A roundtable at the National Bank of Moldova on the theme: "Corporate Governance in Banks"
Today, the National Bank of Moldova held a roundtable on the theme: “Corporate Governance in Banks”, organized by the National Bank of Moldova and the National Commission of Financial Market. The assistance was represented by commercial banks from the Republic of Moldova, which participated in the discussions initiated during this meeting.
The Governor of the National Bank, Dorin Drăguţanu, said a greeting speech, expressing his wishes for an open and constructive exchange of views with the banks so as to promote a culture of modern corporate management. At the same time, he revealed some aspects of this subject, noting the importance of the managerial message, sent from the upper to the lower level in order to ensure smooth functionality of the financial institution. Thus, the involvement of a wider group of stakeholders interested in the achievement of the set objectives is in direct connection with transparent and collective way of making corporate decisions.
The Deputy Governor of the National Bank of Moldova, Emma Tăbîrţă, approached the need for an appropriate bank management as a component of primary importance in determining the effectiveness of their activity, emphasizing the fundamentals of a successful corporate management. There were specified, as well, the main directions for achieving it, such as delimitation of responsibilities in banks, elaboration of strategies for development and internal risk management policies according to the specific activity of each bank separately.
The roundtable theme was supported by the specialists of the banking regulation and supervision department of the National Bank, which first of all, presented to the audience detailed explanations regarding Basel Committee principles related to corporate governance and accepted as benchmarks in the bank management of many countries. The speakers mentioned that guidance offered by those principles does not fix a new legislative framework at national level, but comes so as to help banks in strengthening corporate governance framework. The National Bank promotes the above mentioned principles through the medium of its prudential regulations on substantial shares in bank’s capital, the demands from their managers, transactions with affiliated persons, large exposures, control systems in banks etc.
Representatives from the National Commission of Financial Market, Elena Pui, member of NCFM, and Alexandra Munteanu, head of regulation and authority on securities market division, spoke about the Corporate Governance Code issued by NCFM, which is a guide in the process of corporate governance. The respective act is aimed for ensuring the rights and legal interests of shareholders, integrity and transparency of corporate decision making, interest groups, financial transparency and external audit etc.
Banks exchanged views on the implementation of the Corporate Governance Code, the difficulties that were faced and presented suggestions for their solving.
of the National Bank of Moldova