NDC Approves Disclosure Policy

25 August 2008
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The National Depository Center (NDC), Russia’s only settlement depository servicing the full range of Russian securities, reports approval of a Disclosure Policy, an internal NDC regulation related to information disclosure. The term “information disclosure” in the document means disclosure of material information related to NDC’s operations and corporate governance, which is either subject to submission in accordance with current legislation or supplied by NDC at its own initiative and at a stakeholder’s request.

NDC follows the principle of information transparency for its activities for all affiliated companies, NDC’s customers, business partners, state authorities, NDC employees and all other stakeholders based on compliance with the following rules:

  • conformity of information disclosure activities and disclosure policy implementation with NDC’s development strategy, its objectives and tasks
  • provision of accurate information and its accessibility
  • timeliness, regularity and non-selectivity (not disadvantaging one group of information recipients over others) of information disclosure
  • maintenance of a reasonable balance between the company’s openness and its commercial interests
  • adherence to the legal requirements of the Russian Federation and other regulations related to official secrecy and confidentiality
  • observance of the norms of professional ethics.

Nikolay Egorov, Director, NDC, said: “Approval of the NDC’s Disclosure Policy related to information disclosure is recommended in the Code of Conduct approved by the Federal Financial Markets Service of Russia for organizations to follow the best corporate governance practice. This step confirms the seriousness of our intentions to increase the efficiency of NDC’s management system. The document defines the company’s transparency so that, on the one hand, it meets NDC stakeholders’ demands for information, and on the other hand, it adheres to Russian Federation legislation, commercial secrecy and confidentiality, and also the standards of professional ethics.”

NDC’s Risk Management Committee, meeting Aug. 21, recommended a draft of the Disclosure Policy for management approval.

About NDC:

Not-for-Profit Partnership “The National Depository Center” is the largest settlement depository in Russia, servicing the full range of equity securities of Russian issuers. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 95% of transactions conducted in the corporate and regional bond markets, and stock exchange share transactions. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, and 95% of sub-federal and municipal bond issues. The international rating agency Thomas Murray has assigned NDC an АА- rating as a central depository which means very low level of risk. For 1H 2008 the value of assets in storage was RUR4.4 trillion. NDC is the largest paying agent on behalf of corporate bond issuers. It is Russia's national numbering agency, and the substituting numbering agency for the CIS, authorized to assign the international ISIN and CFI codes. It is also a member of the international accounting infrastructure, providing settlements on the global financial markets using direct accounts at Clearstream Banking S.A. and Euroclear Bank. It also holds accounts at the Central Depository of the Republic of Kazakhstan, the NDC of the Republic of Azerbaijan and the Republican Central Depository of Securities (Republic of Belarus).

Among NDC’s founders are MICEX and Bank of Russia (the founders’ shares in the property of NDC are 46.67% and 39.35% respectively, and in the votes 50.16% and 42.3% respectively). Members include GPB OJSC (Gazprombank), Evrofinans Mosnarbank, Rosbank, VTB Bank (Vneshtorgbank), Bank of Moscow, Rossiysky Credit Bank, Vneshekonombank, ING Bank Eurasia, JP Morgan Bank International LLC, UniCredit, Deutsche Bank, and Sberbank. The Partnership also has stakes in Depository Clearing Company CJSC (36.96%), in Settlement Depository Company CJSC (28.54%) and in Bank "National Clearing Centre" CJSC (0.67%).


For further information about NDC: www.ndc.ru, or NDC Public Affairs Department: +7 495 232 0910, .

 





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