Russia's Securities Czar: "I Want The Market To Work"

Newly appointed Igor Kostikov faces daunting obstacles

When a band of minority shareholders showed up for the annual meeting of oil company Tomskneft in Moscow last June, they were met by a note tacked to the wall telling them the session had been moved to a town about a four-hour drive from the capital. They couldn't make it on time, and in their absence, the company's majority shareholder, Yukos Oil Co., annulled previous decisions and elected a new board. That's the abysmal state of shareholders' rights in Russia.

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