When implementing the development strategy, MTS Bank sets itself as an object to achieve the highest standards in corporate governance.
Today, the Bank’s corporate governance model is the effective cooperation between the managing bodies of the Bank and its shareholders and also all the parties concerned.
The Bank’s corporate governance practices are formed in accordance with the international standards, the best Russian corporate governance practices and existing legislation of the Russian Federation.
Corporate governance in the Bank consists of three main elements:
- ethical bases of the Bank’s activities which consist in complying with the shareholders’ interests;
- achievement of long-term strategic objectives of its shareholders;
- compliance with all legal and regulatory requirements made to the Bank.
Fundamental principles and procedures of corporate governance of MTS Bank are established in the Articles of Association and Code of Corporate Conduct of the Bank. These determine the manner in which the Bank maintains relationship with shareholders, employees, partners, clients and public authorities.
Corporate governance serves as an instrument to develop more clear principles of mutual relations between the Bank’s management and its shareholders, which, in turn, provides the effectiveness of the Bank’s activities and the protection of the interests of all the parties concerned.
MTS Bank seeks to continuously improve the corporate governance practices existing in the Bank. For these purposes, external audit of corporate governance practices is annually carried out in the Bank by independent expert, non-profit partnership “Russian Institute of Directors.”