公司治理:俄罗斯上市公司合规考察

Corporate Governance: A Study of Russian Public Companies’ Observance of Standards and Codes

公司治理结构是现代市场经济制度的微观基础。俄罗斯实施经济转轨20多年,在市场经济的微观基础塑造方面取得了很大的成就,经过私有化和公司化,组建了一大批产权明晰、权责相对明确、政企相对分开、管理相对科学的公司制企业,其中最具代表性的就是上市公司。这些公司在公司治理结构的制度安排下实现其日常运作。在俄罗斯,公司治理结构制度规范的最新成果就是2014年由俄罗斯中央银行发布的《公司治理准则》。本文就是对俄罗斯经济中最具有代表性的企业组织——上市公司遵守《公司治理准则》(即合规)状况的考察。

Corporate governance is the micro-institutional foundation of a modern market economic system.Russias economic transition attaches importance to the making of the micro-foundations for the market economy.Remarkable achievements have been,made in this respect by setting up many corporations,typically public companies,with clearly established property rights,well-defined rights and responsibilities separation of government functions from enterprises,and scientific management.The Corporate Governance Code published on the Official Journal of the Bank of Russia is the legal result of latest institutional arrangement of Russias corporate governance.This paper explores Russian public companies'observance of standards and codes.