Corporate governance principles

4th Russian Corporate Governance Roundtable: 20 June 2001


The responsibilities of the board and the role of stakeholders in corporate governance

The fourth meeting of the Russian Corporate Governance Roundtable focused on the responsibility of corporate board of directors and the role of stakeholders in corporate governance in Russian companies. It reviewed international best practices and explored how they can be applied in Russia. The meeting's conclusions and recommendations will be included in a White Paper -- an agenda for action to improve corporate governance in Russia - to be issued next year.

Senior representatives from OECD and the World Bank met with counterparts from the Russian Federal Commission on the Securities Market, the Supreme Arbitrage Court, self-regulatory organisations and relevant investor, labour and management groups. They identified common policy objectives and formulated a practical reform agenda that will improve the corporate governance of publicly listed companies in Russia.

List of Presentations

Introductory Session: Recent Developments in Corporate Governance

  • Implications of Corporate Governance on Firm Market Value, by Mr. Bernard Black, Professor of Law, Stanford Law School, USA [ English  / Russian  ]
  • Comments by Ms. Elena Krasnitskaya, Troika-Dialog, Corporate Governance Expert, Russia [ English  / Russian  ]

Session I. The Role and Main Functions of the Board in Corporate Governance

  • Corporate Governance: Relating Board-Level Management of Enterprises, by Dr. Sarah Worthington, Senior Lecturer in Law, Law Department, London School of Economics and Political Science, United Kingdom [ English  / Russian  ]
  • The Role and Responsibilities of the Boards: Major and Affiliated Parties Transactions, by Mr. Ildar Faizutdinov, Judge, Supreme Arbitrazh Court, Russia [ English  / Russian  ]
  • Background Paper on Boards of Directors - Legislation and Practice, by Ms. Olga Makarevich, Chief Expert, Institute of Corporate Law and Governance, Russia [ English  / Russian  ]
  • The Role of the Boards of Directors in Promoting Corporate Governance, by Mr. William Browder, Managing Director, Hermitage Capital Management, Russia [ English  / Russian  ]

Session II: Developing efficient board practices

Session III: The qualifications, training and recruitment of directors

  • Defining the qualifications of directors and finding competent director, Mr. Tony Renton, Deputy Director, Professional Development Department, Institute of Directors, United Kingdom [ English  / Russian ]
  • Mr. Igor Belikov, General Director, Institute for Stock Market and Management, Russia [ English  / Russian ]
  • Directors' Training and the Role of Education in Promoting Sound Corporate Governance Practices in Russia, by Dr. Alina Pekarsky, Project Director, Russian Corporate Governance Program, Schulich School of Business, York University, Canada [ English  / Russian  ]

Session IV: The role of stakeholders in corporate governance

  • Background paper on the role of stakeholders in corporate governance in Russia, by Mr. Andrei Ivakin, Head of the Corporate Legislation Division, Ministry of Economic Development and Trade, Russia [ English  / Russian  ]
  • The role of stakeholders in corporate governance, by Mr. Andrey Sharonov, Deputy Minister, Ministry of Economic Development and Trade, Russia [ English  / Russian  ]
  • Defining the role of stakeholders in corporate governance, Dr. Igor Filatotchev, School of Management and Organizational Psychology, Birkbeck College, University of London, United Kingdom [ English  / Russian  ]
  • Role of Hired Employees, by Mr. Roustem Davletguldeev, Department of Law, Kazan State University, Russia [ English  / Russian  ]

Session V: A practical view toward stakeholder relations -- case studies

  • Case 1 - Norilsk Nickel: Comments by Mr. Lev Mironov, President, Oil, Gas and Construction Workers Union, Russia [ English  / Russian  ]
  • Case 2 - Yukos Oil Company: Mr. Vasily Shakhnovsky, President, OOO YUKOS-Moscow, Russia [ English  / Russian  ]


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