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Sponsored by the Dutch Ministry of Economic Affairs (Senter International) and the State Secretariat for Economic Affairs of Switzerland (SECO), the IFC / World Bank launched a three-year technical assistance project in April 2002 to improve the investment climate in Russia.
The private sector development project worked directly with Russian enterprises in four oblasts to improve their corporate governance practices. Other objectives of the project were to match outside investors with Russian companies; to provide assistance to the Russian Federal Securities Commission, the Parliament, and the Supreme Arbitration Court to improve legislation (Law on Joint Stock Companies) and to strengthen enforcement; and to introduce corporate governance curricula to Russian universities.
In April 2002, the US Department of Commerce and the IFC agreed to develop, publish and distribute a corporate governance manual for open joint stock companies in Russia. This effort was undertaken in cooperation with the variety of both international and national market participants, including the representatives of companies, the Russian Federal Commission for the Securities Market, the Ministry of Economic Development and Trade, the American Chamber of Commerce in Russia, the Russian Institute of Directors, the Independent Directors Association and the Investor Protection Association, through a series of roundtables and open discussions. The manual was published on 11 January, 2005.
Editors: Gregory Maassen and Davit Karapetyan. |
