https://boardsandcapital.com/ Boards and Capital follows boards, capital markets, deals, governance, appointments and banking in emerging markets, with Eurasia, Türkiye, the Gulf and Central and Eastern Europe in focus and global context where it matters. https://boardsandcapital.com/img/brand/wordmark-mark-on-light.png?v=f8a58ceehttps://boardsandcapital.com/14420 en-gb Tue, 27 Oct 2026 06:00:00 +0000 https://boardsandcapital.com/news/ukraine-seeks-three-independent-directors-gas-transmission-operator-gtsouhttps://boardsandcapital.com/news/ukraine-seeks-three-independent-directors-gas-transmission-operator-gtsouTue, 27 Oct 2026 06:00:00 +0000Applications for the GTSOU supervisory board close on 30 October, after a parallel search for four Ukrhydroenergo seats that named the same adviser.BoardsSmall Print https://boardsandcapital.com/news/drdgold-names-charmel-flemming-audit-committee-chair-holtzhausen-leaves-after-tehttps://boardsandcapital.com/news/drdgold-names-charmel-flemming-audit-committee-chair-holtzhausen-leaves-after-teTue, 27 Oct 2026 06:00:00 +0000Holtzhausen, a director since 2014, departs at the 6 November AGM after a tenure review, and the board has disbanded its investment committee.BoardsMinute Book https://boardsandcapital.com/news/how-saudi-shareholders-can-now-remove-directors-under-the-cma-amended-regulationhttps://boardsandcapital.com/news/how-saudi-shareholders-can-now-remove-directors-under-the-cma-amended-regulationTue, 27 Oct 2026 06:00:00 +0000Holders of 10 per cent of voting shares can trigger a removal vote, with fixed rules on notice, a 75-day replacement window and re-nomination.GovernanceSmall Print https://boardsandcapital.com/news/sp-affirms-romania-bbb-minus-negative-outlook-october-2026https://boardsandcapital.com/news/sp-affirms-romania-bbb-minus-negative-outlook-october-2026Tue, 27 Oct 2026 06:00:00 +0000Romania's finance ministry tables show all three major agencies rating the country at the lowest investment-grade notch, each on negative outlook.Capital MarketsCounting House https://boardsandcapital.com/news/adb-approves-302-million-baku-metro-signalling-loan-aiib-cofinancinghttps://boardsandcapital.com/news/adb-approves-302-million-baku-metro-signalling-loan-aiib-cofinancingTue, 27 Oct 2026 06:00:00 +0000In the $515 million project, both loans go to the government and are on-granted to the state-owned operator, which carries no debt service.DealsMinute Book https://boardsandcapital.com/news/egypt-distressed-factories-restructuring-fund-egp-1-billion-fra-licence-1033https://boardsandcapital.com/news/egypt-distressed-factories-restructuring-fund-egp-1-billion-fra-licence-1033Tue, 27 Oct 2026 06:00:00 +0000Banks including National Bank of Egypt and Banque Misr are contributing to a closed-end fund managed by CI Capital, with units offered from 4 October.Capital MarketsMinute Book https://boardsandcapital.com/news/fresnillo-names-rodrigo-sandoval-cfo-as-mario-arreguin-retires-after-37-yearshttps://boardsandcapital.com/news/fresnillo-names-rodrigo-sandoval-cfo-as-mario-arreguin-retires-after-37-yearsTue, 27 Oct 2026 06:00:00 +0000Sandoval joins as CFO designate on 21 September and takes over on 1 November, after leaving the Torex Gold board, the silver and gold miner said.AppointmentsMinute Book https://boardsandcapital.com/news/harmony-gold-and-anglogold-ashanti-add-independent-directors-within-three-weekshttps://boardsandcapital.com/news/harmony-gold-and-anglogold-ashanti-add-independent-directors-within-three-weeksTue, 27 Oct 2026 06:00:00 +0000Neither filing says whether the new directors fill vacancies or enlarge the boards, or how many independent directors each board now has.BoardsMinute Book https://boardsandcapital.com/news/gulf-listing-wave-part-1-saudi-ipo-approvals-expire-without-prospectushttps://boardsandcapital.com/news/gulf-listing-wave-part-1-saudi-ipo-approvals-expire-without-prospectusTue, 27 Oct 2026 06:00:00 +0000Of seven Main Market flotations cleared between November and March, one reached a prospectus, and new book-building rules take effect on 2 November.Capital MarketsSmall Print