A socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and sporting, public, and cultural events.

The Roscongress Foundation – a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and sporting, public, and cultural events.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 2,500 people working in Russia and abroad. In addition, it works in close cooperation with 122 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 69 countries worldwide.

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21 August 2019
Alexey Nechaev

Alexey Nechaev on Corporate Governance in Russia and the Professional Directors Association (IDA)

Russian businesses are aware of and, to some extent, familiar with the topic of corporate governance in Russia: the formation of boards of directors, and the role of independent directors’ in this work. Regulators, such as the Bank of Russia and the Ministry of Economic Development, understand that corporate governance and well-structured boards of directors are crucial to businesses’ success. Corporate governance best practices are being implemented in the banking sector, in leading corporations and government companies, and in many major companies whose owners focus on international standards and stock market demands.

In recent years, Russia has seen corporate governance professionals actively hone their skills and independent directors increase their training; it has witnessed the formation of associations and clubs composed of executives serving on boards of directors. However, the issue of choosing the right candidates still stands: after all, from a psychological standpoint, it is often easier to choose people who think like you do, who work in the same industry, and hail from the same generation. This kind of thinking alone goes against corporate governance best practices, which strive for as diverse a board of directors as possible. Due in part to the difficulties of adapting to such global practices, the number of small and medium-sized business owners ready to admit that their company needs a board of directors is growing more slowly than the number of people ready to work on such boards.

For example, I am a member of the IDA Professional Directors Association (previously known as the Independent Directors Association). Founded in 2002, IDA is the largest directors’ organization in Russia. It hosts training and certification programmes, stimulates dialogue and networking, and helps fulfil career potential as well as discover new business opportunities. Today, over 1,200 directors and executives from public, private, and government companies are IDA members. The association represents Russia in the Global Network of Director Institutes (GNDI), which unites over 150,000 directors from around the world. Together with the UK’s Institute of Directors (IoD), the association organizes the IoD Chartered Director training programme in Russia. It is also responsible for several other programmes targeted at developing independent directors’ skillsets.

In the following articles, we will discuss certain problems related to corporate governance, familiarize ourselves with best practices, and hear from current professionals in this area.

Material prepared by:
Alexey Nechaev
Managing Director, Head of Special Situations and Russia & CIS, Castille Capital Management


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