As a means to promote transparency and combat corruption in Russia, CIPE supported a pioneering survey of independent corporate directors in that country. The survey has generated considerable interest among Russian businesses and international investors, while attracting coverage in the Russian media as well as in The Financial Times of London, which printed the article, "Russians Seek More Independent Directors" about the survey findings (Wednesday, March 14, 2001).
The survey has drawn attention to the need for Russian businesses to improve corporate governance practices to attract much-needed domestic and foreign investment. At the same time, the survey suggests that executives of major Russian companies increasingly recognize this need and see value in independent directors.
This is the first large-scale survey of its kind in Russia. It was sent to more than 300 large Russian corporations, plus some 100 institutional investors and private business associations. More than 80 joint-stock corporations and some 20 institutional investors responded.
Two Russian business associations-the Investors Protection Association, which represents investors, and the Association of Russian Managers, which represents managersÑconducted the survey. CIPE provided financial support and technical assistance for the project.
The survey found growing acceptance among Russian businesses of the role of independent directors. This led IPA to conclude, "The perception of a complete lack of any corporate governance practices in Russia, widely spread in the international investment community, does not fully correspond any more to the reality."
For a full report on the survey findings and more information on other CIPE Corporate Governance programs, visit www.cipe.org/efn/governance.php3.