Central bank pleads for modern corporate management culture

Corporate governance in banks was the subject of a roundtable meeting held at the National Bank of Moldova on February 5, Info-Prim Neo reports, quoting the central bank's press office. The bank's governor Dorin Dragutanu said he is in favor of a modern corporate management culture and stressed the importance of the managerial message for ensuring the functionality of the financial institution sent by the seniors to their inferiors. “The involvement of a larger group of persons interested in achieving the set objectives is directly connected with the process of making cooperate decisions transparently and collectively,” the governor said. The vice governor of the central bank Emma Tabarta said the major objectives for a successful corporate administration include the delimitation of the responsibilities in banks, the working out of development strategies and internal policies for administering the risks according to the specific work of every bank and others. Speaking about the principles of the Basel Committee on Banking Supervision, which are accepted as bank management guidelines in many countries, specialists of the National Bank's Regulation and Supervision Department said the implementation of the given principles does not mean the establishment of a new legislative framework at national level, but strengthening of the own corporate governance system. The purpose of the committee is to encourage convergence toward common approaches and standards. The representatives of the banks discussed the implementation of the Corporate Governance Code and the difficulties encountered in this process, proposing solutions for overcoming them.