Development of the corporate governance system

In 2015, the Supervisory Board identified its objectives for the 2015-2016 corporate year:

  • to adopt strategies for each Moscow Exchange Group business line;
  • the nomination and election of candidates for the Supervisory Board;
  • to formalise the succession programme for the Supervisory Board and top managers; and
  • to draw up a Dividend Policy in accordance with the Strategy and the Information Policy in accordance with the Corporate Governance Code.

Most of the above objectives were attained in 2015; others will be attained in 2016.

In line with best international practices, the Supervisory Board paid special attention to training its members in 2015:

  • four members completed a course at the British Institute of Directors;
  • three members participated in Mini MBA programmes; and
  • one member participated in the Booster Mini MBA programme.

At each meeting in 2015, the Audit Committee reviewed the progress in terms of ensuring that Moscow Exchange’s activities comply with the Corporate Governance Code and the Listing Rules, and the Committee also gave its recommendations to the Supervisory Board and top managers on relevant corrective measures.