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Strategic Business Information
November 19, 2002
The Institute of Corporate Law and Governance (IKPU) released its second-quarter 2002 rankings of 25 Russian corporations, "Vedomosti" reported on 23 October. Taken together, the corporations represent 95 percent of the total capitalization of Russian stock issuers. The top five corporations were: VimpelCom, Lenenergo, Unified Energy Systems (EES), Norilsk Nickel, and Yukos. "The Moscow Times" termed EES's third-place rating "eye-catching," noting on 23 October charges that "CEO [Anatolii] Chubais is orchestrating under-the-table asset giveaways." Former IKPU Director Dmitrii Vasilev became the first deputy CEO of MosEnergo, an EES subsidiary, in September. The quality of corporate governance in the Russian business world remains a contentious issue, with a lack of financial transparency and the status of minority shareholder rights frequently drawing criticism.DK Copyright (c) 2002. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty
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