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Severstal

August 14, 2002

Tomorrow Alexey Mordashov will take part in the second European CEO Conference on corporate governance in Salzburg (Austria)

The list of conference participants includes representatives of McKinsey & Company offices in England and Germany, Alfabank, Deutsche Bank, Siemens, ThysenKrupp, Polish and Hungarian banks, Skoda, Deutsche Telecom and other leading international companies and financial institutions.

The conference participants will focus on the key aspects of the current corporate governance debate, such as overall governance environment changes and rebuilding confidence in financial disclosures and auditing. They will discuss the Codex of Corporate Governance in Germany, the evolving composition and role of the Board of Directors in corporate governance, as well as new approaches to management incentivization and new management trends.

According to Alexey Mordashov, General Director of Severstal-group and the Chairman of the Board of Directors of Severstal, "Russia does have a real problem with corporate governance. This includes violating the rights of investors. This problem is not unique to Russia. It happens everywhere in the world. However, in Russia it takes a different form. There is fighting itself. There is also inadequate actions of government bodies. Today Russian companies are concerned more with how to protect their businesses, rather than how to increase the efficiency of corporate governance. As a result, corporate governance in this country doesn't get as much attention as it should".

 

 

 

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