CSR Initiative Launched by Russian Investor Association

MOSCOW, — The International Business Leaders Forum and its Russian partner, the Investor Protection Association, have launched a joint venture to promote better ethical business performance in Russia.

The Russian Partnership for Action on Corporate Governance and Social Responsibility aims to dispel the view that business in Russia lacks integrity and transparency by raising the standards of corporate governance, management practices and corporate responsibility. It will provide opportunities to share knowledge and experience through peer group discussion and assist companies in putting the ideas into action.

It also hopes to enable the application of business skills and resources to community initiatives in areas such as health, education, the environment and corruption.

Three of Russia’s largest companies, Alfa Group, Interros and YUKOS, as well as international giants BP, Shell, and Cisco Systems have pledged their support of the venture.

Sergey Generalov, co-chair of the International Advisory Group of the Russia Partnership and chairman of the IPA said: "We are convinced that Russian and international companies working together can profoundly influence the economic and social environment in Russia, promoting it as a good and sound place for business investment and contributing to the wellbeing of society."

The IPA was established in 2000 as a non profit organisation to assist investors and promote best corporate governance practices.