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Improvement of corporate governance

29.11.2019 19:40 / The Bank of Russia

Russian joint-stock companies implement over 75% of corporate governance principles

Russian exchange-traded public joint-stock companies (PJSC) demonstrate a stable trend towards the improvement of their corporate governance: in 2018, they increased the number of implemented Corporate Governance Code principles and improved the quality of reasoning behind incompliance. These results are contained in the annual Review of Corporate Governance in Russian Public Companies published on the Bank of Russia’s website.

04.12.2018 17:33 / The Bank of Russia

Russian public companies step up action to implement Corporate Governance Code principles

In 2017, the extent to which Corporate Governance Code principles are operationally implemented (understood as implemented at 75%) by national public companies grew 26 pp from 2015, the year the study commenced. Also, the period saw a more than threefold reduction in the number of entities with less than 50% compliance with the Code principles. These are the findings of the Bank of Russia's Review of Corporate Governance Practices at Russian Public Companies.

28.03.2016 13:16 / Rossiiskaya gazeta

Ministry of Justice Proposes Information Access Limit for Minority Shareholders

Minority shareholders' access to company information may be limited. A bill of amendments to the Joint-Stock Companies Act and Limited Liability Companies Act has been drafted by the Ministry of Justice and published online.

05.08.2015 12:00 / RBC

Russia to Ban Popular Management Scheme

Treasury stock, or company shares owned by subsidiaries, will cease to vote, states a reform proposal by the Ministry for Economic Development, amending Article 49 of the Joint-Stock Companies Act (“GSM Decision”). According to the new version of the Article, shares owned by controlled companies as per the Joint-Stock Companies Act will not vote or be counted.

21.05.2015 17:59 / slon.ru

Moscow Exchange to Launch State-Owned Company Performance Index

The Ministry for Economic Development (MED) and Federal Property Management Agency have requested Moscow Exchange to launch indexes reflecting the performance of state-owned companies, reports Interfax, quoting sources familiar with the Exchange plans.

25.08.2014 15:43 / vedomosti.ru

Ministry for Economic Development Proposes Extended Rights for Boards of Directors

The Ministry for Economic Development has published a draft law granting Board of Directors members access to controlled company information. The draft has been commissioned by Prime Minister Medvedev following his meeting with the Government expert board.

09.06.2014 14:07 / Interfax

Medvedev Commissions List of CGC State Companies

By 11 June, the Ministry for Economic Development, Federal State Property Management Agency, Open Government Minister Mikhail Abyzov and Alexander Voloshin’s MIFC Taskforce are due to introduce to the Government a list of 50%-plus state-owned companies for priority Corporate Governance Code implementation. The Code was passed by the Government in February.

21.04.2014 18:34 / MIFC

Corporate Governance Code Passed

The full version of the Corporate Governance Code has been posted on the MIFC Taskforce website.

13.02.2014 17:48 / Vedomosti

Government Drafts New Corporate Code

Today, the Government will debate and possibly adopt a new Corporate Governance Code. The draft is a joint effort by the Central Bank Financial Markets Service and the MIFC Taskforce. The new code replaces the 2002 version.

13.02.2014 13:32 / RIA Novosti

Shuvalov: Civil Code to Protect Minority Shareholders Rights

The Russian Civil Code and corporate law will be soon amended to protect minority shareholders rights, said First Deputy Prime Minister Igor Shuvalov at a Government session.

12.12.2013 13:47 / Interfax

Medvedev Orders Corporate Governance Code Implementation in State Companies

Corporate Governance Code drafted by the Central Bank could be implemented in public companies part-owned by the state. Prime Minister Dmitry Medvedev has issued a task assignment to the Ministry for Economic Development, following a MIFC meeting.

13.09.2012 14:07 / «Kommersant-Online»

Independent Directors for Rosneftegas

The principle of independent directors will be introduced at Rosneftegas, Vice Premier Arkady Dvorkovich told Vedomosti in an interview, voicing both the official standpoint and his own angle on key developments in Russian business.

05.09.2011 / «Kommersant-Online»

MIFC Boosts Shareholder Rights

The MIFC Taskforce, headed by Alexander Voloshin, has proposed a right for shareholders to disclose confidential business information to protect their rights, e.g. in court. They also propose introducing criteria for ‘controlled entities’ and holding the head company responsible for their non-disclosure.

20.07.2011 / gazeta.ru

Directors Declare Independence. Independent Directors of State Corporations Ask Medvedev for Less State Guidelines.

The Government should refrain from directive voting in state-owned companies, otherwise the replacement of state officials on state-owned companies` Boards of Directors is useless, independent directors told Dmitry Medvedev. The State should trust Boards of Directors more, and in case of any misuse of power the shareholder can always litigate. This practice should form, concurred the President, promising to slash directives.

03.07.2011 / Vedomosti

The Un-Fabulous Four

Four major companies have expressed their concern to Vice Premier Igor Sechin over a draft bill initiated by the President. The companies are wary of disclosing information to minority shareholders and the Board of Directors.

03.07.2011 / MIFC

MIFC Taskforce Statement on Shareholders’ Rights to Corporate Information.

We wholeheartedly support the bill on Improved Enforcement of Shareholders Rights to Corporate Information, passed in the first reading by the State Duma on June 28.

30.06.2011 / Vedomosti

Access to Subsidiaries

The State Duma passed the bill in the first reading, which allows minority shareholders access to sensitive business information and information about subsidiaries (amendments to the JSC Act and Securities Market Act).