Dr. Igor V. Belikov This is Me

Education

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1. 1. www.lukoil.com

   www.lukoil.com/press.asp?div_i - [Cached]

   Published on: 1/1/2008   Last Visited: 2/14/2008

   2. Igor V. Belikov, Director of the Russian Institute of Directors;

2. 2. www.lukoil.com

   www.lukoil.com/press.asp?div_i - [Cached]

   Published on: 1/1/2008   Last Visited: 2/14/2008

   2. Igor V. Belikov, Director of the Russian Institute of Directors;

3. 3. CIPE Development Blog » Aleksandr Shkolnikov

   www.cipe.org/blog/?author=2&pa - [Cached]

   Published on: 8/1/2006   Last Visited: 8/3/2006

   "The readiness to pay an extremely high price for the assets [of those companies] is a deviation from common sense," RID head Igor Belikov, the study's main author, said by telephone.
   
   Igor Belikov held a roundtable on the subject at the U.S. Chamber of Commerce earlier this year and has published a good article on the discrepancies between the theory - experts' propositions that investors reward good corporate governance - and the reality - high prices for IPOs of companies with poor governance practices (see "Corporate Governance in Russia: Who Will Pay For It and How Much?" in CIPE's Economic Reform Feature Service).
   
   In this case, it seems, access to information matters, or as Igor Belikov puts it, an ability to see matters from the "inside."
   
   According to RID, at fault are not so much the companies and investment banks rushing to cash in on their listings but the investors who are feeding that frenzy. And between 75 percent and 100 percent of those investors are foreigners, the study says.
   
   Most domestic investors prefer to either stay away from IPOs or go for secondary listings, as they don't have as much money to spend as their foreign counterparts, Belikov said. Another reason is that "they see the situation from the inside," he said.
   ...
   Today, CIPE held a roundtable with Dr. Igor Belikov, Director of the Russian Institute of Directors, who discussed the state of corporate governance in Russia - its past, present, and future. In his presentation Dr. Belikov brought to the forefront some issues which are not unique to Russia alone and are applicable to a variety of emerging markets.
   ...
   Dr. Belikov preferred to classify them "outside" rather than truly "independent" directors.
   ...
   Dr. Belikov provided several examples of when concerns over "questionable" corporate governance practices are seemingly ignored by investors who poor money into companies. Igor Belikov elaborates on this point in greater detail in his Economic Reform Feature Service article "Corporate Governance in Russia: Who Will Pay For It and How Much?"
   
   - The most important point, which may not have been explicitly stated, but was implicitly present in Dr. Belikov's remarks, is that corporate governance experts from developed countries should allow experts from developing countries an equal seat at the table.