17 May 2007 - Tbilisi, Georgia
The Eurasian Corporate Governance Roundtable, at its 2006 meeting in Istanbul, decided to establish a task force which is to develop a policy options paper (“policy brief”) addressing corporate governance challenges shared by commercial banks in Eurasia. The policy brief is to focus on policy issues and options and in turn will support efforts in Roundtable countries to improve corporate governance of banks in their jurisdictions. Based on some existing norms developed by the OECD and the Basel Committee on Banking Supervision, the policy brief is to be developed through active discussion within the Task Force that includes experts from Eurasian countries, OECD member countries and international organisations.
It should be also noted that the Task Force comprises both experts in banking and capital markets who had each been discussing this topic separately.
The Task Force had its meeting to discuss a draft policy brief in Tbilisi, Georgia, on 17 May 2007. Presentations were first made to quickly review existing norms, i.e. OECD Principles of Corporate Governance, OECD Guidelines on Corporate Governance of State-Owned Enterprises, and relevant guidance developed by the Basel Committee on Banking Supervision such as Enhancing Corporate Governance for Banking Organisations. Subsequently, some practical approaches by the EBRD to promote bank governance were introduced.
Following these presentations, intensive, chapter-by-chapter discussion took place on the first draft of the policy brief that had been prepared by the OECD Secretariat based on the results of a questionnaire disseminated and collected from respondents throughout the Eurasian region. The Main structure of the policy brief corresponds to that of Enhancing Corporate Governance for Banking Organisations, and the Task Force agreed to add indepth analysis, taking the Eurasian context into account. Reflecting comments and suggestions from the discussion, the second draft will be developed for further discussion within the Task Force.