Similar codes exist in the world business community (e.g., the Code of the London Stock Exchange). The New York Stock Exchange (NYSE) has included the principles of corporate conduct into the rules of circulation of shares, which means that the observance of the rules of corporate conduct is one of the conditions of admission of shares to circulation on the NYSE.
The latest trends in the sphere of corporate management of the EU countries are reflected in the Report on the modern foundations of regulation in the legal sphere for European companies ("D.Vinter's Report"), prepared by a group of experts headed by Professor D.Vinter of Rotterdam University.
The importance of the problems of quality corporate management in today's Russia arises from the need to increase the investment attractiveness of Russian companies and attract additional investments to the Russian economy. The system of modern corporate values emphasizes the protection of investors' interests. The first step in this area was initiated by the RF Federal Securities Commission. Under its aegis the Code of corporate conduct was developed and adopted. This document, containing the fundamental principles of optimal corporate conduct, will serve as a basis for the MICEX's Code of corporate conduct.
As of today, the MICEX's Code of corporate conduct is Russia's first document of this kind, created by an organizer of trade. As distinct from similar foreign documents, which set the rules of corporate conduct only for issuers whose shares are admitted to circulation on exchanges, the MICEX's Code will regulate relations in the sphere of corporate management of both issuers and the MICEX itself. This approach determines the Code's structure.
The development of codes of corporate conduct and their introduction into business practice will be discussed at the international conference on the issues of corporate conduct on the financial market, to be held 22 April, 2003 on the initiative of the RF Federal Securities Commission, the MICEX and the NYSE in the framework of the joint Memorandum of cooperation, signed 21 November, 1997, by the MICEX and the NYSE. Among the co-organizers of the conference are the RF Lawyers' Association, the RF Chamber of Commerce and Industry and "Pravo i Economika" magazine. Invitations to participate in the conference have been sent to the heads and experts of the NYSE, D.Vinter and other leading European experts in corporate management.
The conference will discuss the latest trends and changes in corporate management that have taken place in the USA and Europe. The conference will also focus on new initiatives in the sphere of corporate management, put forward by the MICEX and the NYSE. The conference events will include the presentation of the coursebook "The Basics of the State Regulation of the Financial Market" for students of law and economics, published jointly by the NYSE and the MICEX, and collected articles on the issues of corporate management.
