Corporate governance in Russia

IPA appraised results of the program
"Corporate governance in Russia - 2003"

One of the main goals of the Investor Protection Association consists in improving corporate governance in Russia. That is why, at the end of each year according to the already established tradition the IPA strikes a balance and awards companies and managers who demonstrated the greatest progress in this sphere.

For this purpose the Association holds the Round table "Corporate governance: results and prospects" and the grand Award ceremony for awarding companies and managers who proved to be corporate governance leaders.

Among the participants of the round table "Corporate governance 2003: results and prospects" held on December 17, 2003, in the Marriott Grand Hotel there were chairman of the Federal Securities Commission V. Kostikov, deputy economic development and trade minister A. Sharonov, head of the Moscow representative office of the World Bank G. Schweizer, chairman of the Board of OJSC "Wimm Bil Dann" D. Yakobashvili, manager of RAO "UES of Russia" V. Kolesnikov, manager of Sberbank E. Korolev, managing partner of PriceWaterhouseCoopers A. Chmel, as well as IPA members, independent experts and journalists.

Round table
"Corporate governance in Russia 2003: results of the year"

The Russian Investor Protection Association (IPA) determined winners of the third annual competition "Russian corporate governance leaders - 2003" among the Russian companies and managers.

The names of the winners were announced at the grand award ceremony held on December 17, 2003, in Grand Marriott Hotel.

IPA members first selected finalists and then winners of the competition by secret voting.

Finalists in the nomination "Best corporate governance company" - "OJSC "United Heavy Machinery", OJSC "YUKOS", OJSC "Mobile TeleSystems", OJSC "Norilskiy Nikel"; the winner - OJSC "YUKOS".

Finalists in the nomination "Best corporate manager" - M. Prokhorov ("Norislkiy Nikel"), M. Khodorkovskiy ("YUKOS"), E. Schwidler ("Sibneft"), A. Chubais (RAO "UES og Russia"); the winner - Anatoliy Chubais.

Finalists in the nomination "Best invesor relations" - OJSC "Wimm Bil Dann", RAO "UES of Russia", OJSC "Mobile TeleSystems", OJSC "YUKOS"; the winner - RAO "UES of Russia".

Finalists in the nomination "Best dividend policy" - OJSC "YUKOS", and OJSC "Sibneft"; the winner - "Sibneft".

Finalists in the nomination "Best annual financial statements" - "Lenenergo", OJSC "RosBusinessConsulting", OJSC "Norislkiy Nikel" and OJSC "Rostelecom", the winner - "Lenenergo".

Finalists in the nomination "Best progress in corporate governance" - OJSC "Norilskiy Nikel", OJSC "Svyazinvest", OJSC "United Heavy Machinery" and RAO "UES of Russia"; the winner - "United Heavy Machinery".

Finalists in the nomination "Company with the greatest impact on corporate governance" - OJSC "YUKOS", OJSC "United Heavy Machinery", OJSC "Mobile TeleSystems: and OJSC "Svyazinvest"; the winner - OJSC "YUKOS".

Investors distinguished OJSC "Surgutneftegaz" as the company with the poorest corporate governance in 2003.

Apart from it, IPA information partners - Interfax and AK&M information agencies entrusted by the Federal Securities Commission of Russia with disclosing the information of issuers - awarded OJSC "Concern Kalina" with the special prize "For active corporate policy aimed at information disclosure".