Russian Federation

The Russia corporate governance manual has been divided into and is published in six parts: (i) corporate governance introduced; (ii) good board practices; (iii) shareholder... Show More + rights; (iv) information disclosure and transparency; (v) special focus section; and (vi) annexes model corporate governance documents. The first four parts contain chapters that focus on core corporate governance issues, such as a company's board structure, information disclosure practices, and shareholder rights. Part five focuses on corporate governance issues of particular importance in the Russian context, namely corporate governance concerns during a company's reorganization, within holding structures, and relating to enforcement. Part six, finally, offers practical tools in the form of model documents, for example company codes, by-laws, and contracts. All issues are closely examined through Russian law and regulations; the Federal Commission for the Securities Market's Code of Corporate Conduct (FCSM Code) Code and, when applicable, internationally recognized best practices. This manual also provides government officials, lawyers, judges, investors, and others with a framework for assessing the level of corporate governance practices in Russian companies. Finally, it serves as a reference tool for the educational institutions that will train the next generation of Russian managers, investors, and policy makers on good corporate governance practices. Show Less -

The Country Assistance Evaluation (CAE) for Russia, covering the period 1992-2001, showed disappointing, but improving results for the Bank's activities in the Russian... Show More + Federation. Despite unsatisfactory ratings during 1992-98, with only modest institutional development impacts, the Operations Evaluation Department (OED) rated the outcome satisfactory for the period 1998-01, and institutional development impacts as substantial. This paper reviews the decade of rapid political, and economic transformation, where obstacles to reform had to be surmounted, namely, state-owned institutions' need to focus on regulation and oversight; an economic structure more focused on comparative advantage; production and distribution systems' need to undergo organizational, and structural changes; while the newly created financial sector struggled through regulation, amidst a weak authority, and complex federal system. Yet, no major policy reversal occurred, and economic recovery is in place. The paper then examines from investment lending to the adjustment lending, with an improved portfolio performance as of 1999, where the question remains on the resilience of achievements to external shocks, particularly the drop of oil prices and other export commodities. Recommendations include assistance for reform, focused on further social consensus, with emphasis on public sector management, legal and judicial reform, investment and business climate, pension reform and labor market performance. Show Less -

This is the first of three volumes of a manual showing how Russian cities can privatize small, city-owned enterprises. This is based on the approach taken in privatizing... Show More + small businesses in the city of Nizhny Novgorod, where the first privatization program in Russia is now underway. This volume specifically discusses privatization in the Russian context, then outlines the principles behind the auction approach used in the above-named city. These principles include: choosing a single privatization method; selling the right to physical property only; first liquedating enterprises; consolidating decision-making authority at the beginning; avoiding the concentration of ownership; giving Russian citizens preference in the auction; basing starting bids on balance-sheet values; setting valauation of inventory and equipment equal to balance-sheet values; registering auction participants; providing incentives for investment and physical improvement; allowing zoning to determine lease payments; permitting labor collectives to pay in installments; qualifying existing employees to buy their enterprises at a discount; helping displaced employees; distributing auction proceeds according to Russian law; perhaps taxing future sales of auctioned property; selling leased property; privatizing wholesale distribution and transport distribution networks; securing the food supply; and ensuring the political commitment of government leaders. Show Less -