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SYNCHRONIZING THE INFORMATION DISCLOSURE BY RUSSIAN COMPANIES IN RUSSIA AND ABROAD

C ИНХРОНИЗАЦИЯ РОССИЙСКИМИ КОМПАНИЯМИ РАСКРЫТИЯ ИНФОРМАЦИИ ЗА РУБЕЖОМ И В РФ Владимир Герасимов 30 марта 2012. SYNCHRONIZING THE INFORMATION DISCLOSURE BY RUSSIAN COMPANIES IN RUSSIA AND ABROAD Vladimir Gerasimov, Interfax March 30, 2012. Major trends in information disclosure.

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SYNCHRONIZING THE INFORMATION DISCLOSURE BY RUSSIAN COMPANIES IN RUSSIA AND ABROAD

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  1. CИНХРОНИЗАЦИЯ РОССИЙСКИМИ КОМПАНИЯМИ РАСКРЫТИЯ ИНФОРМАЦИИ ЗА РУБЕЖОМ И В РФВладимир Герасимов30 марта 2012 SYNCHRONIZING THE INFORMATION DISCLOSURE BY RUSSIAN COMPANIES IN RUSSIA AND ABROAD Vladimir Gerasimov, InterfaxMarch 30, 2012

  2. Major trends in information disclosure Основные тенденции в раскрытии • Прогресс в раскрытии информации был связан в России в последнее десятилетие с расширением и ужесточением требований регуляторов и с IPO, которые крупнейшие российские компании провели на Западе • За 10 лет произошел впечатляющий рост объемов доступной информации, компании достигли вполне удовлетворительного уровня прозрачности, который продолжает расти, хотя и более медленными темпами • Регулятор российского фондового рынка делает последовательные шаги по гармонизации российской системы раскрытия, однако российская система продолжает оставаться более формалистской • The progress in the information disclosure in Russia in the last decade was driven by two major factors: new and broader regulatory requirements in Russia and IPOs largest Russian companies held in the West • The volumes of available information rose dramatically in the last decade, the level of transparency of Russian issuers is satisfactory, though the progress became slower in the last years since new IPOs are rare • The Russian stock market regulator have been making consistent steps to harmonize Russian disclosure system with international best practice in last decade, but the Russian system remains more formalistic

  3. Number of regulatory news is on the rise Объемы раскрытия сущфактов растут В 2011 году на ленте RNS, крупнейшего лондонского уполномоченного агентства, вышло 323 тыс сообщений, "Интерфакса" – 273,6 тыс RNS, the largest British primary information provider, issued 323 000 regulatory news in 2011, Interfax , the largest Russian PIP – 273 600

  4. How to change negative stereotypes? Как преодолеть негативные стереотипы? • High profile controversies has given Russian companies a poor reputation for adhering to legal procedures and safeguarding shareholders value FT, October 30, 2011 • The concerns over transparency arise because many of companies are dominated by a single family or set of shareholders whose interests may be at odds with other investors FT, October 28, 2011 • The bottom line is that investors enamored of emerging markets like Brazil, Russia, India and China must be especially diligent considering the infrequency of financial disclosures The Wall Street Journal, July 22, 2011 • Despite Russia's notoriety for murky accounting and the siphoning of millions, if not billions of dollars, from some of its biggest companies, the slate of measures is prompting talk of potential sea change in the country's business climate FT, May 31, 2011 • Poor disclosure and unrealistically high pricing expectations are two persistent negative factors. Russian companies' reputation for poor corporate governance and murky political entanglements is another. FT, Jine 26, 2011

  5. Компании с двойным листингом: сущфакты в России и в ВеликобританииNumber of regulatory news Russian companies with dual listing issue in Russia and in the UK

  6. СПАСИБО ЗА ВНИМАНИЕ! THANK YOU!

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