I’m not sure if the words ‘good corporate governance’ exist in the Russian language. But I was slightly bemused to read that John Mack, the former CEO of Morgan Stanley, had been appointed, in June, to the board of Rosneft, the Russian oil and gas company. The state owns some 70% of Rosneft. This strikes me as an odd job for a former red-blooded baron of Wall Street capitalism. Meanwhile Mack was also named to the board of Glencore Xstrata in June.
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