MICEX-RTS board to transfer some powers to executive board
MOSCOW. June 21 (Interfax) - The board of directors of OJSC MICEX-RTS is transferring some of its powers to the stock exchange's executive board, Central Bank deputy chairman Sergei Shvetsov, who chairs the MICEX-RTS board, said at the exchange's annual general meeting on Wednesday.
"We made an important decision to gradually begin reforming corporate governance - the executive board is getting more authority for day-to-day management of the exchange," Shvetsov said.
He said the board of directors will focus on three things: monitoring the quality of governance, developing strategic development objectives and control over the implementation of these objectives. "The board of directors is not letting managers relax, and is saying that we shouldn't rest on our laurels but keep going," Shvetsov said.
He also said there are plans to increase the role of user committees in decision making at the exchange. "The exchange has become a monopoly. On one hand, this is the dream of every manager, but this also means greater responsibility," Shvetsov said.
The board of directors believes it is important to introduce a new culture of relations at the merged exchange, he said. MICEX and the RTS had different cultures, and the merged exchange should have a third. "This is a very sensitive issue," Shvetsov said, remarking that apparently not all managers and employees will be prepared to work within the new culture.