O'Reilly logo

Governance, Risk, and Compliance Handbook: Technology, Finance, Environmental, and International Guidance and Best Practices by Anthony Tarantino

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

CHAPTER 61

CORPORATE GOVERNANCE IN RUSSIA

Anthony Tarantino, PhD

61.1 INTRODUCTION

61.2 SOVEREIGN DEMOCRACY

61.3 STATE-OWNED ENTERPRISES

61.4 WORLD BANK GOVERNANCE METRICS

61.5 CURRENT STATE OF CORPORATE GOVERNANCE

61.6 EFFORTS TO IMPROVE CORPORATE GOVERNANCE

61.7 CONCLUSION: THE BUSINESS CASE FOR IMPROVED CORPORATE GOVERNANCE

NOTES

61.1 INTRODUCTION

The image of Russia around corporate governance is one of excitement on the one hand as the investors enjoy a booming market, and concern on the other hand as the government uses strong-arm tactics against dissidents, and its energy resources as a political weapon. One constituency has a strikingly positive take on Russia and its president, Vladimir Putin. Russia's stock market has enjoyed a major rally over the seven years of Putin's administration. In 2000 publicly traded stocks were valued at $74 billion. They now exceed $1 trillion in value. The Russian Trading System (RTS) Stock Exchange index has risen 71 percent in 2006 alone, and averaged over 50 percent growth over the past four years.1

The critics of Putin may concede that Russia has made major progress in bringing capitalism to the former Soviet Union, but challenge his methods. Russia has enjoyed political and economic stability under Putin. A major criticism to his capitalism advancement is the creation of state-run enterprises, which we discuss later in the chapter. Oil is the primary reason for the economic stability, with Russia as the world's largest oil exporter, ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required