Corporate governance principles

4th Corporate Governance Roundtable on Eurasia: 29-30 October 2003


The fourth meeting of the Eurasian Corporate Governance Roundtable took place in Bishkek on 29-30 October 2003. The meeting was co-hosted by the Corporate Development Centre (CDC), the State Commission on Securities Markets of the Kyrgyz Republic and the Asian Development Bank. It was organised with the support of the International Finance Corporation (IFC), the World Bank (WB), the OECD/WB Global Corporate Governance Forum (GCGF) and the government of Japan.
The meeting brought together approximately 70 participants from 8 countries from Eurasia (Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Russian Federation, Ukraine and Uzbekistan), and 4 OECD member countries (Netherlands, Poland, United Kingdom and the United States), as well as representatives of international organisations (CIPE, EBRD, WB, IFC).  The participants included senior government officials and policy makers from relevant ministries, securities market regulators, representatives of stock exchanges, corporate governance legal experts and professionals, as well as investors and representatives of the corporate sector in Eurasia.

The topics for discussion at the meeting revolved around a core corporate governance issue - responsibilities of Boards of Directors and the Role of Stakeholders in Corporate Governance.

The agenda of the meeting was organised in four sessions, which focused on:

(1) Creating the Conditions for Effective and Accountable Boards in Eurasia;
(2) Improving Board Accountability;
(3) The Role of Stakeholders in Corporate Governance;
(4) Discussion of the Draft Comparative Overview of Corporate Governance in Eurasia


1. Annotated Agenda  English  / Russian
2. Synthesis Note  English  / Russian

Opening Session

Session I -  Creating the Conditions for Effective and Accountable Boards in Eurasia

  • Presentation:  The Responsibility of the Board according to the OECD Principles and Patterns of Change in the aftermath of Recent Corporate Events, Ms. Elena Miteva, Administrator, OECD  English
  • Perspectives on Developments in Corporate Governance and Company Law in Central and Eastern Europe, Professor William Simons, Director, East European Law & Russian Studies Insitute, Leiden University, Netherlands  Russian
  • Paper:  Board Committees and Effectiveness of Boards in Eurasia: Georgia’s Experience, Mr. George Loladze, Chairman of the Supervisory Board, Georgian Stock Exchange  English  / Russian
  • Paper:  Improving Board Culture in Uzbekistan, Mr. V. Kotov, Tashkent Business Club, Uzbekistan Russian
  • Paper : The Role of Boards of Directors: Exceptional Corporate Events and Related Party Transactions, Mr. Henry Schiffman, Consultant and former IMF Advisor, USA  English  / Russian
  • Paper and Presentation:  The Role of Institutes of Directors in Promoting Director Professionalism in Transition Economies, Mr. Chris Pierce, UK Institute of Directors, London Paper English Presentation English
  • Paper: National Corporate Governance Principles as an Element of the Ukrainian Corporate Governance Policy  Mr. Mykola Burmaka Securities and Stock Market State Commission of Ukraine  Russian

Session II - Improving Board Accountability

  • Paper: Definition and Enforcement of Main Director’s Duties in OECD Countries, Mr. Kevin Fogarty, Consulting Attorney, USA  English  / Russian
  • Accountability and Options for Redress by Shareholders, Regulators and Creditors in Eurasia, Mr. Alum Bati, Partner, Salans, Azerbaijan English  / Russian
  • Paper: The Role of Judges and Alternative Dispute Resolution in Making Directors More Accountable, Mr. Temirbek Kenenbaev, Chairman, Third Party Arbitration, Kyrgyzstan  Russian
  • Paper: Improving Board Accountability : The Case of Armenia , Mr. Simon Sargsyan, Director, Corporate Finance, Securities Commission of Armenia  English  / Russian
  • Presentation: The Case of Kazakhstan , Ms. Galina Shalgimbaeva, Director, Securities Market Regulation Department, National Bank of Kazakhstan  Russian

Session III - The Role of Stakeholders in Corporate Governance

  • Presentation: Employees as Stakeholders, Mr. Roustem Davletguildeev, Consultant to the OECD Trade Union Advisory Committee (TUAC)  English  / Russian
  • Presentation: The role of boards in dealing with stakeholders and with conflicts of interests among stakeholders, Mr. Demir Yener, Corporate Governance Advisor, CIPE  English
  • Presentation: The Experience of Japan, Mr. Masaaki Kaizuka, Principal Administrator, OECD  English
  • Presentation: Board Accountability, Stakeholders and the OECD Instruments for Corporate Responsibility, Mr. Rainer Geiger, Deputy Director, OECD English  / Russian

Surveys on Boards and Stakeholders