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The third meeting of the Corporate Governance Roundtable on Eurasia took place in Kiev on 17-18 April 2002. The meeting was co-hosted by the Securities and Stock Market Commission, the State Property Fund and the First Securities Trading System (PFTS) of Ukraine. 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 130 participants from 18 countries from Eurasia (Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Mongolia and Ukraine), the OECD (Belgium, Canada, Japan, Italy, Spain, Sweden, United Kingdom and the United States), as well as representatives of international organisations (WB, IFC, TACIS, GCGF).
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, shareholders rights and equitable treatment. The agenda of the meeting was organised in five sessions, which focused on:
(1) Shareholder treatment and access to capital;
(2) The state as a shareholder;
(3) Shareholder expression;
(4) Minority shareholder protection and
(5) Shareholder awareness and legal redress.
The Eurasian Roundtable will convene in the autumn of 2003, for the fourth time, to discuss the role of boards of directors and stakeholders. Given the interest and perceived urgency of other related topics, such as enforcement and the role of the state in the management and governance of state assets, it was suggested that these issues are discussed in special sessions of this meeting. Representatives of Kyrgyzstan invited the Roundtable to hold its next meeting in Bishkek; the members of the Roundtable welcomed the proposal.
General Information on the Eurasian Corporate Governance Roundtable
Materials
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Welcome and Introductory remarks: The OECD Corporate Governance Principles, Shareholder rights and implications for the State, Mr. Rainer Geiger, Deputy Director, Directorate for Financial, Fiscal and Enterprise Affairs, OECD [ ENG ]
SESSION I: Shareholder Treatment and Access to capital
- Presentation: Shareholder treatment and access to capital: the main issues in OECD countries. Mr. Robert Zafft, Principal Administrator, OECD [ ENG / RUS / UKR ]
- Presentation: Major Developments at Exchanges in Euro-Asian Region
Ms. Irina Zarya, President PFTS, Ukraine [ ENG / RUS / UKR ]
- Presentation: Why Ukraine needs a new Joint Stock Company Law
Ms. Motria Onyschuk-Morozov, IFC, Ukraine [ ENG / RUS / UKR ]
SESSION II: The State as a Shareholder
- Introductory remarks: on State Corporate Rights, Ms. Iryna Zhadan, Deputy Head of the Stock Market Development Department, State Property Fund of Ukraine [ UKR ]
- Presentation : The State as a corporate governance principal, Mr. Peter Lindell, Ministry of Industry, Sweden [ ENG / RUS / UKR ]
- Case study on Ukrnafta, Mr. Andrey Bespyatov, Analyst, Investment Bank Dragon Capital, Ukraine [ ENG / RUS / UKR ]
- Case study on Ukrnafta, Mr. Dmitro Tarabakin, Director, Investment Bank Dragon Capita, Ukraine [ ENG ]
SESSION III: Shareholder Expression
- Presentation : Shareholder Meetings and Voting Procedures, Mr. Oleg Batyuk, Partner, Salans, Hetzfeld & Heilbron, Ukraine [ ENG / RUS / UKR ]
- Case study describing a typical shareholder meeting in Eurasia, Mr. Tolon Toichubaev, Corporate Technologies, Kyrgyz Republic [ Word ENG / RUS / UKR ] [ Powerpoint RUS ]
- Presentation: Shareholder registration problems and fraud, Mr. Biriuk, Commissioner, SSMSC of Ukraine [ENG / RUS / UKR ]
- Case study on notification problems and proxy issues, Ms. Vladislava Ryabota, IFC, Ukraine [ ENG / RUS / UKR ]
SESSION IV: Minority Shareholder Protection, Part 1
- Presentation: Protecting shareholders from abusive self dealing, Mr. Eddy Wymeersch, Prof. Of Law, University of Gent and Chairman, Belgium Banking and Finance Commission [ Word ENG / RUS / UKR ] [Powerpoint ENG ]
