OREANDA-NEWS. Vnesheconombank joined the International Finance Corporation’s initiative on implementing principles of corporate governance in investment activity.

A relevant Framework Agreement was signed in Washington in the presence of more than twenty national and international development institutions by Vnesheconombank Deputy Chairman – Member of the Board Sergei Vasiliev.

In accordance with the methods provided for by the Framework Agreement Vnesheconombank is to assess the corporate governance system of companies and develop action plans in this area.

“We have joined this initiative in order to advance the idea of a sound corporate governance and improving systems of managing companies we’re are working with”, said Sergei Ivanov calling on the world’s finance community to accept the Framework Agreement in so far as it relates to investment activity.

In the opinion of the Agreement’s participants corporate governance improves borrower companies’ performance indicators and helps develop capital markets. Sound corporate governance reduces risk, adds value to investments, and avoids reputational risks for investors. To advance this cause, 31 Financial Institutions signed in 2007 the “Approach Statement on Corporate Governance” and created a Working Group. The Working Group has since developed the Corporate

Governance Development Framework Agreement. Vnesheconombank has now joined this Agreement. Earlier this initiative was supported by the following development institutions: the African Development Bank (AfDB), the Asian Development Bank (ADB), the Development Bank of Southern Africa (DBSA), the Black Sea Trade and Development Bank (BSTDB), the Development Bank of Latin America (CAF), the European Investment Bank (EIB), the Industrial Development Corporation (IDC), the Islamic Development Bank (IsDB), the Brazilian Development Bank (BNDES).