Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Russia’s largest companies lag in transparency efforts

Jaclyn Jaeger | February 27, 2018

A first-of-its-kind report assessing the financial disclosure practices of Russia’s largest companies by revenue, many with global operations, revealed dismal results across the board, making them vulnerable to corruption risk.

Among 200 of Russia’s largest companies recently assessed by Transparency International (TI), their profits in combination make up more than seventy percent of total national income, with significant economic, political, and social influence—and yet most rate poorly in terms of their transparency practices. Specifically, the report rated the transparency efforts of Russian companies in three areas: anti-corruption programs; organizational transparency of company holdings; and the disclosure of financial information on a country-by-country basis.

Overall, only 32 companies received five or more points out of a possible ten. The five highest ranking companies were food retailer Magnit (7.9); financial services company Sberbank (7.9); chemical...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.