“The National Depository Center” (Closed Joint Stock Company) (NDC), Russia's only settlement depository servicing the full range of debt and equity securities of Russian issuers, announces that on 30 November a meeting of its Board of Directors has taken place. The Board decided to authorize NDC's Director General to conduct negotiations with OJSC RTS on NDC's further participation in DCC’s authorized capital suggesting two options: the purchase of a 60.47% stake in DCC by NDC from OJSC RTS or the sale of the current 37.29% stake in DCC owned by NDC.
Eddie Astanin, Director General, NDC, said in his comments on the decision: "Time has shown that the model of NDC participation in DCC does not conform now with NDC's and its shareholders' interests. Another major DCC shareholder was not very enthusiastic about NDC's initiatives related to improvement of DCC's corporate governance. At the same time the development strategy of the MICEX Group that includes NDC provides for consolidation of the settlement depository infrastructure. In such a situation we propose to decide on NDC's participation in DCC's capital: it should hold full consolidation of the stake or withdraw from the company's capital."
NDC Board of Directors approved the termination of the authority of members of NDC's Directorate founded on 9 September, 2009 and to form a new Directorate which now includes the following persons: Eddie Astanin, Director General, NDC; Andrei Shlyappo, Chief of the Operating Department, NDC; Alexander Syomin, Advisor to the Director General on Infrastructural Issues, NDC; Maria Krasnova, Chief of the Legal Department, NDC; Irina Kuzetenko, Chief of the Financial Department, NDC.
The company's directors decided to form a Committee for Technology Policy and Development and a Committee on Risks and Audit of the Board. The Board approved Regulations on the Committee for Technology Policy and Development and Regulations on the Committee for Innovation and Products in NDC's Directorate.
The Board of Directors approved the following amendment to the Regulations on the Committee on HR (Nominations) and Remuneration of the Board: "The Committee is to be elected by NDC's Board of Directors; the candidates to the Committee should be represented by members of NDC's Board of Directors and by representatives of NDC's shareholders. The number of members of the Committee should be not less than three people."
The Board elected Sergei Shvetsov, Director of Financial Markets Operations Department, Bank of Russia, as a member of the Committee on HR (Nominations) and Remuneration of NDC’s Board of Directors.
So the Committee on HR (Nominations) and Remuneration of NDC’s Board of Directors now includes the following persons:
Chairman, Independent Directors Association|
Chairman of the Committee on HR (Nominations) and Remuneration
|2||Mikhail Bratanov||Director of Depository, ROSBANK (OJSC JSCB)|
|3||Bella Zlatkis||Deputy Chairman of the Management Board, Sberbank|
|4||Konstantin Korischenko||President, MICEX|
|5||Natalia Sidorova||Head of Depository Services Department, ING Bank (Eurasia) ZAO|
|6||Sergei Shvetsov||Director of Financial Markets Operations Department, Bank of Russia|
The Budget Committee of NDC’s Board of Directors includes the following persons:
Deputy Chief of Depository, JSC VTB Bank|
Chairman of the Budget Committee
|2||Ivan Bolshakov||First Vice President, Deputy Chairman of the Management Board, Evrofinance Mosnarbank|
|3||Vladislav Zimin||Economic Advisor, Market Services Department, Bank of Russia|
|4||Andrei Ponomarev||Chief of Liquidity and Treasury Operations Department, Sberbank|
|5||Vadim Subbotin||Vice President and member of the Managing Board, MICEX|
|6||Vladimir Tatsiy||First Vice President, Head of Depository Center, GPB (OJSC) (Gazprombank)|
|7||Tatiana Chepeleva||Project and Development Director, OTKRITIE Brokerage house JSC|
NDC's Board of Directors extended a promotional period during which subscriber fees are not collected until 1 April, 2010, and considered several other issues. The promotional period has been introduced to promote new services in the market. The period is also needed for integration of the new services with internal automated systems of participants of NDC's EDI system.
“The National Depository Center” (Closed Joint Stock Company) is the largest settlement depository in Russia, servicing the full range of debt and equity securities of Russian issuers. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, sub-federal and municipal bond issues. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 99% of transactions conducted in the corporate and regional bond markets, and more than 99% of stock exchange transactions with equities and OTC trades. The international rating agency Thomas Murray has assigned NDC an АА- rating as a central depository. NDC is Russia's national numbering agency, and the substituting numbering agency for the CIS, authorized to assign the international ISIN and CFI codes.
Among NDC’s shareholders are MICEX (50,1727% of shares), Bank of Russia (42,2997% of shares) as well as GPB (OJSC) (Gazprombank), Evrofinance Mosnarbank, ROSBANK (OJSC JSCB), JSC VTB Bank, Bank of Moscow, JSC Rossiyskiy Kredit Bank, Vnesheconombank, ING Bank (Eurasia) ZAO, JP Morgan Bank International LLC, ZAO UniCredit Bank, Deutsche Bank, and Sberbank. NDC has stakes in Depository Clearing Company CJSC (37.29%) and in Settlement Depository Company CJSC (28.54%).
For further information about NDC: www.ndc.ru, or NDC Public Affairs Division: +7 495 232 0910,