Notesale: Turn your study into money

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HULT International Business School
ACC440 - Corporate Governance (Prof
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Willcox)
Outline of the Required Book (Tricker, ​Corporate Governance​)

Chapter 12 (a) Corporate Governance in Russia
➔ Hungary, Poland, Eastern Germany, CG development are similar to ​China (cf
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foreign investments
institutions)
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- free distribution of vouchers to all russian citizens, can be exchanged:
- companies shares
- voucher investment funds
- investment tenders => substantial investment to redevelop companies
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Yukos))
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➔ Législations:
- 1995: 1st federal law on joint-stock companies
- 1996: Securities Law
- 1999: Laws on protection of right and legal interests of investors in the securities market
- SHH with ​2% of the voting rights​ → introduce items to the agendas of SHH meetings
- SHH with ​1% voting rights → file a complaint against board or specific director against
damages caused by the company
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Unfortunately, between the enactment of the law
and the daily running of the companies, things were different
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➔ Corruption, rising power of individual shareholders, etc => need for better understanding of CG => ​2000s​:
Centre for business ethics and corporate governance founded: encourage CG reform in Russia => ​Russian
Code of Corporate Conduct​ published in 2
​ 013​
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The audit committee reports to the board, the
chairman of which is not allowed to be the head of the executive committee
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The
existence of attributes such as the low levels of protection of shareholders rights, the nominal nature of
the board of directors, and also the lack of bodies responsible for internal control and audit that are
independent from executive management, is cited in numerous studies and experts comments

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