the corporate governance
Bank’s monitoring of the corporate governance
practices of their corporate borrowers
practices of their corporate borrowers
10.
10.
The role of supervisors and next steps
The role of supervisors and next steps
Corporate Governance:
Corporate Governance:
International standards
International standards