Investor rights watchdog NAUFOR announced Tuesday that it has set up a center to defend shareholders in Russia, and it will be led by former Federal Securities Commission chief Dmitry Vasilyev.
The Coordination Center for the Protection of the Legal Interests of Investors, grouping 19 companies, including CS First Boston, Deutsche Bank and Brunswick Capital Management, will fight for shareholder rights and propose amendments to fills gaps in existing legislation on investing.
"In recent times, there has been little information about investing in Russia. It is difficult for the federal government to hear all the different opinions," said Mark Jarvis, director of Flemings Assessment Management and co-chairman of the center. "We want to bring these opinions together and unite investors into one voice that the government will hear."
Vasilyev, highly regarded among Western investors for his fierce stance on shareholder rights, takes the helm at the center after resigning last week from his post as head of the FSC, Russia's stock market regulator.
At the time of his resignation, Vasilyev said he would work at a consultancy championing shareholder rights.
The former commission…
Read the full text at The Moscow Times.