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The Russian Corporate Governance Roundtable Meeting was held in Moscow on 11-12 November 2004. It discussed the papers “Priorities for Implementing IFRS in the Russian Federation” and “Implementing Effective Disclosure of Related Party Transactions and Beneficial Ownership in Russia”. Two Task Forces have worked over the past year, since the Russian Corporate Governance Roundtable met in October 2003, to develop these papers. These papers were prepared in response to a request from the Russian Federal Service for Financial Markets and the Ministry of Economic Development and Trade. The Paper on Priorities for Implementing IFRS was endorsed by the Roundtable on 11 November, and will be issued by the end of the year. The Paper “Implementing Effective Disclosure of Related Party Transactions and Beneficial Ownership in Russia” will be published at the beginning of 2005.
Presentations on 11 November :
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Reporting according to US GAAP, by Mr. Robert Strahota, Assistant Director, Office of International Affairs, US Securities and Exchange Commission • in English
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Sound systems of corporate governance, by Mr. Leo Goldschmidt, Director, European Corporate Governance Institute • in English
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Self-enforcement by companies during the preparation of financial statements, Mr. Murray Easton, Vice President and Controller, TNK-BP, Russia [ Speaking Notes • in English / Slides • in English ]
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Approval of financial statements (by shareholders, boards of directors, audit committees), Mr. Bert Vos, Member of the Board, National Association of Independent Directors, Non-Executive Director of International Industrial Bank (MezhProm Bank), Russia • in English
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Statutory audit of financial statements; Who audits the auditor?- Mr. Geoffrey Townsend, TACIS Project • in English / • in Russian
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Enforcement in EU, Mr. Hans van Damme, Vice-President, Financial Reporting , European Federation of Accountants, Belgium • in English
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Market forces that punish companies for poor disclosure, Ms. Elena Krasnitskaya, Corporate Governance Expert, Troika Dialog, Russia • in English
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The experience of Turkey: Dr. A.R.Zafer Sayar, Vice President, Turkish Accounting Standards Board [ Speaking Notes • in English / Slides • in English ]
Presentations on 12 November:
What are the policy trade-offs for improving disclosure of related party transactions?
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Mr. Joseph McCahery, Coordinator, Centre for European Policy Studies, Netherlands • in English
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Mr. William Browder, Managing Director, Hermitage Capital Management, Russia • in English
Definition of beneficial ownership and control
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Ms. Julia Kotchetygova, Director, Corporate Governance Services, Standard & Poor's, Russia • in English
What are the policy trade-offs for improving disclosure of beneficial ownership?
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Mr. Alex Williams, Director, Vostok Nafta Investment Ltd, Sweden • in English
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Mr. I. Kubilay Temucin, Vice Chairman, Capital Market Board of Turkey • in English
Future steps
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Ms. Fianna Jesover, Project Manager, OECD • in English
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