Best managed companies in CEE 2012: Magnit proves there is more to Russia than resources
Russian companies had a strong showing in Euromoney’s 2012 survey of best-managed companies in central and eastern Europe, and the big winners offer an insight into two different routes to success.
The 2012 survey of best-managed companies in Central and Eastern Europe was a positive one for Russia, with the winners of each individual category being Russian. This might not be too surprising given the size of Russia compared with its regional competitors, but it is promising news for a country that has not always been lauded for the standards of governance at its large corporations.
It certainly stands as an improvement on last year’s survey, where only one of the categories was won by a Russian company.
The big winner this year was Russian food retailer Magnit, taking the prize of overall best-managed company along with the most convincing and coherent strategy, and the highest standard of corporate governance. By taking these prizes, Magnit has proved there is more to look at in Russia than natural-resource companies.
Magnit is Russia’s second-largest and fastest-growing food retailer by revenue. The company looks set to become the largest food retailer within three years, having increased turnover by between 30% and 50% for the past seven years.