https://boardsandcapital.com/news/azerbaijan-central-bank-amends-credit-risk-regulations-effective-9-november-2026https://boardsandcapital.com/news/azerbaijan-central-bank-amends-credit-risk-regulations-effective-9-november-2026Tue, 27 Oct 2026 06:00:00 +0000The changes cover asset classification, provisioning and consumer-lending guarantees; consumer loans have the highest non-performing ratio of three segments, at 3.79%.BankingMinute Book https://boardsandcapital.com/news/ebrd-buys-5-percent-of-aikgroup-for-up-to-64-million-board-seathttps://boardsandcapital.com/news/ebrd-buys-5-percent-of-aikgroup-for-up-to-64-million-board-seatTue, 27 Oct 2026 06:00:00 +0000The price implies a post-money value of up to about €1.28 billion for the Cyprus-based owner of Aik Banka, Gorenjska Banka and Hipotekarna Banka.DealsMinute Book https://boardsandcapital.com/news/ifc-lends-100-million-euros-to-turkish-food-group-dogus-cayhttps://boardsandcapital.com/news/ifc-lends-100-million-euros-to-turkish-food-group-dogus-cayTue, 27 Oct 2026 06:00:00 +0000The loan, with a two-year grace period, funds chips and tomato paste capacity and storage as the company plans a potato chip plant in Hungary for 2027.DealsMinute Book https://boardsandcapital.com/news/week-ahead-26-october-2026-fed-uzbekistan-azerbaijan-ukraine-rateshttps://boardsandcapital.com/news/week-ahead-26-october-2026-fed-uzbekistan-azerbaijan-ukraine-ratesMon, 26 Oct 2026 06:00:00 +0000The Fed, Uzbekistan, Azerbaijan and Ukraine decide on 28 and 29 October, Riyadh closes two consultations and Türkiye publishes its meeting summary.BankingMinute Book https://boardsandcapital.com/news/egypt-central-bank-holds-rates-inflation-13-9-percent-october-2026https://boardsandcapital.com/news/egypt-central-bank-holds-rates-inflation-13-9-percent-october-2026Mon, 26 Oct 2026 06:00:00 +0000The overnight deposit rate stays at 19 per cent, and net international reserves reached $57.3 billion at the end of September.BankingMinute Book https://boardsandcapital.com/news/vale-accuses-former-vice-chairman-board-leak-legal-actionhttps://boardsandcapital.com/news/vale-accuses-former-vice-chairman-board-leak-legal-actionMon, 26 Oct 2026 06:00:00 +0000In a 9 October filing, Vale says its ex-vice-chairman admitted sending a draft board vote to an analyst, and that Brazil's CVM has opened a proceeding.BoardsMinute Book https://boardsandcapital.com/news/aifc-rules-board-requirements-part-2-governance-principles-comply-or-explainhttps://boardsandcapital.com/news/aifc-rules-board-requirements-part-2-governance-principles-comply-or-explainMon, 26 Oct 2026 06:00:00 +0000The annual report must say whether companies adopt the Schedule 3 standards, and a false explanation would breach the ban on misleading statements.GovernanceSmall Print https://boardsandcapital.com/news/egypt-fra-licenses-custodians-fund-managers-spac-investor-12-approvals-october-2https://boardsandcapital.com/news/egypt-fra-licenses-custodians-fund-managers-spac-investor-12-approvals-october-2Mon, 26 Oct 2026 06:00:00 +0000The regulator also ordered non-bank lenders to file monthly data and reopened its platform until 29 October so firms can audit entries since January.Capital MarketsMinute Book https://boardsandcapital.com/news/ferrexpo-shareholders-back-delayed-2025-accounts-with-99-68-per-cent-of-votes-cahttps://boardsandcapital.com/news/ferrexpo-shareholders-back-delayed-2025-accounts-with-99-68-per-cent-of-votes-caMon, 26 Oct 2026 06:00:00 +0000The 9 October vote followed a trading suspension, a US$100 million equity raise and a reshaped register, and the company's website lists four directors.BoardsMinute Book https://boardsandcapital.com/news/mnb-keeps-countercyclical-buffer-and-real-estate-buffers-at-1-percent-september-https://boardsandcapital.com/news/mnb-keeps-countercyclical-buffer-and-real-estate-buffers-at-1-percent-september-Mon, 26 Oct 2026 06:00:00 +0000The central bank put housing market overvaluation at 22.5 per cent, and the 1 per cent countercyclical rate will remain in place from 1 October 2027.BankingMinute Book https://boardsandcapital.com/news/mondi-links-21-6-per-cent-vote-against-pre-emption-authority-to-south-african-hohttps://boardsandcapital.com/news/mondi-links-21-6-per-cent-vote-against-pre-emption-authority-to-south-african-hoMon, 