- Исследования Национального совета по корпоративному управлению
- Исследовательские проекты при поддержке НСКУ
Modern Corporate Governance In Russia As Seen By Foreign Businessmen and Experts
The issue of corporate governance is decidedly international in character, being closely linked to the globalisation of financial and commodity markets, and the cross-border movement of capital. Accordingly, discussion concerning the current state and future development of corporate governance is by no means restricted by national boundaries. In particular when speaking of Russia, it seems appropriate to widen the angle of opinion on issues of corporate governance by taking into account the expert opinions and observations of foreign business representatives operating in our country.
In November / December 2009, in cooperation with the Russo-British Chamber of Commerce (RBCC), Russia’s National Council on Corporate Governance (NCCG) conducted a survey among foreign businessmen, managers and experts associated with Russian business. The topic of the survey was the latest trends in the development of corporate governance in Russian companies, and in particular the impact made by the global financial crisis in this regard.
- The study was carried out by sending written questionnaires to three categories of respondents:Russian company board members,
- senior managers of Russian companies,
- heads of the Russian offices of foreign business associations and companies, especially those involved in investment, law, audit and consulting.
The scope of the questions varied slightly depending on the category of the respondent. Some questions were closed, giving respondents a choice between several pre-formulated answers; others were openended, offering the chance to give a detailed response. The NCCG and the RBCC would like to thank all study participants who took the trouble to fill out questionnaires. In respect of the need for confidentiality, all references to answers from individual respondents are kept strictly anonymous. The NCCG and the RBCC are grateful to KPMG, MICEX and Ilim Group for support in publishing the findings of the survey.
In terms of content, the questions included in the questionnaire can be divided into several sections. The first section required an overall assessment of the business environment in Russia, including a description of business practices and management culture, and an evaluation of the impact of foreign shareholders and investors on corporate governance in Russian companies. The second section explored the relationship between the global financial crisis and corporate governance. The third section asked questions on the key problems faced in Russia by foreign investors and shareholders. The fourth, final section focused on issues related to the actions of the board of directors and independent directors in Russian companies.
The study included representatives of several major Russian and foreign banks, companies and organisations, including Alfa-Bank, Rosbank, Raiffeisen Bank, UniCredit Bank, Deutsche Bank Ltd, Danske Bank, Financial Corporation Sistema, Novolipetsk Steel (NLMK), Severstal, Pipe Metallurgical Company (TMK), Siemens, OMZ Group, IDC Holding, OGK-5, TGK-1, Sibur Holding, Ilim Group, Wimm-Bill-Dann Foods, Deloitte, KPMG, Baring Vostok Capital Partners, Denton Wilde Sapte LLP, and the Association of European Businesses in the Russian Federation.
The responses received provide sufficient material for a qualitative analysis and, in our opinion, some interesting generalisations. The NCCG and the RBCC would like to thank all study participants who took the trouble to fill out questionnaires.
In respect of the need for confidentiality, all references to answers from individual respondents are kept strictly anonymous. The NCCG and the RBCC are grateful to KPMG, MICEX and Ilim Group for support in publishing the findings of the survey.