Submitted by: Submitted by asnake
Views: 174
Words: 7685
Pages: 31
Category: Business and Industry
Date Submitted: 10/13/2013 03:55 AM
Università Commerciale luigi bocconi |
MMC Norilsk Nickel Russia |
Corporate Governance (a.y. 2012/2013) |
Cod. 20123 |
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Antonio Mercurio 1239284
ABSTRACT
The Research examines the History and evolution of a Russian company considered strategic to the Russian government, Norilsk Nickel. The study outlines how the Corporate Governance practices of the company have been influenced by the Russian economic model, underlying the areas where the governance is particularly weak. The main results show: strong involvement of the government in the management and ownership of the company; fault of the traditional corporate governance mechanisms such as independence of the supervisory board, and separation between ownership and control; the typical agency problem form characterizing highly concentrated ownership structures with limited safeguard of minority shareholders; presence of control enhancing mechanisms.
Contents
MMC NORILSK NICKEL 1
The Privatization 3
THE CONTEXT 4
OBJECTIVES, STRATEGIES AND PERFORMANCE 6
THE OWNERSHIP 13
The Years From 1999 To 2006 14
American Depositary receipts 15
The Years From 2007 to 2012 15
Recent Developments 17
CORPORATE GOVERNANCE 17
CONCLUSIONS 22
BIBLIOGRAPHY 24
MMC NORILSK NICKEL
MMC “Mining and Metallurgical Company” Norilsk Nickel is a Russian mining and smelting company. It is headquartered in Moscow and is the world's leading producer of nickel and palladium and it is ranked among the world’s top ten copper producers. Its products’ portfolio also comprises platinum, cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur.
The Group is characterized by a strong vertically integrated business model. In addition to operating assets, the Company possesses sales and marketing network in the major regions of the world, energy assets ensuring the security of energy supply to the Company’s operations and proprietary research and development...