26 Oct 2026 06:00:00 +0000Dissent on the 14-day notice resolution rose to 21.67 per cent from 15.49 per cent in 2025, and the company said it will keep considering its approach.GovernanceMinute Book https://boardsandcapital.com/news/tenure-limits-independent-directors-six-nine-or-12-years-by-markethttps://boardsandcapital.com/news/tenure-limits-independent-directors-six-nine-or-12-years-by-marketMon, 26 Oct 2026 06:00:00 +0000The UK Code and Air Astana's code treat nine years as a factor to explain, while four other texts remove independence at six, nine or 12 years.GovernanceSmall Print https://boardsandcapital.com/news/borsa-istanbul-governance-code-ii-17-1-independent-directors-cmb-opinionhttps://boardsandcapital.com/news/borsa-istanbul-governance-code-ii-17-1-independent-directors-cmb-opinionMon, 26 Oct 2026 06:00:00 +0000The CMB has 30 days to give an adverse opinion that bars a candidate, and can appoint independent directors itself if a company still fails to comply.InsightSmall Print https://boardsandcapital.com/news/romania-raises-fidelis-retail-bond-coupons-october-2026-euro-sales-risehttps://boardsandcapital.com/news/romania-raises-fidelis-retail-bond-coupons-october-2026-euro-sales-riseMon, 26 Oct 2026 06:00:00 +0000October Fidelis subscriptions came to about RON 311.0 million and EUR 184.7 million, while Tezaur sales for 2026 reached RON 22 billion.Capital MarketsCounting House https://boardsandcapital.com/news/saudi-regulator-tightens-audit-firm-rules-and-routes-inspection-findings-to-audihttps://boardsandcapital.com/news/saudi-regulator-tightens-audit-firm-rules-and-routes-inspection-findings-to-audiMon, 26 Oct 2026 06:00:00 +0000Registered firms have 10 days to pass final inspection results to audit committees and four months after year-end to publish a transparency report.GovernanceSmall Print https://boardsandcapital.com/news/issuance-calendar-26-october-22-november-2026https://boardsandcapital.com/news/issuance-calendar-26-october-22-november-2026Mon, 26 Oct 2026 06:00:00 +0000Banque du Caire's final price is due on 26 October and ADIB's rights cut-off falls on 29 October, while seven more issues await dates.Capital MarketsCounting House https://boardsandcapital.com/news/hdfc-bank-names-anup-bagchi-ceo-after-rbi-approvalhttps://boardsandcapital.com/news/hdfc-bank-names-anup-bagchi-ceo-after-rbi-approvalSun, 25 Oct 2026 06:00:00 +0000Bagchi starts a three-year term on 27 October, subject to a shareholder vote closing on 6 November, as Sashidhar Jagdishan's tenure ends on 26 October.AppointmentsMinute Book https://boardsandcapital.com/news/hungary-akk-raises-2026-net-financing-need-huf-7110-billion-wider-deficithttps://boardsandcapital.com/news/hungary-akk-raises-2026-net-financing-need-huf-7110-billion-wider-deficitSun, 25 Oct 2026 06:00:00 +0000Gross planned issuance rises to HUF 20,414 billion, 78 per cent of it completed by the end of September, and the year's euro bond issuance is finished.Capital MarketsCounting House https://boardsandcapital.com/news/jp-morgan-gbi-em-index-watch-positive-kazakhstan-government-bondshttps://boardsandcapital.com/news/jp-morgan-gbi-em-index-watch-positive-kazakhstan-government-bondsSun, 25 Oct 2026 06:00:00 +0000The Index Watch Positive status announced on 7 October carries a preliminary index weight of 0.48 per cent and an assessment period of up to 12 months.Capital MarketsCounting House https://boardsandcapital.com/news/kazatomprom-shareholders-fail-to-approve-uranium-one-contract-on-abstentionshttps://boardsandcapital.com/news/kazatomprom-shareholders-fail-to-approve-uranium-one-contract-on-abstentionsSun, 25 Oct 2026 06:00:00 +0000Some 88.34 per cent of voting shares abstained, while a spot sale to a Chinese buyer passed and Zhandos Kairgeldi joined the board for Samruk-Kazyna.BoardsMinute Book https://boardsandcapital.com/news/qatar-islamic-bank-nine-month-2026-profit-qar-3525-million-financing-growthhttps://boardsandcapital.com/news/qatar-islamic-bank-nine-month-2026-profit-qar-3525-million-financing-growthSun, 25 Oct 2026 06:00:00 +0000Deposits rose 8.3 per cent on the year, and the CFO told analysts 85 per cent of 2026 financing growth came from government entities, a transcript shows.BankingCounting House https://boardsandcapital.com/news/aix-record-monthly-turnover-562-million-september-2026https://boardsandcapital.com/news/aix-record-monthly-turnover-562-million-september-2026Sun, 25 Oct 2026 06:00:00 +0000The exchange's third-quarter turnover figure of $1.9 billion does not match its monthly updates, which add up to about $832 million.Capital MarketsCounting House https://boardsandcapital.com/news/air-astana-publishes-amended-governance-code-after-28-september-shareholder-votehttps://boardsandcapital.com/news/air-astana-publishes-amended-governance-code-after-28-september-shareholder-voteSun, 25 Oct 2026 06:00:00 +0000The announcement names no changed provisions, while the published code lets a non-independent chair lead the board if the company reports the departure.GovernanceSmall Print https://boardsandcapital.com/news/non-resident-holdings-turkish-securities-fall-143-billion-october-2026https://boardsandcapital.com/news/non-resident-holdings-turkish-securities-fall-143-billion-october-2026Sun, 25 Oct 2026 06:00:00 +0000Most of the $10.2 billion drop came from lower valuations, CBRT data show, while net sales of domestic corporate and bank debt were $1.3 billion.Capital MarketsCounting House https://boardsandcapital.com/news/freedom-holding-re-elects-two-directors-after-cfo-change-and-kelimbetov-exithttps://boardsandcapital.com/news/freedom-holding-re-elects-two-directors-after-cfo-change-and-kelimbetov-exitSun, 25 Oct 2026 06:00:00 +0000Controlling holder Timur Turlov owned about 66.5 per cent at the end of July, and the board has six members, four of them classed as independent.BoardsMinute Book https://boardsandcapital.com/news/samruk-kazyna-oman-investment-authority-150-million-joint-fund-aifchttps://boardsandcapital.com/news/samruk-kazyna-oman-investment-authority-150-million-joint-fund-aifcSun, 25 Oct 2026 06:00:00 +0000The sovereign investors agreed to set up the vehicle by the end of 2026 on a parity basis, alongside an oil and gas framework between KazMunayGas and OQ.DealsMinute Book https://boardsandcapital.com/news/warsaw-stock-exchange-moves-trading-to-gpw-wats-replacing-utp-october-2026https://boardsandcapital.com/news/warsaw-stock-exchange-moves-trading-to-gpw-wats-replacing-utp-october-2026Sun, 25 Oct 2026 06:00:00 +0000Main Market turnover was PLN 1.9bn on the first session on 5 October, against a September daily average of PLN 2.7bn on the old platform.Capital MarketsMinute Book https://boardsandcapital.com/news/adb-signs-200-million-results-based-loan-uzbekistan-power-distributionhttps://boardsandcapital.com/news/adb-signs-200-million-results-based-loan-uzbekistan-power-distributionSun, 25 Oct 2026 06:00:00 +0000The $371 million programme, co-financed by the World Bank, ties disbursement to seven indicators including board oversight at the national grid company.DealsMinute Book https://boardsandcapital.com/news/explainer-turkey-fund-investigation-legal-powers-spk-tmsf-2026https://boardsandcapital.com/news/explainer-turkey-fund-investigation-legal-powers-spk-tmsf-2026Sat, 24 Oct 2026 06:00:00 +0000The legal texts set outer limits of six months for fund liquidations and forced sales of factoring stakes, and two years for each trading ban.GovernanceSmall Print https://boardsandcapital.com/news/court-regulator-takes-control-destek-pkp-cargo-boards-analysishttps://boardsandcapital.com/news/court-regulator-takes-control-destek-pkp-cargo-boards-analysisSat, 24 Oct 2026 06:00:00 +0000Control moved in eight days by three legal routes, and the filings show what is left to directors and minority holders.GovernanceSmall Print https://boardsandcapital.com/news/isbank-names-cahit-cinar-chief-executive-as-hakan-aran-moves-to-sisecamhttps://boardsandcapital.com/news/isbank-names-cahit-cinar-chief-executive-as-hakan-aran-moves-to-sisecamSat, 24 Oct 2026 06:00:00 +0000Çınar took office on 1 September after the board named him successor, and Adnan Bali remains chairman of an 11-member board, the bank's pages