EBRD Nominee Director Programme

The EBRD has used Nominee directors (NDs) since its inception: as a key element of its direct equity investments, as an instrument of transition impact, and to represent EBRD’s interests as a minority shareholder. This study is EvD’s first review of the Nominee Director programme for direct equity investments. The study used an extensive EBRD document and wider literature review, and prepared 14 case studies representing multiple sectors and company types. EvD interviewed operation leaders and NDs in each of the case studies, along with a wide range of staff across the Bank, including from Economics Policy and Governance Group, Legal Transition Team, Office of the Chief Compliance Officer and Equity Portfolio Monitoring Unit. EvD also surveyed current NDs and EBRD operations staff managing direct equity investments with ND roles.