Author page: Sergey Lutsenko

Rating does not Detract from the Company’s Business Reputation

DOI: 10.33917/es-5.191.2023.120-125

The article examines legal features and consequences of compiling a rating of companies. The situation may arise when a company, included in the rating, is dissatisfied with its position. The business entity believes that it was ranked lower than its competitor, which understates the professional results achieved by the company. In this case, the company may initiate legal proceedings declaring that information in the rating is untrue and discredits its business reputation. The author argues that ratings are an expression of subjective opinion of their compilers and must not impair business reputation.


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2. Postanovlenie Vosemnadtsatogo arbitrazhnogo apellyatsionnogo suda ot 8 oktyabrya 2009 g. po delu N A76-2371/2009 [Resolution of the Eighteenth Arbitration Court of Appeal dated October 8, 2009 in case No. A76-2371/2009]. Access from the Consultant Plus ATP.

3. Postanovlenie Devyatogo arbitrazhnogo apellyatsionnogo suda ot 14 sentyabrya 2011 g. po delu N A40-37334/11-27-323 [Resolution of the Ninth Arbitration Court of Appeal dated September 14, 2011 in case No. A40-37334/11-27-323]. Access from the Consultant Plus ATP.

4. Grazhdanskii kodeks Rossiiskoi Federatsii (chast’ pervaya) ot 30 noyabrya 1994 g. N 51-FZ [Civil Code of the Russian Federation (Part One) No. 51-FZ of November 30, 1994]. Sobranie zakonodatel’stva RF, 1994, no 32.

5. Opredelenie Vysshego arbitrazhnogo suda RF ot 15 dekabrya 2008 g. N 16321/08 [Determination of the Supreme Arbitration Court of the Russian Federation dated December 15, 2008 No. 16321/08]. Access from the Consultant Plus ATP.

6. Postanovlenie Evropeiskogo suda po pravam cheloveka ot 8 iyulya 1986 g. po delu “Lingens protiv Avstrii” (zhaloba N 9815/82) [Judgment of the European Court of Human Rights of 8 July 1986 in the case of Lingens v. Austria (application no. 9815/82)]. Access from the Consultant Plus ATP.

7. Postanovlenie Evropeiskogo suda po pravam cheloveka ot 21 iyulya 2005 g. po delu “Grinberg protiv Rossiiskoi Federatsii” (zhaloba N 23472/03) [Judgment of the European Court of Human Rights of July 21, 2005 in the case “Grinberg v. Russian Federation” (complaint No. 23472/03)]. Access from the Consultant Plus ATP.

8. Obzor praktiki rassmotreniya sudami del po sporam o zashchite chesti, dostoinstva i delovoi reputatsii (utv. Prezidiumom Verkhovnogo suda RF 16 marta 2016 g.) [Review of the Practice of Courts Considering Cases on Disputes Regarding the Protection of Honor, Dignity and Business reputation (approved by the Presidium of the Supreme Court of the Russian Federation on March 16, 2016)]. Byulleten’ Verkhovnogo suda RF, 2016, no 10.

9. Postanovlenie Plenuma Verkhovnogo suda RF ot 24 fevralya 2005 g. N 3 “O sudebnoi praktike po delam o zashchite chesti i dostoinstva grazhdan, a takzhe delovoi reputatsii grazhdan i yuridicheskikh lits” [Resolution of the Plenum of the Supreme Court of the Russian Federation dated February 24, 2005 No. 3 “On judicial practice in cases of protecting the honor and dignity of citizens, as well as the business reputation of citizens and legal entities”]. Byulleten’ Verkhovnogo suda RF, 2005, no 4.

Debates Around the Monetary Policy of the Bank of Russia

DOI: 10.33917/es-2.188.2023.50-55

Examines the monetary policy features in the context of the investment agenda. Current policy of the Bank of Russia is analyzed. Business profitability accounting in the monetary policy of the financial regulator contribute to the growth of Russian companies’ investment activity.


1. Lutsenko S.I. Dokhodnost’ biznesa i denezhno-kreditnaya politika [Profitability of Business and Monetary Policy]. Strategicheskie resheniya i riskmenedzhment, 2022, no 4, pp. 326–332.

2. Konstitutsiya Rossiiskoi Federatsii (prinyata vsenarodnym golosovaniem 12 dekabrya 1993 g. s izmeneniyami, odobrennymi v khode obshcherossiiskogo golosovaniya 1 iyulya 2020 g.) [The Constitution of the Russian Federation (adopted by popular vote on 12/12/1993 with amendments approved during the all-Russian vote on 07/01/2020)]. Ofitsial’nyi sait Prezidenta RF, available at:

3. Opredelenie Konstitutsionnogo suda RF ot 14 dekabrya 2000 g. no 268-O [Determination of the Constitutional Court of the Russian Federation of December 14, 2000 No. 268-O]. Vestnik Konstitutsionnogo suda RF, 2001, no 2.

4. Opredelenie Konstitutsionnogo suda RF ot 15 yanvarya 2003 g. no 45-O [Determination of the Constitutional Court of the Russian Federation of January 15, 2003 No. 45-O]. Vestnik Konstitutsionnogo suda RF, 2003, no 3.

5. Federal’nyi zakon ot 10 iyulya 2002 g. no 86-FZ “O Tsentral’nom banke Rossiiskoi Federatsii (Banke Rossii)” [Federal Law of July 10, 2002 No. 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)”]. Sobranie zakonodatel’stva RF, 2002, no 28.

