CORPORATE GOVERNANCE UPDATE
During the recent AGM season, PCM-backed candidates have secured election to a raft of boards at some of our portfolio companies - including Cherkizovo, Gaz, Dixy, M-Video, Bashkirenergo, TGK-2, TGK-6, MRSK North-West and KTK.
PCM is an activist investor. Whilst "activism" can sometime involve vigorously pursuing minority rights, using overt legal means if necessary, much of our activism is constructive, involving sitting on company boards and using our almost 16 years of investment experience in Russia/CIS to advise management teams on how to improve their companies.
As Russia's corporate governance environment has improved in recent years, in fact, our activism has been increasingly "constructive" rather than "combative". Securing board seats, which we now generally fill with nominees we know and trust, rather than directly with PCM employees, is an important part of what we do.
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» BUSINESS-LIKE INVESTMENT IN RUSSIA WRITTEN BY MATTIAS WESTMAN (FOUNDING PARTNER)