The National Association of Independent Directors (NAID) held its organizational meeting.

On February 1, an organizational meeting of the non-commercial partnership National Association of Independent Directors (NAID) was held in Moscow. The meeting introduced the Advisory Board, the Executive Board and the Executive Director of the Association.

The partnership is an institutional self-governing association of independent directors. The Association's principal goal is to promote the development of the independent directors' profession in Russia.

During the discussion, the participants commented on the course of the Association's activities. Victor Pleskachevsky, Chairman of the Property Committee of the State Duma of the Russian Federation, endorsed the initiative and proposed that efforts should be pooled to have the relevant legislation drafted.

In his speech, Dmitry Vasiliev, Director of the Institute of Corporate Law and Governance, pointed out that the Association should concentrate its efforts on monitoring the activities of independent directors who should act in accordance with the principles of the Code of Professional Conduct of Independent Directors that is currently being drafted by the Association.

Cynthia Stone, Standard & Poor's Executive Director for Russia and the CIS, emphasized that the promotion of the institute of independent directors is an essential issue for not only Russia, but the West as well, adding that the inclusion of truly independent members on corporate boards is the key to efficient corporate governance.

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