Abuse of corporate governance remains a common problem in Russia. Investors have often seen their shares diluted by insiders and major share-holders. Companies have seen their assets stripped by various means of transfer pricing. The interests of creditors have not been adequately protected and the mobilisation of capital has been hampered. Yet, good corporate governance is central for raising much-needed investment and stimulating economic activity. The Russian government has made pro-gress in economic reforms but more is needed to promote better governance, encourage dialogue, identify areas for technical assistance and to plan the way ahead.
It is against this background that a decision was taken at an OECD meeting in Moscow to set up a twice yearly Round Table on corporate governance in Russia. The aim is to bring together securities regulators, judiciary experts, representatives of the financial and securities institutions and corporate leaders, as well as representatives of stakeholders and civil society. The Moscow initiative was co-sponsored by the World Bank and the US Agency for International Development, with close support from the Russian government.
©OECD Observer No 217/218, Summer 1999