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ECONOMY, ORGANIZATION, MANAGEMENT
ArticleName The role of institute of ind ependent directors in corporate governance of mining and metallurgical companies in Russia
ArticleAuthor Petrov I. M., Grishaev S. I.
ArticleAuthorData

“Infomine’’ Company:

I. M. Petrov, Chief Executive Officer, Doctor of Engineering Sciences, e-mail: ipetrov@infomine.ru

 

Ministry of the Industry and Trade of the Russian Federation:

S. I. Grishaev, Leading Expert, Candidate of Economic Sciences

Abstract

Improving the mechanism of the shareholders, management and other stakeholders relationship, for purpose of the effective corporation functioning needs changes in system of corporate managing, which centre is the board of directors. Presence of the board of independent directors is furthered to successful realization of the functions of the board. Institute of independent directors has become a common practice in corporate governance of developed foreign countries. On the example of the mining and smelting industry it is shown the development of this institution in Russia. Russian mining and metallurgical companies are aiming to be public companies, which leads to the adoption of corporate management international principles.

From 2002, in Russian mining and smelting companies, boards of directors include independent directors, generally foreigners. In many respects, this is due to the appearance of Russian companies in foreign stock exchanges, with a view to placing securities or to purchase assets. Russian desire of creating one of the international financial centres will create conditions for the further development of the Institute of independent directors and attract the local representatives.

keywords Corporate governance, corporate governance code and behavior, shareholders, independent director, thecriteria for independence directors, IPO realization, mining and metallurgical companies
References

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3. Federalnyy zakon RF “Ob aktsionernykh obshchestvakh” (The Federal Law of the Russian Federation “About Joint-Stock Companies”).

4. Kodeks korporativnogo upravleniya (The corporate governance code). [Electronic resourses]. Available at: http://www.fcsm.ru/catalog.

5. Filatov A., Kryukova N. Kollektivnyy portret nezavisimogo direktora i praktika korporativnogo upravleniya v Rossii (A collective portrait of the independent director and corporate governance practice in Russia). [Electronic resourses]. Available at: http://www.nand.ru/knowledge-base/analytics/documents/research-2008.pdf

 6. RUSAL obyavlyaet o naznachenii nezavisimykh chlenov Soveta direktorov. (RUSAL declares appointment of independent councilors of directors). [Electronic resourses]. Available at: http://www.rusal.ru/pressreleases.aspx.

7. Ustav OAO “GMK “Norilskiy nikel”. Redaktsiya № 6. (The Charter of Open Society of Open Joint-Stock Company “MMC “Norilsk Nickel”. Edition No. 6). [Electronic resourses]. Available at: http://www.nornik.ru/_upload/editor_files/file1257.pdf.

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