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Russian Federation - Report on the Observance of Standards and Codes (ROSC) (English)

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.

Details

  • Document Date

    2013/06/01

  • Document Type

    Corporate Governance Assessment (ROSC)

  • Report Number

    82322

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Russian Federation,

  • Region

    Europe and Central Asia,

  • Disclosure Date

    2015/02/05

  • Disclosure Status

    Disclosed

  • Doc Name

    Russian Federation - Report on the Observance of Standards and Codes (ROSC)

  • Keywords

    ownership structure;corporate governance;accounting and auditing standard;open joint stock company;legal and regulatory framework;Oil and Gas Sector;net portfolio equity inflows;innovation and growth;restrictions on share transfers;right of first refusal;civil liability for damage;protection property right;corporate governance framework;good corporate governance;corporate governance reform;related party transactions;number of shareholders;private pension fund;total market capitalization;law and regulation;corporate governance code;market participant;corporate governance law;corporate governance standard;ownership disclosure requirement;international capital market;gross domestic product;development of legislation;internationally comparable data;state owned enterprise;legal and business;asian financial crisis;series of meetings;initial public offering;limited liability company;global development finance;public policy objective;cost of capital;result of privatization;exchange of information;balance sheet value;Sustainable Economic Development;emerging market country;World Development Sources;corporate governance regulation;world development indicator;corporate governance policy;level of support;control of corruption;criminal justice system;global financial crisis;private sector work;global depository receipts;legal framework;minority shareholder;international standard;stock exchange;cumulative voting;security market;investor protection;investment climate;tender offer;shareholder right;reform effort;privatization program;court system;institutional investor;equity market;free float;independent director;majority shareholder;public market;pre-emptive rights;disclosure obligation;administrative burden;proportional representation;Preferred Shares;shareholder agreement;pyramid structures;trade companies;shareholder meeting;securities regulator;privatization process;insurance companies;asset price;market size;market intermediary;large business;security law;controlling shareholder;ownership concentration;private company;judicial system;market economy;market infrastructure;legal person;fundamental problem;fundamental changes;capital increase;Company Law;trade security;target company;trading volume;individual investor;domestic exchange;preemptive right;global exchange;common share;governance arrangement;average attendance;annual meetings;foreign listing;Justice Systems;corporate raider;court ruling;market index;automated system;regulatory action;management body;judicial court;administrative regulation;commercial court;abandoned property;financial indicator;legal protection;technical expertise;methodological recommendation;legislative proposal;operational rules;upper tier;federal agency;Extractive Industry;judicial protection;state involvement;minority investor;market practitioner;voting records;institutional weakness;court action;vote decision;constitutional court;military court;registered company;enforcement action;Natural Resources;corporate standard;criminal offense;beneficial ownership;assessment methodology;fair share;legal change;enforcement power;enforcement framework;single body;reference point;international investor;economic expansion;natural person;commercial organisation;administrative sanction;average result;holding company;federal budget;civil suit;budget proposal;tax authorities;tax authority;market growth;long-term capital;retirement saving;ownership information;outstanding share;joint-stock company;private-sector organizations;company trade;security regulation;foreign exchange;ownership right;Corporate Shares;audit commission;interest rule;court procedure;takeover bid;blue-chip companies;share sale;large transaction;disclosure rule;asset value;transaction cost;disclosure regulation;academic research;enforcement capacity;approval process;international audit;auditor oversight;audit standard;private owner;single shareholder;large shareholder;DEC Policy Review;audit oversight;management board;single person;executive bodies

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Citation

Russian Federation - Report on the Observance of Standards and Codes (ROSC) (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/486811468293408241/Russian-Federation-Report-on-the-Observance-of-Standards-and-Codes-ROSC