Ownership and control of the Russian industry

Publication date
Thursday, 09.09.1999

A. Radygin

Conference on “Corporate Governance In Russia”, Moscow, May 31 - June 2, 1999

The present study mostly focused on the open joint-stock companies set up in the industrial sector of Russia on the basis of the medium and large public enterprises in the course of their corporatization and privatization. The actual data used for the analysis of the specific to-day’s trend was taken as of March 1, 1999.


1. Introduction. Preliminary methodological comments
2. Major stages and results of the redistribution of the ownership rights in the present-day Russia

2.1 Preconditions of the reforms and spontaneous privatization (1985-1991)
2.2. Privatization models of 1992-1998 as the basis of the corporate sector formation
2.3. Post-privatization redistribution of the ownership rights (1993-1998)
A. Major features, stages and tools of the establishment of corporate control
B. Structure of the stocks ownership, tendency toward concentration and myth of “an efficient owner”
3. Major external mechanisms of the corporate governance and their specific features in Russia
3.1. The general legislative situation
3.2. The corporate securities market in Russia and it’s main participants
3.3. Bankruptcy procedures
3.4. Market of corporate control (takeovers)
4. Financial crisis of 1997-1998 and the specifics of to-day’s redistribution of the ownership rights
4.1. The status of the privatization process
4.2. The crisis of financial-industrial groups
4.3. Non-payments and the debt restructuring
4.4. Violations of the shareholders rights within the framework of corporate procedures
4.5. Reanimation of the state holdings
4.6. “People’s” enterprises


See the extended version of the reprot in Russian. To read the text presented at the conference see the English version, or look for Russian version of the original text at: http://www.oecd.org/dataoecd/55/60/1921376.pdf.

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