Drafting Corporate Governance Code in Armenia

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Presentation transcript:

Drafting Corporate Governance Code in Armenia Central Bank of Armenia Legal Department Marine Tumanyan

Working Group Formation of working group Ministry of Economy Central Bank NASDAQ OMX Armenia EBRD FSDP Union of Banks Others

Subcommittees For: State owned Enterprises Banks Listed Companies

Draft codes proposed FSDP and UBA CG Code for Banks Skeleton of draft CG Code (drafted by EBRD upon discussion with the Working Group) New draft of CG Code (drafted by EBRD upon discussion with the Working Group)

Characteristics of the Code “Voluntary” Application of “comply or explain” principle Unique code for three undertakings General code for three undertakings

Structure The General Code Annex 1- State Owned Enterprises The Board Shareholders Disclosure and Transparency Annex 1- State Owned Enterprises Annex 2- Banks Annex 3- Listed Companies

Interactions …. EBRD Ministry of Economy Union of Banks Central Bank Draft code Comments on draft Ministry of Economy Union of Banks Central Bank Others NASDAQ OMX Armenia FSDP

Comments Structure of the Code Independent directors Board structure and board committees Methods of implementation Co-operation of executive body and supervisory board Conflict of interests