Russian Industrialists Try To Keep Up With Their Foreign Colleagues

The Russian Union of Industrialists and Entrepreneurs is planning to set up a national council for introducing international financial accounting standards.

The Union's Vice President, Igor Jurgens, spoke about this at the international conference - The Risks of the Russian Economy: Analysis, Appraisal, Management - which has opened in Moscow.

According to him, the setting up of a national council for introducing international financial accounting standards is part of the work of the Russian Union of Industrialists and Entrepreneurs on cutting economic risks.

"With a proper risk management the attractiveness of the Russian economy will grow immensely," underscored Igor Jurgens.

He noted that the introduction of the norms of corporate governance is another way to reduce risks.

"The Russian Union of Industrialists and Entrepreneurs has made a lot of progress in corporate governance and the formation of appropriate structures, said Jurgens. "The national council for corporate governance set up by the Union, works over the problems of the transparency of companies, the protection of the minority shareholders, the functioning of the board of directors, and over other problems.

Igor Jurgens pointed out that the Union was making attempts to introduce proper order in the sphere of corporate disputes. Within the framework of the Union's commission for corporate ethics, economic disputes are being settled; this is an alternative method to a judicial solution.

"The Russian business has understood that it is more profitable to behave in a civilised way," emphasised Igor Jurgens.

Yelena Fyodorova, RIAN