Corporate Governance in Russia

McCarthy, Daniel J., Puffer, Sheila M., and Shekshnia, Stanislav V. (eds.) Corporate Governance in Russia. Cheltenham, UK, and Northampton, US: Edward Elgar, 2004, 421 pp.

Contents ______

Preface vii List of Contributors xi

PART ONE: THE POLITICAL, ECONOMIC, AND CULTURAL CONTEXT OF CORPORATE GOVERNANCE

1. The Emergence of Corporate Governance in Russia 3 Sheila M. Puffer and Daniel J. McCarthy 2. Corporate Governance in Russia: A Framework for Analysis 29 Daniel J. McCarthy and Sheila M. Puffer 3. View From the Duma: An Interview with Sergey Generalov 61 Sergey Generalov and Stanislav V. Shekshnia 4. Troika Dialog’s Ruben Vardanian on Corporate Governance and Attracting Investment 70 Stanislav V. Shekshnia, Sheila M. Puffer, and Daniel J. McCarthy 5. Changes and Challenges in Regulating Corporate Governance 83 Igor V. Kostikov and Igor V. Belikov 6. Corporate Governance in a Cultural Context 110 Anatoly V. Zhuplev and Vladimir I. Shein

PART TWO: IMPLEMENTING CORPORATE GOVERNANCE IN RUSSIAN CORPORATIONS

7. Corporate Governance and Business Education 137 Abel G. Aganbegyan 8. A Strategic Approach to Improving Corporate Governance 147 Ruth C. May 9. The Role of Nongovernmental Organizations in Developing Corporate Governance Practices 169 James Gillies, Rein Peterson, and Alina Pekarsky 10. Private Enterprise Owners and Corporate Governance 183 Andrey Mikhaylenko 11. Roles, Responsibilities, and Independence of Boards of Directors 201 Stanislav V. Shekshnia 12. Challenges of Implementing Transparency and International Accounting Standards 223 Alexey Zheltov 13. The Impact of Information Technologies on Corporate Governance 243 Nikolai Ermochkine 14. Privatization: Buy-outs, Corporate Governance Abuses, and Challenges 262 Mike Wright, Trevor Buck, and Igor Filatotchev

PART THREE: COMPANY CASES

15. VimpelCom: From Start-up to the New York Stock Exchange 287 Stanislav V. Shekshnia and Augie K. Fabela II 16. Ilim Pulp Battles a Hostile Takeover 300 Daniel J. McCarthy and Sheila M. Puffer 17. Yukos and Mikhail Khodorkovsky: An Unfolding Drama 324 Bruce W. Bean

PART FOUR: THE FUTURE OF CORPORATE GOVERNANCE IN RUSSIA

18. Russia’s Corporate Governance Scorecard in the Enron Era 357 Daniel J. McCarthy and Sheila M. Puffer 19. Corporate Governance: Is There a Village Behind the Facade? 376 Richard N. Dean 20. Corporate Governance in Russia: Towards a European, US, or Russian Model? 394 Daniel J. McCarthy and Sheila M. Puffer

Index 415