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The Prince of Wales International Business Leaders Forum in partnership with the Russian Investor Protection Association "RUSSIA PARTNERSHIP FOR ACTION ON CORPORATE GOVERNANCE"
AIM
In support of the Russian regulatory authorities and key institutions, we will:
- Mobilize international business behind the drive to improve corporate governance in Russia
- Develop and promote a network for practical exchange of experience and practice
- Build skills and capacity to understand and implement practical corporate governance initiatives
STRATEGY
The Prince of Wales International Business Leaders Forum and the Investor Protection Association are inviting international companies to collaborate in a task force to support the Partnership Programme.
This will aim to promote:
- increased awareness of the vital role that international investors play in promoting higher standards of corporate governance in Russia;
- direct business-to-business experience exchange targeted at the general managers and boards of medium sized companies (200-600 employees), companies in the supply chains of international companies, business teaching institutions and the media.
WHAT'S DISTINCTIVE ABOUT THIS PROGRAMME?
- It's practical, not a talk shop;
- It's not prescriptive but is based on manager to manager experience exchange;
- It promotes a culture of learning, alongside more traditional training;
- It offers a structured programme, not isolated one-off events;
- It unites a communications campaign along with training and capacity building;
- It not only targets business, but also the institutions that shape the corporate governance agenda;
- It complements other initiatives, rather than duplicates them.
KEY ELEMENTS OF THE PROGRAMME
Ambassadors for good corporate governance
a communications programme to mobilise senior international business leaders as 'manager-to-manager' speakers to international business organisations and counterpart Russian business groups in seminars and workshops organised by institutional partners on principles of corporate governance, backed up by notes and presentation materials produced by the Partnership office. Companies will be invited to bring additional experts to Russia for specialised input. Seminars will also be organised for educators and for journalists. Brokerage of network contacts - initially facilitating contact between relevant international and Russian institutions as a prelude to creating a resource network of information and experience on the implementation of corporate governance.
Capacity building
the development of an online database of good practices, a depository for corporate and other guides and materials (translated into Russian) on aspects of corporate governance in conjunction with the institutional partners. The organisation of capacity building sessions to train and strengthen the capacity of partner institutions to work with business on implementation.
Dissemination and evaluation of results
to ensure that the programme becomes a true learning initiative with an evaluation at the end of an initial two- year programme.
WHY IS IT IMPORTANT?
It is widely recognised that the biggest impediment to investment and economic development in Russia is the lack of adherence to internationally accepted accounting and other management and corporate governance practices, poor transparency and thus lack of investors' confidence.
But change is in the air. The Russian Government has recently introduced a series of measures, including the drafting of a new Russian corporate governance code, the strengthening of the role and responsibilities of Boards of Directors.
Progressive companies in Russia are also showing signs of wanting things to change. Exposure to international business practices and the need to compete in a global marketplace is putting pressure on businesses in Russia to put their house in order.
Companies may know why they need better corporate governance. What they need help with is how to go about making the necessary practical changes in management policies and practices. This programme is designed to meet that need.
THE BENEFITS OF TAKING PART
- Potential to contribute in a highly practical way to tackling the corporate governance issue - seen by most businesses as the biggest impediment to growth and development in Russia
- A focused arena for sharing good practice in corporate governance and learning from the experience of others - an international learning and experience exchange
- An opportunity to understand more clearly the Russian business context by exploring Russian attitudes to issues of management and governance
- Helping to influence public policy on issues of corporate governance
- Helping create the most effective institutions to promote better governance
- Helping to influence the business teaching institutions in the way they teach corporate governance - better preparing the new generation of business leaders
ABOUT THE PARTNERS
The International Business Leaders Forum (IBLF) was established in 1990 on the initiative of HRH The Prince of Wales in response to the unprecedented political, economic and social changes that started to occur in Central and Eastern Europe (CEE) towards the end of the 1980s. A challenge was posed to business operating in CEE to examine the contribution they could make to the transition process in the region. It was argued that by conducting business in such a way that the positive impacts of business could be maximised and the negative minimised, then both business and society stood to gain. IBLF has since established the largest voluntary network of business assistance programmes in the former Soviet bloc in Europe, addressing issues as diverse as enterprise development, environmental improvement, corporate governance and corruption, management skills transfer, and training in partnership between business, government and NGOs.
IBLF started to work in Russia in 1993, with its primary focus on St Petersburg, looking at the enterprise opportunities of the city's arts and cultural heritage as well as health reform. Work has since extended to Moscow and the NW Russia region, with the aim of mobilising the international business community behind the drive to improve business practice in Russia. IBLF now works in over 40 countries around the world, with a particular focus on emerging markets and economies in transition.
For more information about the Forum and its programmes, please consult our web site: www.iblf.org
The Investor Protection Association (IPA) was established in 1999 at the initiative of a number of institutional investors in response to the need for protection of investors' rights and promotion of best corporate governance practice among Russian companies. IPA members include domestic and international investors who between them have investments equivalent to US$ 10 billion in the Russian economy.
In the course of its activity, IPA has been actively involved in the settlement of conflict situations among different parties of corporate relations: the management, shareholders, Boards of Directors. The Association organises consultations between corporations and investors on major corporate decisions, develops voting recommendations for shareholders, gathers investors' efforts in nominating independent directors to the BoDs of Russian issuers, thus contributing to practical improvement of corporate governance 'from inside'. IPA participates in a number of international corporate governance projects implemented in Russia.
Additional information about IPA activities and projects is available at the Russian Corporate Governance web site: www.corp-gov.org
For more information about the Programme and opportunities for involvement as supporters or participants, please contact the partners:
In Moscow:
Brook Horowitz
Executive Director
Russia Partnership for Action on Corporate Governance
Tel/ Fax: +7-095-788 6867
E-mail: brook.horowitz@iblf.org
www.iblf.org
In London:
Susan Simpson
Director, Europe and IBLF Learning Network
International Business Leaders Forum
Tel: + 44 207 467 3641 Fax: + 44 207 467 3610
E-mail: susan.simpson@iblf.org
www.iblf.org
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