Bank Rossii Approaches Kudrin to Head Moscow Exchange BoardEvgenia Pismennaya, Ilya Arkhipov and Ksenia Galouchko
Russia’s central bank has approached Alexei Kudrin to head the supervisory board of the country’s main securities exchange, the former finance minister said.
Kudrin will meet with Sergei Shvetsov, head of Russia’s financial markets service at the central bank and the current head of the OAO Moscow Exchange’s supervisory board, Kudrin said by phone today. Bank Rossii holds 22.5 percent of the shares of Moscow Exchange, which combined Russia’s two biggest bourses in December 2011.
Kudrin, who was Finance Minister for 11 years, was dismissed from the cabinet by then-President Dmitry Medvedev in September 2011 after criticizing 20 trillion rubles ($570 billion) of defense spending to 2020 as the global economy soured. He was named head of the strategy committee at state-run OAO Sberbank, Russia’s largest lender, last September.
The central bank may move forward with its exit from the Moscow Exchange this year, Interfax reported on Jan. 27, citing Economy Minister Alexei Ulyukayev. No decision has been made on the timing, the regulator said in a website statement the same day. By law, Bank Rossii is to sell the stake by Jan. 1, 2016. The Moscow Exchange’s next shareholder meeting will take place on Feb. 10, according to the bourse’s website.
The head of the supervisory board can only be selected from its current members and the next elections will occur at the annual shareholder meeting at the end of the second quarter, the Moscow Exchange press service said by e-mail today. Shareholders can propose candidates to the supervisory board for 60 days from Jan. 1, it said.
Shvetsov may step down from the board during the annual shareholder meeting, Interfax reported in December, citing an unidentified person in the financial market.
The central bank’s press service also declined to comment immediately.
Moscow Exchange shares dropped 0.4 percent to 60.76 rubles at 12:39 p.m. in the Russian capital, and the Micex Index slid 0.3 percent to 1,459.26.