Former Soviet bloc companies that hire high-profile Western businessmen ahead of a London flotation have been accused of “window dressing” by corporate governance specialists.
A growing number of companies in Russia and Kazakhstan are hiring British peers as advisers and non-executive directors to boost their corporate governance credentials before trying to raise funds on the London Stock Exchange. Russian companies have raised about £15 billion via London listings in the past year.
Oleg Novachuk, chief financial officer of Kazakhmys, which hired Lord Renwick of Clifton as a non-executive director ahead of its initial public offering (IPO), said: “There’s a list of well-known reputable people who one can hire for such positions.”
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