Monday, March 26, 2007

Corporate Governance: A Modern Topic or a Necessity?

Recently there has been considerable interest in the corporate governance practices of companies, particularly since the high-profile collapses of large U.S. firms such as Enron Corporation and Worldcom. This is also happening on the background of legislative and regulatory changes, an increase in the scope of audit and other internal control and risk management activities and increased public scrutiny.

It is also becoming a very modern topic for Russian companies and Russian banks as they are entering capital markets and changing their management styles and structures. It can also be attributed to shareholders leaving the management of companies to professionals.

The question that arises is which corporate governance model will Russia adopt and which will best suit the current market conditions. Is it the liberal model that is common in Anglo-American countries that tends to give priority to the interests of shareholders or the coordinated model that one finds in continental Europe and Japan that also recognizes the interests of workers, managers, suppliers, customers, and the community?

Corporate Governance: A Modern Topic or a Necessity?

Labels: corporate governance, russia

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