Karavan-POS (Yaroslavl), May 29, 2002

This fact was once again confirmed by the action organized by the Financial Press Club of Russia (FPK). On May 14, FPK held a ceremony of awarding the most 'outstanding' Russian companies regarding information transparency in the Red Hall of the Metropol Hotel. The Club commemorated the companies, which were 'outstanding' both in the positive and in the negative meanings of the word.

The 'fearful' status of a 'Succulent' (a plant growing in arid places, for example cactus) was granted to the giants of Russian business, such as Gazprom, RAO UES, the Norilsk Nickel Mining and Metallurgical Company, the Siberian-Ural Aluminum Holding (SUAL) and Vneshekonombank, which had created a zone of informational 'drought' around them. According to the polls conducted among about 50 representatives of mass media, the press services of these companies are recognized as the most 'closed'. These companies were to receive 'Golden Cactuses' from FPK as a symbol of their unfriendliness to journalists and the public. The main criterion for the selection was the equal accessibility to information for all mass media, not just for some of its representatives, which were confidants to companies.

From this viewpoint, the position of the Federal Commission for the Securities Market, which created a Corporate Governance Code, is very close to the Club. Shareholders, big and small, majority and minority, must have equal rights and opportunities to receive information about a company, the Code says. In the opinion of the Club, this right must be granted to journalists, too, no matter if they are representatives of leading Moscow periodicals or small local newspapers. Meanwhile, some companies are of a different opinion and act to their own advantage, not to the society's. For example, positive information is mainly distributed among leading newspapers with large circulation, while ambiguous information, like financial reports, is cast to local newspapers with small circulation, which are not available for the majority of shareholders. The Corporate Governance Code does not approve such activities and protects both the public and journalists. The competent activities of the press service of the Commission for the Securities Market contributed greatly to the increase of the transparency of public companies. That is why it is quite logical that the Federal Commission for the Securities Market won a special diploma for designing the Corporate Governance Code.

The RosBusinessConsulting agency got a diploma for its successful entering the stock market, which had clearly demonstrated the close connection between information transparency and financial success. The Russian Union of Industrialists and Entrepreneurs was awarded a diploma of the Club for the Media Socium project. Aeroflot Airlines won in the nomination of overcoming the credibility gap. The most transparent law enforcement authority is the General Prosecution Office of the Russian Federation. The Audit Chamber of Russia was awarded a special diploma for active contribution to the increase in the transparency of the economy of the country.

But man cannot live by business and information alone. The RusAl (Russian Aluminum) company got a special award for the support of charity projects in culture and sports.

The most transparent organizations won 'Golden Diplomas' made of pure golden bars. They are the Agency for Restructuring Credit Organizations (ARKO), the ROSNO insurance company, the NIKoil financial corporation, the Bank of Moscow and East Line Airlines, the latter winning the contest for the information transparency of its business among a large number of candidates from the real sector of the economy.

Well, this is fair: gold to the best, cactuses to the worst.

Editor's note. The Province Publishing House was one of the leading information sponsors of this event held by the Financial Press Club of Russia.

Mikhail Glazachyov, FPK member