Russia has taken the necessary legal measures to support businesses and corporations
The Ministry of Economic Development and the Government have been shaping new corporate governance using the maximum number of tools and the best global practices that could be available to Russian business and our economy. Over the past 4–5 years, we have adopted about 20 fundamental changes in corporate law and other laws. New institutions have appeared... in which you can use anything, any developments of international law you like. We have formed the maximum set of tools for businesses to be able to say that they can appreciate what corporate law has become in our country. And for the last year or two, I haven't heard any business people say that our corporate law is not good enough. Everyone says that corporate law in the Russian Federation is of a high standard, maybe one of the best in the world — Ilya Torosov, First Deputy Minister of Economic Development of the Russian Federation.
Business in general appreciates the work of the Ministry of Economic Development in preparing anti-crisis and anti-sanction measures. We are satisfied with the bills that are now being passed. In some respects, the Ministry of Economic Development is going further than our proposals. On the whole, I think the initiatives are correct — Alexander Varvarin, State Secretary, Vice President for Legal Regulation and Administration, Russian Union of Industrialists and Entrepreneurs (RSPP).
Now, corporate governance should be discussed from two angles – here and now and generally from a strategic point of view. Measures to put out the fire and prevent businesses from simply shutting down were taken by the Government, the State Duma, and the Bank of Russia. We responded to all challenges very promptly — Elena Kuritsyna, Director of the Corporate Affairs Department, The Central Bank of the Russian Federation (Bank of Russia).