Press releases | Archive 2005
RBC gets into Russia's top 10 companies in the S&P transparency surveyRBC gets into Russia's top 10 companies in the S&P transparency survey
For three years running, RBC has been included on List 1 of publicly traded companies with significant market capitalization and having liquid shares. Each time RBC has shown an improvement in its level of disclosure: in 2004 the company was 14th, and 15th in 2003.
Overall, Standard & Poor's Governance Services index of transparency among the largest Russian companies has increased to 50% from 46% in 2004.
The survey primarily analyses disclosure from an international investor's perspective. It incorporates all information included in annual reports, statutory filings, and Web-based disclosures. The checklist consists of 100 items relating to ownership structure and shareholder rights, financial and operational information, as well as Board and management structure and processes.
According to the survey, RBC's ownership structure and shareholder rights are 58-percent disclosed, financial and operational information - 73-percent, and Board and management structure and processes are 70-percent disclosed.
Commenting on the results of the survey at a presentation, Julia Kochetygova, S&P Corporate Governance Ratings Department Director, mentioned that the leading positions were occupied by companies with US-listed ADRs, because they were subject to disclosure standards set by of the US SEC. At the same time, some companies, for example North-West Telecom and RBC, demonstrate a quite high level of information transparency despite the fact they do not have to comply with the US SEC requirements.
The 2005 Transparency & Disclosure Survey was prepared by the Standard & Poor's Governance Services supported by the Moscow Interbank Currency Exchange (MICEX).