Survey Shows Russian Companies Adopting International Accounting Standards
On May 28, the USAID-sponsored Russian Institute of Directors (RID) presented the results of its annual survey of the corporate governance practices of Russian companies. Nearly 40 participants representing Russian government agencies and businesses gathered in Moscow for the survey’s official release. RID’s 2004 survey results which analyzed corporate governance practices of 80 Russian Joint Stock Companies (JSC) indicate that an increasing number of Russian companies are now in compliance with internationally accepted standards of corporate governance. For example, 45% of the surveyed companies have developed and followed consistent dividend policies. In addition, Russian companies participating in the survey were more transparent in 2004 – 11% more companies disclosed a detailed ownership structure, and the number of JSCs presenting their financial results in accordance with the International Accounting Standards grew by 21%. On social issues, the RID survey found that more Russian companies are designing corporate social responsibility programs: 70% of surveyed companies implemented social programs for their employees and family members and the number of companies with on-going community programs increased by 14% over 2003.
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