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The experts of the Institute publish corporate governance reviews of companies, included in the corporate governance ratings.

These reviews are based on a detailed expert analysis of companies' corporate governance, including the in-depth study of company's letters of incorporation and by-laws, financial statements, analysis of the structure of governance authorities and delineation of powers between them, assessment of the company's information transparency for shareholders and many other corporate governance aspects.

Specific emphasis is made in such reviews on the assessment of risks associated with investing in the company. Most attention is paid to conflicts of interests between various groups of shareholders, as well as to financial risks. Important corporate events (restructuring, changes in the equity structure, additional share issues etc.) are subject to scrupulous analysis from the prospective of protection of minority shareholders' rights.

The review structure corresponds to the structure of sub-ratings, in other words, companies are assessed by 6 main parameters, each reflecting various corporate governance aspects:

• Information disclosure (terms and completeness of both public disclosure and materials provided upon shareholders' requests, etc)
  
  
• Equity structure (controlling groups, transparency of ownership structure etc.)
  
  
• Board of Directors and Executive Board structure (affiliations, remuneration, minutes of meetings etc.)
  
  
• Basic shareholders' rights  (the right to participate in governance of the company, the right for dividends etc.)
  
  
• Expropriation risks (asset stripping, transfer pricing, dilution of shareholder capital etc.)
  
  
• Corporate governance history (past violations of shareholders' rights, conflicts with regulatory authorities, financial reporting standards, audit opinions etc.).

The assessment of corporate governance quality is done quarterly. The annual review of corporate governance practices includes the basic report and 3 quarterly updates. The basic report is drawn up based on the results of the year. However, since changes happen in the company before the next annual general meeting, the Institute specialists prepare quarterly updates that complement the basic report. These updates track the changes of the company's corporate governance rating.

The Institute has been involved in corporate governance ratings since 2000 and at present covers 40 leading Russian companies.

Corporate Governance Review (Complimentary Copy)

The list of companies reviewed