- Case study on abusive self dealing and asset stripping, Mr. Vadim Kleiner, Deputy Chief Executive Officer, Hermitage Fund [ ENG / RUS / UKR ]
SESSION IV: Minority Shareholder Protection Part 2
- Presentation: Preventing the manipulation of capital markets, Mr. Aril Seren, Vice-President, Istanbul Stock Exchange [ ENG / RUS / UKR ]
- Case study: on share dilution, Ms Irina Paliashvili, Russian Ukrainian Legal Group [ENG / RUS / UKR ]
SESSION V : Shareholder Awareness and Legal redress
- Presentation : Shareholder violation and procedures to seek legal redress, Mr. Alexander Krakovsky, Ukraine Investment Advisors, USA [ENG / RUS / UKR ]
- Presentation: Improving shareholder awareness, Mr. Oleksander Boiko, Financial Markets International [ UKR ]
- Presentation: Mrs. Zaura S. Zhumabayeva, Head of the Securities Issue and Circulation Regulation Department, National Bank of Kazakhstan [ RUS ]
CONCLUDING SESSION:
- Presentation of the summary of the Georgian Corporate Governance Assessment (ROSC)
Mr. Warren Gorlick, Corporate Governance Unit, PSAS, World Bank, Washington DC
ROSC: [ ENG / RUS / UKR ]
Power Point presentation ENG / RUS / UKR
- Regional corporate governance enforcement efforts, Mr. Hugh Haworth, USAID, Washington DC ENG
- Country Corporate Governance assessment: preliminary results, Mr. Hsianmin Chen, EBRD, London ENG
Country Background papers on shareholder rights and equitable treatment
- Armenia By Dr. Davit Karapetyan, Deputy Head of the Armenian Technical Assistance Facility IFC/Armenia , Assistant Professor of Yerevan State University, School of Law [ ENG / RUS / UKR ]
- Azerbaijan By Mr. Alum Batu, Salans Hertzfeld & Heilbronn [ENG / RUS / UKR ]
- Georgia By Mr. George Loladze, Chairman of the Supervisory Board, Georgian Stock Exchange
[ ENG / RUS / UKR ]
- Kazakhstan - By Mr. Aigoul Kenjebayeva, Salans Hertzfeld & Heilbronn [ ENG ]
- Mr. Bakyt Kartanbaev, Director, Corporate Development Centre [ ENG / RUS / UKR ]
- Moldova By Ms. Violeta Datsco, Lawyer, JSC Municipal Bank of Chisinau [ ENG / RUS / UKR ]
- Mongolia By Econsulting [ ENG / RUS / UKR ]
- Ukraine By Mr. Oleg Batyuk, Managing Partner, Salans Hertzfeld & Heilbronn [ ENG / RUS / UKR ]
Surveys on shareholder rights and equitable treatment
- Armenia By Mr. Narine Melikyan, Director, Center For Corporate Studies [ ENG / RUS / UKR ]
- Armenia By Ms. Teresa Vazgenovna Dilanyan, President, Association of Shareholders [ ENG / UKR ]
- Armenia By Mr. Manukyan Hovhanes, Chairman, Commercial Court of the Republic of Armenia [ ENG / RUS / UKR ]
- Armenia By Mr. Mouradian Edvard Agabekovich, Chairman, Securities Commission [ ENG / RUS / UKR ]
- Kyrgyz Republic By Mr. Abdynasyrov Uran Toibaevich, Chairman, State Securities Commission [ ENG / RUS / UKR ]
- Kyrgyz Republic By Mr. Bakyt Kartanbaev, Director, Corporate Development Center, Prime Minister's Office [ ENG / RUS / UKR ]
- Moldova By Ms. Violeta Datsco, Lawyer, JSC Municipal Bank of Chisinau [ ENG / RUS / UKR ]
- Moldova By Ms. Nadezhda Stanchu, Member of the National Securities Market Commission [ ENG / RUS / UKR ]
- Ukraine By Ms. Natalia Valeriyevna Konovalenko, Head of International Contacts Department, State Commission for Securities and Stock Market [ ENG / RUS / UKR ]
- Ukraine By Ms. Galina Alexandrovna Pogorelova, Legal adviser, Subsidiary Company PFTS Technical Center [ ENG / RUS / UKR ]
- Ukraine By Ms. Motria Onyschuk-Morozov, Project Manager, Ukraine Corporate Development Project, International Finance Corporation [ ENG / RUS / UKR ]
- Uzbekistan By Mr. Farid Abdrshin, Lawyer, Gouldens Central Asia [ ENG ]
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