Corrupt corporate practices come in many different forms. Being obsessed with the concentration of ownership, the managers of many local companies do not pay much attention to performance. Therefore, they fail to realize that good corporate governance equals good financial performance. The enhancement of private sector understanding that this serves its interests. The first two mostly depend on the state authorities.
Capture states are victims of vested interests, and are therefore unlikely to move fast.
It is often easier to convince the private sector that it is in its own best interest to evolve. Just duplicate private initiatives that are working elsewhere in the region. The purpose of this initiative is to convince a group of selected Russian companies to support corporate governance reform and improve their own practices in accordance with international standards. The outcome of this simple project will be a public manifestation of commitment by these enterprises to reform, and their adherence to a chart of improved corporate governance. To achieve tangible and lasting results, this initiative also outlines reliable mechanisms for verifying progress in the culture of compliance and disclosure.