State Says It Backs Ethics in Business.

(From The Moscow Times)

Coming against the background of boardroom battles at TNK-BP and Norilsk Nickel, a conference Friday on the issue of corporate governance appeared to be either the lucky beneficiary of current events or the victim of bad timing.

Senior government officials made the most of the situation, stressing Russia's commitment to achieving higher standards of corporate governance, both at state-owned companies and private corporations.

Newly appointed First Deputy Prime Minister Igor Shuvalov pushed the government's message at the conference, emphasizing that better corporate governance would be vital as the country embarked on enormous new investment to develop infrastructure and diversify the economy.

"If Russia is to become a major financial center, we need to embrace evolving corporate standards and be very clear about the niche we want to fill," Shuvalov said.

His comments were echoed by Deputy Prime Minister Alexander Zhukov, who said state-controlled corporations should lead by example when it comes to disclosure and transparency.

"We want to be seen as a country with a good deal of responsibility in business ... and a country with which you can deal effectively and comfortably," he told investors.