03 June 2004 10:14
Russian premier urges businesses to build trust, show more transparency
"The so-called grey salary payment schemes, still existing in some Russian companies, do not correspond to
standards of civilized corporate management," RIA news agency quoted Russian Prime Minister Mikhail Fradkov as
saying at the opening ceremony of the international conference Corporate Management and Economic Growth in Russia on 3
June.
We should rise the transparency level of enterprises operating on the Russian market, said Fradkov. "Everything
should be done honestly, in accordance with the law", ITAR-TASS quoted him as saying. The transparency of
companies' work means a kind of "investment in trust", in other words, "employees should have trust
in you", Fradkov told Russian managers taking part in the conference. "Many companies, including major ones,
do not disclose their real owners, nor do they submit a full list of affiliated companies or individuals and continue to
operate via off-shore companies, which goes against the law," he added.
"Only joint effort of the state and business" is able to resolve such issues, Fradkov said.
"Establishing business-like trust is a difficult task which is not resolved overnight, but there is no
alternative," he said. "We are to create a dialogue within which discussions should address socially important
tasks, and not just follow commercial interest", Fradkov added.
The existing codes of corporate management adopted across the world and in Russia, focus on settling relations among
managers within companies. However, "the issue is larger", Fradkov said. The responsibility of managers should
be made higher, he added, including "the responsibility of business for society, cooperation between major
companies and small business, between enterprises and shareholders, as well as between employers and population",
he added. These are the issues that "determine the civic position of business", Fradkov said.
Sources:
ITAR-TASS news agency, Moscow, in Russian 0557 gmt and 0611 gmt 3 Jun 04
RIA news agency, Moscow, in Russian 0542 gmt 3 Jun 04
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