The Central Bank urged to return to the disclosure of corporate reporting

A return to the publication of corporate reporting by companies is necessary, since without it it becomes more difficult to attract investments, said Elvira Nabiullina, Chairman of the Bank of Russia, in the Federation Council.

“Without disclosure of information, there will be no investment, so we need to restore the publication of financial statements. At the same time, there are sanctions risks, we all understand this very well. But it is important that, under the guise of such risks of sanctions, they do not hide the information that is needed for the development of the market,” leads her words “Interfax”.

Nabiullina at the same time allowed the publication of information in an aggregated form with the withdrawal of sensitive information.

Last spring, companies were given the right not to disclose virtually any information that is published in accordance with the legislation on joint-stock companies and the securities market. The preferential regime, introduced as part of a package of measures to protect businesses from sanctions, expires on July 1.

The government is discussing with businesses a return to full transparency and possible changes in the composition of the data required to be disclosed by issuers. The Ministry of Finance also pointed out that the long-term lack of information on key issuers makes it difficult to conduct an objective assessment of investment risks and make informed decisions on transactions with financial instruments, and also reduces the level of confidence.

14 of the 37 companies in the Moscow Exchange Index did not disclose their IFRS financial statements for 2022, either interim or annual, and these are mainly companies from the extractive and raw materials sectors.