17 ноября 2006 г.

III Annual CFA Association (Russia) Conference “Ethics and Professionalism in Investing”

On 17 November 2006 the III Annual Conference on “Ethics and Professionalism in the Investment Business” was held in Moscow. The conference was organised by the CFA Association (Russia) and RusRating.

Mr. Alexei Ulyukayev,, First Deputy Management Chairman of the Central Bank of Russia, sent greetings to the conference participants and organisers.

Conference participants discussed ethical issues in the context of Private Banking, opportunities for the practical application of the CFA Institute’s Global Investment Performance Standards (GIPS) in Russia, and the Institute’s study of “The Investment Climate in Russia - 2006”.

The conference included an English debate on the subject ”Is ethical business possible in an unethical business environment?”

A significant portion of the debate participants insisted that aligning oneself with unethical business norms is unacceptable, pointing out that a strong reputation for professional ethics is advantageous even in an unethical environment.

Those who felt that it is not possible to uphold fully-ethical business practices in an unethical environment nevertheless carried the day by two votes. The key challenge is to change the general norm – otherwise ethical professionals will gradually disappear.

Conference participants included:

Mr. Richard Hainsworth, President, CFA (Russia) and General Director, RusRating rating agency
Mr. Alexander Murychev, First Executive Vice-President, Russian Union of Industrialists and Entrepreneurs
Mr. David Diamond, Independent expert, CFA
Mr. Andrei Yumatov, General Manager and Head of Financial Market Operations, International Moscow Bank
Mrs. Natalya Milchikova, Partner, PricewaterhouseCoopers
Mr. Viktor Chetverikov, General Director, National Rating Agency
Mr. Steven Fisher, Managing Director and Head of Corporate Client Services, Citibank
Mr. Patrick Luternauer, Director, IFC project on “Corporate Governance in the Russian Banking Sector”
Mr. Igor Kuzin, Management Chairman, DeltaCredit Bank
Mr. James Cook, Director, Aurora Russia Limited
 The CFA Association (Russia) would like to express its sincerest appreciation to the conference sponsors: International Moscow Bank, Standard Bank, and the investment fund Firebird Management

And also to our information partners: AK&M Information Agency, Finmarket Information Agency, Alpina Business Books, the magazine Moscow Banking, Bankir.Ru, SKRIN Information Agency and ISI Emerging Markets.

Greetings to participants and organisers of the III Annual Conference on “Ethics and Professionalism in the Investment Business”

On behalf of the Central Bank of the Russian Federation I would like to send greetings to the participants and organisers of the III Annual Conference on “Ethics and Professionalism in the Investment Business”.

This event brings together leading specialists in the investment business to discuss an important and timely issue: ethics in business.

The conference organisers – the CFA Association (Russia) and RusRating – have actively promoted a high standard of investment ethics for many years, a standard where trust in business partners, transparency and reputation play a key role.

It is worth mentioning in particular that this year’s conference is dedicated to the memory of Andrei Andreyevich Kozlov, who himself exemplified ethical practices.

Wishing you all successful and fruitful labours,

Alexei Valentinovich Ulyukayev
First Deputy Management Chairman, Central Bank of the Russian Federation