Banking sector of Moldova aligns with European standards through corporate governance projects

Over 70 representatives of banks have attended a seminar in Chisinau dedicated to strengthening corporate governance, organized by the National Bank of Moldova (BNM), in partnership with the European Union. The event aimed to train bank leadership in applying European standards and promoting transparency, integrity, and accountability in the banking sector.

Present at the event, BNM Governor Anca Dragu emphasized the importance of observing European standards.

"Solid corporate governance is an essential pillar for the stability and credibility of the financial system. By applying European standards, we ensure prudent management of banking institutions and, implicitly, protect the interests of depositors and the economy," the official said.

Also, at the seminar, EU High Advisor for Financial Services Nicolae Grigore presented the best European practices for financial supervision, emphasizing the allocation of human and financial resources needed for bank leadership training.

BNM Vice Governor Tatiana Ivanicichina highlighted that the competence and integrity of banking decision-makers are fundamental to trust in the financial sector.

"It is crucial that individuals taking decisions in banks are not only competent, but also prove real independence and impeccable integrity. These qualities are fundamental to building a resilient and trustworthy banking sector," Ivanicichina said.

At the same time, during the discussions, Vice Governor Constantin Schendrea emphasized that people represented the foundation of a solid banking corporate governance system, and therefore, the evaluation process of executive and non-executive leaders must be treated with utmost rigor and responsibility.

The seminar put emphasis on the provisions of EU Directive 2013/36/EU regarding access to the activity and prudential supervision of credit institutions and investment firms, as well as the European Banking Authority's guidelines on the framework of activity’s administration.