CIPE recently worked with two local shareholder rights groups (See more information in Russian) to hold a one-day seminar in Ekaterinburg, a formerly closed city in the Urals, nearly 900 miles east of Moscow. This seminar provides a successful model that can be used throughout Russia.

One key reason for the success: Russian buy-in and commitment. The Russians themselves helped design the event. They served as co-hosts and as speakers. In addition, several American experts described the importance of corporate governance in attracting investment. CIPE's partners from Ekaterinburg were deeply engaged and committed to the undertaking. The local hosts succeeded in generating strong interest in the seminar, attracting widespread media coverage, and arranging meetings with leaders of the region's business and government communities.

Ekaterinburg conference speakers (left to right): Viktor Dronov, Chairman of the Ekaterinburg Public Committee on Shareholders Rights; CIPE Senior Program Officer Stephen Deane; and Willard Workman, Vice President of CIPE and Vice President, International, of the US Chamber of Commerce

By predominately featuring Russian speakers, this event distinguished itself from conferences in which Western experts fly in, give a speech, and leave. As a result, the Ekaterinburg seminar achieved far greater visibility, interest and impact.

The seminar, which took place on February 29, 2000, attracted an audience of 88 people, including leading Russian business executives, NGO leaders, government officials and journalists. Participants included executives and managers of 29 joint-stock companies and several asset management companies. There were also more than 20 government officials (many involved in privatization and post-privatization) and ten journalists.

Each participant received a package of Russian-language material on corporate governance and reform.

The seminar, as well as the other meetings in the city, produced a curious mix of sophistication and lack of knowledge on corporate governance and, more generally, on market economies and democratic governance. Some of the local businessmen had West European business partners and displayed a good knowledge of democratic themes. Others were still quoting Marx, or else urging direct government intervention in the economy. Ekaterinburg, after all, was closed to foreigners until 1991.

All of the participants, regardless of where they stood in this spectrum, showed clear interest in such seminars and in the opportunity to hold meaningful meetings with informed fellow Russians and Westerners.