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The CORE-rating is an individual numeric value, defining the corporate governance quality in a given company by a special scale, where the maximum value corresponds to an ideal reference company.

In addition to the overall rating assessment, sub-ratings are also calculated for various corporate governance aspects (information disclosure, equity structure, Board of Directors and executive authorities; basic shareholder rights, risk assessment, corporate governance history).

The Corporate Governance Rating (CORE-Rating) is a unique product on the Russian market.

The rating covers all major Russian companies with the total capitalization exceeding 90% of the Russia market. The rating includes all the "blue chips", except for the Sberbank. The rating allows to compare corporate governance quality of major Russian companies in oil, telecommunications and energy industries.

The Institute has been involved in calculating corporate governance ratings of Russian companies since 2000:

• March 2001: the Institute completed year 2000 ratings for 25 Russian companies;
  
  
• September 2001: presentation of the updated ratings for this group of companies for the 1st half of 2001;
  
  
• January 2002: the Institute presented  the ratings for 30 companies (for the 3 rd Quarter of 2001 ) ;
  
  
• April 2002:  the Institute presented ratings for 34 companies for the 4 th Quarter of 2001 ;
  
  
• July 2002: the Institute completed the ratings of 40 Russian companies for the 1 st Quarter of 2002. 

• October 2002: the Institute completed the ratings of 25 Russian companies for the 2 Quater of 2002.

The Institute is going to continue quarterly updates of corporate governance ratings of Russian companies.

The results of all ratings since 2000 are available here.

Some interesting results of the most recent rating by the Institute  (for the 1^st Quarter 2002)

The latest corporate governance rating list of Russian companies (CORE-rating) was unveiled on July 10, 2002 at his news conference by D. V. Vasilyev, Director of the Institute of Corporate Law and Corporate Governance.

The updated rankings reflect the results of research done by his Institute to judge the quality of corporate governance arrangements at 40 major Russian businesses during the 1^st quarter of this year, including reviews of their annual financial statements for 2001. This time the field of the companies thus rated included six newcomers, namely: Tulaenergo, Stavropolenergo, Volgogradenergo, Samaraenergo, Nizhegorodsvyazinform, and Tyumenskaya Neftyanaya Kompaniya.

The new CORE-rating has the same front-runner and underdog as before, and the gap between VimpelCom  and AVTOVAZ has only grown wider, the result primarily of a rapid deterioration of the quality of corporate governance at companies at the bottom of the table. The overall tallies of points scored in the assessment during the 1^st quarter of 2002, for example, fell by 8% at Bashinforsvyaz, 4.1% at Uralsvyazinform, and 3.5% at AVTOVAZ.                           
                                                  [ see more: Press-release and Rating List]

 

Most recent rating for the 1^st quarter of 2002:

Changes in corporate governance quality in Russian companies, reflected in the CORE-rating      CORE-rating_changes_010402_eng     [PDF doc.]

Some interesting examples    Examples_010402_eng         [PDF doc.]

Best and worst companies in each sub-rating    Subrating_010402_eng         [PDF doc.]