show.AppointmentsMinute Book https://boardsandcapital.com/news/ebrd-150-million-sustainability-linked-loan-enerjisa-uretim-refinancinghttps://boardsandcapital.com/news/ebrd-150-million-sustainability-linked-loan-enerjisa-uretim-refinancingSat, 24 Oct 2026 06:00:00 +0000The loan to the Sabancı and E.ON joint venture is tied to sustainability targets, but the EBRD did not publish the targets, the tenor or the pricing.DealsMinute Book https://boardsandcapital.com/news/ebrd-kazakhstan-september-2026-three-loans-alatau-zharyk-tbf-abrishttps://boardsandcapital.com/news/ebrd-kazakhstan-september-2026-three-loans-alatau-zharyk-tbf-abrisSat, 24 Oct 2026 06:00:00 +0000A KZT 102 billion loan to Samruk Energy's Almaty distributor takes about 85 per cent; an agricultural trader and an IT distributor share the rest.DealsCounting House https://boardsandcapital.com/news/saudi-cma-approves-sar-680-million-rights-issue-almasane-alkobra-mining-october-https://boardsandcapital.com/news/saudi-cma-approves-sar-680-million-rights-issue-almasane-alkobra-mining-october-Sat, 24 Oct 2026 06:00:00 +0000The CMA approved four equity capital increases in two weeks, including Retal's share issue for a 47.5 per cent Ajdan stake, and cleared new sukuk funds.Capital MarketsMinute Book https://boardsandcapital.com/news/warsaw-stock-exchange-appoints-jakub-karnowski-supervisory-board-september-2026https://boardsandcapital.com/news/warsaw-stock-exchange-appoints-jakub-karnowski-supervisory-board-september-2026Sat, 24 Oct 2026 06:00:00 +0000An extraordinary meeting on 10 September took the board to seven; the exchange's own table shows the State Treasury with 51.80 per cent of the votes.AppointmentsMinute Book https://boardsandcapital.com/news/fed-minutes-another-increase-by-year-end-what-it-means-for-em-central-banks-octohttps://boardsandcapital.com/news/fed-minutes-another-increase-by-year-end-what-it-means-for-em-central-banks-octoSat, 24 Oct 2026 06:00:00 +0000For central banks in Kuwait, Ukraine and Hungary, the minutes reduce the chance that the global backdrop turns supportive before the year ends.InsightSmall Print https://boardsandcapital.com/news/kazakhstan-lists-13-8-billion-yuan-bonds-september-2026-panda-dim-sumhttps://boardsandcapital.com/news/kazakhstan-lists-13-8-billion-yuan-bonds-september-2026-panda-dim-sumSat, 24 Oct 2026 06:00:00 +0000Yuan coupons ranged from 1.82 to 2.8 per cent, and the finance minister signals more borrowing from China next year.Capital MarketsCounting House https://boardsandcapital.com/news/komercni-banka-etienne-loulergue-leaves-board-juchelka-interim-october-2026https://boardsandcapital.com/news/komercni-banka-etienne-loulergue-leaves-board-juchelka-interim-october-2026Sat, 24 Oct 2026 06:00:00 +0000The supervisory board considered the resignation on 1 October; the notice names no successor and no area, four weeks before third-quarter results.AppointmentsMinute Book https://boardsandcapital.com/news/turkey-central-bank-eases-bank-liquidity-reserve-rules-october-2026https://boardsandcapital.com/news/turkey-central-bank-eases-bank-liquidity-reserve-rules-october-2026Sat, 24 Oct 2026 06:00:00 +0000Lira liquidity for lenders widens and the SME loan growth limit rises from 4.5 to 5 per cent, with the policy rate unchanged at 37 per cent.BankingMinute Book https://boardsandcapital.com/news/afsa-appoints-saida-djarbolova-independent-director-second-board-change-since-mahttps://boardsandcapital.com/news/afsa-appoints-saida-djarbolova-independent-director-second-board-change-since-maSat, 24 Oct 2026 06:00:00 +0000She is the second independent director named to the Astana Financial Services Authority board since May, with effect from 5 September.AppointmentsMinute Book https://boardsandcapital.com/news/kuwait-central-bank-holds-discount-rate-3-5-percent-as-fed-raises-september-2026https://boardsandcapital.com/news/kuwait-central-bank-holds-discount-rate-3-5-percent-as-fed-raises-september-2026Fri, 23 Oct 2026 06:00:00 +0000The Central Bank of Kuwait kept its rate on 16 September, citing 9.8% deposit growth and 4.8% credit growth, as the Fed, ECB and Bank of Japan tightened.BankingMinute Book