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Reports and Opinions

This page presents a number of research publications and opinions on the current state and trends of corporate governance in Russia and the CIS.

Can Corporate Governance Be A Cure For Russia's Epidemic of Investor Risk Perception?

An article by Paul Ostling presenting a comprehensive overview of the present state of Corporate Governance in Russia and its broad implications for financial markets and the economy.

Posted with permission from the National Council on Corporate Governance, copyright 2013

The role of the Moscow Exchange in establishing corporate governance standards on the Russian capital market (Russian only)

A research report by Oxana Derisheva and Elena Pastukhova of the Moscow Exchange presents the results of a survey of international investors on their perception of corporate governance in Russia (Russian only).

Posted with permission from the National Council on Corporate Governance, copyright 2013

Global Board Practices Show Evidence of Evolution. Dan Konigsburg

Dan Konigsburg presents the results of a global survey of non-executive directors conducted by Deloitte centers for corporate governance in 19 countries.

Posted with permission from the National Council on Corporate Governance, copyright 2013

 

The role of corporate governance in fighting corruption. John D. Sullivan et al.

John D. Sullivan and his colleagues at CIPE present their conceptual framework for the role of corporate governance in fighting corruption.

Posted with permission from the National Council on Corporate Governance, copyright 2013

Discussion on Key Direction of Corporate Law Development in Russia. Svyatoslav Abramov, Rostislav Kokorev and Sergey Tsygankov

This paper considers the recent regulatory initiatives on corporate governance in Russia. The first set of issues under discussion relates to draft amendments to the Russian Civil Code, in particular, the strengthening of the law enforcement focus of the provisions on legal entities. Another set of issues concerns proposals for the liberalization of corporate governance regulation in business entities. The paper presents a detailed analysis of the proposed amendments and discusses the arguments of various parties.

Posted with permission from the National Council on Corporate Governance, copyright 2012

Ongoing Issues in Russian Corporate Governance by Merritt B. Fox

Despite the substantial progress in the area of corporate governance in Russia, a wide range of issues remains unresolved. This paper deals with several topical issues concerning the infrastructure of corporate governance in Russia and discusses possible ways to address them. The article considers the specifics of corporate governance in public and private companies, the dividend policy of Russian companies, enforcement of financial and commercial disclosure requirements, the role of non-shareholder stakeholders, and the disclosure of beneficial ownership.

Posted with permission from the National Council on Corporate Governance, copyright 2012

Towards Improving Russia's Boards of Directors by Sergei Guriev

The paper discusses the competing theoretical models of functioning of corporate boards and provides an overview of the empirical studies of boards of directors in Russia and elsewhere. No stranger to board service, Professor Guriev shares his views on the workings of Russian boards and provides his recommendations on what should be done to improve the effectiveness of corporate boards in Russia.

Posted with permission from the National Council on Corporate Governance, copyright 2012

The Role of a Stock Exchange in setting Corporate Governance Standards by Oleg Shvyrkov

Building on the earlier research of the OECD, this paper considers the traditional role of stock exchanges in setting and enforcing corporate governance standards in various jurisdictions, and reviews the existing disclosure regulations and listing requirements that apply to Russian public companies. The paper presents some international comparisons and outlines areas for improvement in transparency. Using studies of the OECD and the International Organization of Securities Commissions (IOSCO) as a basis, the report provides an overview of regulations on insider trading and market manipulation in Russia, and draws some international comparisons.

Posted with permission from the National Council on Corporate Governance, copyright 2012

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Internal Audit: Current Status and Development Prospects by Alexey Sonin

The paper presents an overview of the development and current state of global internal audit practices. The author also analyzes the internal audit practices at Russian companies, considers the role and function that management assigns to the internal audit service and recent trends in internal audit practices in Russia.

Posted with permission from the National Council on Corporate Governance, copyright 2012

Corporate Conflicts in Modern Russia by Sergey Stepanov

Corporate Conflicts in Modern Russia by Sergey Stepanov

The article deals with three types of corporate conflicts specific for Russian companies: minority shareholder against the majority shareholder, minority shareholder against the management / board of directors of state companies, and conflicts between large non-controlling shareholders. Each type of conflicts is considered in detail and with examples of real conflicts in Russian companies.

Posted with permission from the National Council on Corporate Governance, copyright 2012

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