The poorest disclosure is noted when it comes to development outlooks for the companies, auditor’s fees and BOD statistics.
Photo: Yury Martyanov
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Issuers Keep Secret Most Interesting News
Standard & Poor`s has released data on 2006 transparency of Russia’s companies. The report shows that the better part of the leading issuers have reached the extent of disclosure corresponding to the lowest requirements of regulators and foreign investors, but they will hardly shed light on anything in addition.
S&P’s transparency survey covered 70 biggest issuers of Russia with stocks of highest liquidity, including all companies listed with MICEX. The data was analyzed as of August 10, 2006. It is the fifth annual survey of S&P related to transparency of Russia’s companies. This time, it has been compiled together with MICEX and EBRD.
The transparency of studied companies averaged 53.5 percent vs. 50 percent a year earlier; 32 issuers improved the extent of disclosure, while 18 companies had poorer results. Despite some progress, the general trend in transparency is close to stagnation in Russia, the survey signaled.
The reason is that further improvement calls for making public the sensitive information, including details of remunerating top managers and procedures of BOD work, S&P analysts explained. In general, the poorest disclosure is noted when it comes to development outlooks for the companies, auditor’s fees and BOD statistics.
“The extent of disclosure by Russia’s issuers corresponds to the minimal requirements presented by the regulator and trading floors,” Oleg Danilin from Ernst & Young said, specifying that “the issuers are not inclined to disclose anything in addition.”
www.kommersant.com
All the Article in Russian as of Nov. 09, 2006
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