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Ownership and corporate governance in Russian industry: a survey
The protection of property rights is more and more recognised as a core issue
for improvement of the investment climate in Russia. In many
post-privatisation Russian enterprises, shareholder rights have been severely
disregarded by self-dealing transactions of the management, share dilution,
exclusion of outside shareholders from the Board of Directors and even from
shareholder meetings. A more recent development is the abuse of the bankruptcy
procedure for the arbitrary redistribution of property. This article reviews
the results of the privatisation process and concentrates then on the current
structure of ownership and control in the Russian industry and on corporate
governance mechanisms in the enterprises. It reviews the legal foundations of
corporate governance and gives a detailed view of the state and the
institutions of law enforcement. Special attention is paid to the connection
between corporate governance and restructuring of enterprises and improved
performance.
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