Corporate Governance Country Assessment : Russian Federation

This report assesses Russia's corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Russia. Corporate governance has been a major policy issue in Russia since the beginning of its transition to a market economy. The privatization process of the early 1990s was put in place before most elements of the corporate governance and investor protection framework, and there were many widely publicized abuses, leading to very low asset prices. Most observers agree that the corporate governance environment has improved in recent years as the government has enhanced the legal and policy framework, and key institutions have grown in sophistication and maturity. Many major Russian companies have also voluntarily improved their financial and ownership transparency. A number of reform initiatives are currently underway. The report (and this summary) is organized into four sections: i) the commitment of the public and private sectors to reform; ii) shareholder rights; iii) disclosure and transparency; and iv) Boards of Directors. Policy recommendations are developed in detail at the end of each section. The report also includes a special annex that details the reform agenda focusing on related party transaction approval and disclosure, based on the approach of the Protecting Investors indicator developed in the World Bank's Doing Business report.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2013-06
Subjects:	ACCOUNTING, ARBITRATION, ASSET PRICES, ASSET VALUE, AUDIT COMMITTEE, AUDIT STANDARDS, BALANCE OF PAYMENTS, BALANCE SHEET, BID, BIDS, BONDS, BROKERS, CAPITAL MARKET, CAPITAL MARKET DEVELOPMENT, CAPITAL OUTFLOWS, CENTRAL BANK, CENTRAL DEPOSITORY, CIVIL CODE, COLLECTIVE INVESTMENTS, COMMON SHARE, COMMON SHARES, COMPANY LAW, CONFIDENTIALITY, CONFLICT OF INTEREST, CONFLICTS OF INTEREST, CONFLICTS OF INTERESTS, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE FRAMEWORK, CORPORATE GOVERNANCE FRAMEWORKS, CORPORATE GOVERNANCE REFORM, CORPORATE GOVERNANCE REFORMS, CORPORATE GOVERNANCE STANDARDS, CORPORATE INFORMATION, CORPORATE OWNERSHIP, CORPORATE OWNERSHIP STRUCTURE, CORPORATE SOCIAL RESPONSIBILITY, COST OF CAPITAL, DEPOSITORIES, DEPOSITORY, DEVELOPMENT FINANCE, DISCLOSURE OF INFORMATION, DISCLOSURE REQUIREMENT, DISCLOSURE REQUIREMENTS, DIVIDEND, DIVIDENDS, DOMESTIC EXCHANGES, ECONOMIC DEVELOPMENT, EMERGING MARKET, EMERGING MARKET COUNTRIES, EMERGING MARKETS, ENFORCEMENT POWERS, EQUITIES, EQUITY MARKET, EQUITY MARKETS, EXCHANGE RULES, FEDERAL AGENCY, FEDERAL BUDGET, FINANCES, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL STATEMENTS, FINANCIAL TRANSACTIONS, FOREIGN EXCHANGE, FRAUD, GLOBAL CAPITAL, GLOBAL CAPITAL MARKETS, GLOBAL DEPOSITORY, GLOBAL DEVELOPMENT FINANCE, GLOBAL EXCHANGES, GLOBAL FINANCIAL CENTERS, GLOBAL MARKET, GOOD GOVERNANCE, GOVERNANCE ISSUES, GOVERNANCE PRACTICE, GOVERNANCE PRACTICES, GOVERNANCE REGULATION, GROSS DOMESTIC PRODUCT, HOLDING, HOLDING COMPANIES, HOLDING COMPANY, HOLDINGS, ILLIQUID SECURITIES, INCOME, INDIVIDUAL INVESTORS, INFLATION, INITIAL PUBLIC OFFERING, INSIDER TRADING, INSTITUTIONAL INVESTOR, INSTITUTIONAL INVESTORS, INSURANCE, INSURANCE COMPANIES, INTERNAL CONTROL, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL INVESTOR, INTERNATIONAL INVESTORS, INTERNATIONAL STANDARDS, INVESTMENT CLIMATE, INVESTMENT DECISIONS, INVESTOR CONFIDENCE, INVESTOR PROTECTION, INVESTOR PROTECTIONS, INVESTOR RELATIONS, IPO, JOINT STOCK COMPANIES, JOINT STOCK COMPANY, JOINT-STOCK COMPANIES, JUDICIAL COURT, JUDICIAL SYSTEM, JURISDICTION, JURISDICTIONS, JUSTICE SYSTEM, LAW ENFORCEMENT, LEGAL FRAMEWORK, LEGAL PROTECTION, LIMITED LIABILITY, LIMITED LIABILITY COMPANIES, LLC, LONG-TERM CAPITAL, MAJORITY SHAREHOLDER, MAJORITY SHAREHOLDERS, MARKET CAPITALIZATION, MARKET DATA, MARKET ECONOMY, MARKET INDEX, MARKET INFRASTRUCTURE, MARKET INTERMEDIARIES, MARKET MANIPULATION, MARKET PARTICIPANTS, MARKET PRACTITIONERS, MARKET PRICE, MARKET SIZE, MARKET VOLATILITY, MARKETS DATABASE, MATURITY, MINORITY INVESTORS, MINORITY SHAREHOLDER, MINORITY SHAREHOLDER PROTECTIONS, MINORITY SHAREHOLDER RIGHTS, MINORITY SHAREHOLDERS, MONETARY FUND, MONOPOLIES, NATURAL RESOURCES, OIL PRICES, OPEN JOINT STOCK COMPANIES, OWNERSHIP RIGHTS, OWNERSHIP STRUCTURE, PENSION, PENSION FUNDS, PORTFOLIO, PORTFOLIO MANAGERS, PREEMPTIVE RIGHTS, PRIVATE INVESTORS, PRIVATE PENSION, PRIVATIZATION, PROPERTY RIGHTS, PROPORTIONAL REPRESENTATION, PUBLIC COMPANIES, PUBLIC COMPANY, PUBLIC ENFORCEMENT, PUBLIC MARKETS, PUBLIC POLICY, REGULATORS, REGULATORY BODIES, REGULATORY FRAMEWORK, REGULATORY REQUIREMENT, RETIREMENT SAVINGS, SECURITIES, SECURITIES LAW, SECURITIES MARKET, SECURITIES MARKETS, SECURITIES REGULATION, SECURITIES REGULATOR, SETTLEMENT, SETTLEMENT ARRANGEMENTS, SHARE PRICE, SHARE PRICES, SHARE TRADING, SHAREHOLDER, SHAREHOLDER ENGAGEMENT, SHAREHOLDER RIGHTS, SHAREHOLDERS, STOCK EXCHANGE, STOCK EXCHANGES, STRONG CORPORATE GOVERNANCE, TAX, TRADING ACTIVITY, TRADING PLATFORM, TRADING VOLUME, TRANSACTION, TRANSACTION COSTS, TRANSPARENCY, TREASURY, UNDERWRITERS, VOLATILITY, VOUCHER PRIVATIZATION, WEAK CORPORATE GOVERNANCE, WITHDRAWAL, WORLD DEVELOPMENT INDICATORS,
Online Access:	http://documents.worldbank.org/curated/en/2013/06/23960727/russian-federation-report-observance-standards-codes-rosc https://hdl.handle.net/10986/21422
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