Corporate Governance of the Largest Russian Banks

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Title: Corporate Governance of the Largest Russian Banks
Author: Sprenger, Carsten ; Todorović, Srdjan
Organization: Bank of Finland
Department / Unit: Institute for Economies in Transition (BOFIT)
Series: BOFIT Policy Brief
ISSN: 2342-205X
Series year: 2019
Series number: 3/2019
Year of publication: 2019
Publication date: 30.10.2019
Pages: 29
Subject (yso): johtokunnat; omistajaohjaus; pankit; johtajat; omistajat
Keywords: Bofit-kokoelma; Venäjä; omistusrakenne
Other keywords: Board of directors; corporate governance; ownership structure; Russian banks
Abstract: Corporate governance can play an important complementary role in banking regulation by limiting excessive risk-taking by managers and shareholders at the expense of creditors, including small depositors. This paper provides a detailed analysis of corporate governance in Russia’s 30 largest banks during the period from 2007 to 2017. We look at several governance features, including ownership structure, the size, composition and compensation of the boards of directors, as well as CEO characteristics. Based on our findings, we recommend policymakers focus on strengthening the role of independent directors in non-listed banks, address signs of managerial entrenchment in state-owned banks (long tenure and compensation above the level of private and foreign banks), and improve disclosure about board independence, board committees, and the backgrounds of board members.
Table of contents: Abstract .. 3 1. Introduction .. 4 2. Sample and data sources .. 6 3. Ownership structure .. 7 4. Boards of directors .. 10 5. CEOs .. 22 6. Conclusion .. 24 Appendix .. 26

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