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World Economic Forum Unveils New Corporate Governance Initiative at Russia Meeting

World Economic Forum Unveils New Corporate Governance Initiative at Russia Meeting

Published 10-03-03

Submitted by World Economic Forum

Moscow - The World Economic Forum today at its Russia Meeting 2003 presented the results of the first of a series of workshops in its new Global Corporate Governance Dialogue initiative. Three workshops were held at the Moscow meeting concerning the role of the board, shareholder activism and a joint session with the Organisation for Economic Co-operation and Development (OECD), business leaders and regulators to examine the critical questions for Russia in this area.

Speaking at the meeting, Richard Samans, Managing Director at the World Economic Forum, said, "These workshops were a good start to our Global Corporate Governance Dialogue. In Russia as in much of the rest of the world, there is a great desire to strengthen the ethical and legal framework in which businesses and investors operate. We are focusing on the international and comparative dimensions of the issue, offering our meetings as platforms to help improve the quality and coordination of corporate governance frameworks around the world."

On behalf of the OECD, which is cooperating with the World Economic Forum on the initiative, Mats Isaksson said: "We are pleased to be able to contribute to the World Economic Forum's work in the field of corporate governance. Effective corporate governance is fundamental for the development of market integrity, which in turn contributes to economic growth and prosperity. The OECD's Principles of Corporate Governance, issued in 1999, have become the global benchmark in this area. We are working through our Corporate Governance Roundtables in many of the same regions as the World Economic Forum."

The Global Corporate Governance Dialogue is led by a distinguished advisory board* composed of business and non-business voices. It will involve a series of structured workshops in different venues around the world. The new initiative builds on a previous Forum project on corporate governance in Russia, which in 2000 in association with Troika Dialog Asset Management developed a set of corporate governance principles to which Russian companies adhere in order to become members of the World Economic Forum.

Advisory board members are planning to develop an analytical framework for assessing the effectiveness of company boards, irrespective of their nationality. A private workshop is planned in New York at the end of November to further work on this project.

"The unique convening power of the World Economic Forum will ensure that the quality and geographical diversity of people contributing to the dialogue are unsurpassed. We will be asking CEOs and board members with varied, extensive experience to shape and take an active role in the initiative," added Samans.

Notes for Editors:

*Composition of the Advisory Board

  • William Browder, Chief Executive Officer, Hermitage Capital Management, Russian Federation

  • Peter Clapman, Senior Vice-President and Chief Counsel, Corporate Global Governance, Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF), USA

  • John Coffee, Professor of Law, Columbia University, USA

  • Mats Isaksson, Head, Corporate Affairs Division, Organisation for Economic Co-operation and Development (OECD), Paris

  • Jang Hasung, Professor, College of Business Administration, Korea University, Republic of Korea

  • Florencio López-de-Silanes, Professor of Finance and Economics and Director, International Institute for Corporate Governance, Yale School of Management, USA

  • Paul Rogers, Director, Head Organization Practice, Bain & Company Inc., United Kingdom

  • Jeff Willemain, Global Director, Risk Management, Deloitte Touche Tohmatsu, USA

  • Jaap Winter, Chairman, High Level Group of Company Law Experts, European Union, Brussels

    The World Economic Forum is an independent international organization committed to improving the state of the world. The Forum provides a collaborative framework for the world's leaders to address global issues, engaging particularly its corporate members in global citizenship. Incorporated as a foundation, and based in Geneva, Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan or national interests. The Forum has NGO consultative status with the Economic and Social Council of the United Nations. (www.weforum.org).

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