The author dwells on the corporate governance as a tool of companies management. He is sure that corporate governance international standards should be adapted to the Russian practice. Long-term experience of cooperation with dozens of companies allowed him to elaborate a four-factor PhICS approach that allows to build up an individual corporate governance system in relation to a particular company and to choose from the theory of corporate governance only what really contributes to increase the company efficiency in a real business.
Author page: Vladimir Verbitsky
The idea of the article came to one of its authors more than three years ago, when he answered the questionnaire while applying for an Executive MBA in one of the foreign business schools. The question was about what one expects from the MBA program and what benefits he gets participating in the program. Given that he already had experience of working as an independent director in a number of Russian state-owned and private companies, he answered the questions appropriately, keeping in mind the challenges that he had faced. The article, as he thought at the time, had to be called “What for does MBA serve for independent director.” (This is the question he actually answered by filling the questionnaire of the business school.) And at the end of his two-year training his view changed and the article acquired the current title.
It is very difficult to cope with high-quality daily work (not heavy unskilled physical labor, but labor in the broadest possible interpretation), when tomorrow we have to work a little longer and a little better than today.
Practice both of the Soviet and post-Soviet periods show that the policy based primarily on the implantation of new technological solutions and manufactures in the existing management practices can not become the guarantee of success. Perhaps the most obvious example is AvtoVAZ.