NDC General Meeting Approves Recommended Amendments to DCC Charter

31 October 2007
Print version

MOSCOW - National Depository Center (NDC), Russia's only settlement depository servicing the full range of Russian securities, announced today the results of a General Meeting of the Partnership Members and the Board of Directors, during which the participants approved NDC’s position regarding amendments to the Charter of the Depositary Clearing Company CJSC (DCC), the depository servicing issuers with securities trading on the RTS trading system, regarding areas of competence for the company’s Board of Directors. The agreed principles include a proposed procedure for consideration of DCC's investment budget. It was proposed that such decisions require a three-fourths majority vote of Board of Directors members participating in the meeting on this particular matter, as well as application of the same formula for all significant (RUR 60 million and more) transactions.

NDC is also ready to consider the possibility that of the five NDC representatives on the new elected DCC Board of Directors, two will be chosen from representatives of the Partnership members. This would allow a significant expansion of the circle of financial institutions participating in the management of DCC and to take the interests of accounting system development into consideration.

The decision by the general meeting of NDC’s members was preliminarily approved by NDC’s Board of Directors.

On 31 October, NDC sent a letter containing these suggestions on improvements to DCC’s corporate governance after considering of this issue at the General Meeting of NDC’s members. 

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, 95% conducted in the corporate and regional bond markets, and 90% of 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 A+ rating as a central depository. In 2006 the value of assets in storage was RUR 3.3 billion, turnover was RUR 30.7 billion, and the total number of operations 1.9 million. NDC is the largest paying agent on behalf of corporate bond issuers. It is Russia's national numerating agency, the substituting numerating agency for the CIS, authorized to assign the international ISIN and CFI indexes. 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 and the NDC of the Republic of Azerbaijan.

Among NDC’s founders are MICEX and Bank of Russia (the founders’ shares in the property are 46,7% and 39,3% respectively, and in the votes 50,2% and 42,3% respectively). Members include Gazprombank, Evrofinans Mosnarbank, Rosbank, VTB Bank (Vneshtorgbank), Bank of Moscow, Rossiysky Credit Bank, Vneshekonombank, ING Bank Eurasia, JP Morgan Bank International LLC, International Moscow Bank, Deutsche Bank, and Sberbank of Russia. The Partnership also has a stake in Depositary Clearing Company CJSC (36.96 %) and in Settlement Depository Company CJSC (29%).

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

Ask question
— Mandatory fields
Send your request and our specialists will contact you as soon as possible
— Mandatory fields
Оставить заявку Попробовать E-VOTING