The bill (Reg. No. 0931) is aimed at improving corporate governance in banks that takes into account Principles of good corporate governance of the Basel Committee on Banking Supervision, and Organization for Economic Cooperation and Development and international corporate governance practices.
The Committee members stressed that the bill introduces new approaches to organization of corporate governance in banks. Its provisions, first of all, are aimed at harmonizing banking legislation with the Law “On Joint Stock Companies” and, at the same time, the bill stipulates several peculiarities in the organization of banks corporate governance with consideration of specificity of their activity and necessity of protecting their clients’ rights.
With the aim of implementing the provisions of the draft law and their harmonization with the current legislation, the National Bank submitted several reasonable proposals to the consideration of the bill in the second hearing which were worked on in the specialized subcommittee and were included into a comparison table.