6. Osnovnye napravleniya edinoi gosudarstvennoi denezhno-kreditnoi politiki na 2023 god i period 2024 i 2025 godov (utv. Bankom Rossii) [The main directions of the unified state monetary policy for 2023 and the period of 2024 and 2025 (approved by the Bank of Russia)]. Konsul’tantPlyus, available at:

7. Informatsiya Banka Rossii ot 24 maya 2019 g. “MVF nazval targetirovanie inflyatsii i gibkii obmennyi kurs odnimi iz klyuchevykh predposylok dlya povysheniya potentsiala rosta rossiiskoi ekonomiki” [Information from the Bank of Russia dated May 24, 2019 “The IMF called inflation targeting and a flexible exchange rate one of the key prerequisites for increasing the growth potential of the Russian economy”]. Vestnik Banka Rossii, 2019, no 34.

8. Informatsionnoe soobshchenie Banka Rossii ot 21 noyabrya 2019 g. “Missiya MVF zayavila o vazhnosti sokhraneniya v Rossii prochnoi makroekonomicheskoi osnovy” [Information message of the Bank of Russia dated November 21, 2019 “The IMF mission declared the importance of maintaining a solid macroeconomic foundation in Russia”]. Vestnik Banka Rossii, 2019, no 74.

9. Prikaz Minsel’khoza Rossii ot 19 marta 2014 g. no 83 “Ob utverzhdenii otraslevoi tselevoi programmy “Razvitie khlebopekarnoi promyshlennosti Rossiiskoi Federatsii na 2014–2016 gody” [Order of the Ministry of Agriculture of Russia dated March 19, 2014 no. 83 “On approval of the sectoral target program “Development of the baking industry of the Russian Federation for 2014-2016”]. Konsul’tantPlyus, available at:

Imposition of Restrictions on Payments with Cash Breaks the Principle of Proportionality of the Law

DOI: 10.33917/es-5.179.2021.110-115

The author considers the initiative from the Ministry of Finance of the Russian Federation about restriction of payments with cash from citizens. The argument of imposition of restrictions from the Ministry of Finance is stimulation of non-cash payments and also the method of fight against doubtful transactions. The similar initiative is contrary to peremptory rules of the Constitution of the Russian Federation, the civil law of the Russian Federation, also to the consumer protection law.

Arguments for Benefit of the Owner’s Priority in Company Management


The author proves priority in company management from the owner (the participant, the shareholder). The participant has managerial powers, including concerning the choice of economic strategy of business, owing to the economic and legal nature. The right of the owner makes changes to the charter confirms its priority in company management. In competence of the owner there is development of long-term incentive system of governing body (management and board of Directors). The owner can use model of «the expected damage» (interpretation of the agreement), for decrease in the risk connected with actions of management in private interests (self-dealing) in the conditions of the incomplete contract.

Role of Corporate Governance in Permission of the Agency Conflict

DOI: 10.33917/es-6.172.2020.116-121

The author considers the mechanism of permission of the agency conflict (redistribution of cash flows) between the shareholder and management with use of model of business. In article are considered the economic interests of the company as legal abstraction behind which there are interests of shareholders. Corporate governance in modern realities has to be directed not only to rapprochement of financial interests of shareholders and the management of the company but also to creation of the social benefit.

Transparency of Granting of the Information — a Stumbling-Block Between Board of Directors and Shareholders of the Company

DOI: 10.33917/es-1.167.2020.72-81

The presented clause considers features of granting of the information board of directors of the company its shareholders. The present article purpose is the finding of certain balance of interests between participants of the company (avoiding of the agency conflict), by means of development of the certain mechanism which would allow to warn drawings of a damage of the company. In particular, the regulations of activity developed by the board of directors, with a view of provision of an openness of the information. The information openness of proceedings of board of directors will promote to management transparency of the company, and also increase of its investment attraction. Besides, the openness will allow to understand the true purposes of strategic decisions of company management. Absence transparency in the information on a society, on the contrary, can prevent its successful development. Feature of the presented work is the finding of balance of interests between board of directors (management) of the company and its shareholders. The compromise will be find between granting of the information from company management (validity of granting of the information) about activity of the company and a non-admission from shareholders of abusing the right — availability of unreasonable interest in reception of the corresponding information, intended creation of objective difficulties which can negatively affect company economic activities as a whole and on interests of its shareholders. Recommendations will be made with the help which probably to improve quality of corporate governance by means of the information policy of the company. Achievement of the compromise can be reached concerning information granting (including, about proceedings of board of directors) between management of the company and hareholders by means of constructive dialogue which will allow to soften an agency problem. Besides, in the presented work it is considered necessary implementation in the national legislation of institute of authorised persons which purpose is the control of behaviour of other interested participants at fulfilment of certain transactions (including, the transactions connected with a conclusion of assets from the company) which can be directed on causing of damage of the company and also break economic interests of other shareholders

Application of Business Judgment Rule in the Russian Realities

DOI: 10.33917/es-4.162.2019.126-131

The clause considers The Business Judgment Rule with which help the management can legitimize the decisions, supposing thus honest mistake. The given rule gives wide discretion at accepting the decisions by organs of government (management, board of directors). Using the given mechanism, the company management can protect itself in court from charges from shareholders. The modern Business Judgment Rule makes certain demands concerning managerial decisions and their consequences. The author considers application of the Business Judgment Rule taking into account additional criteria in the Russian realities

The Institute of Fiducia as the Healing Tool in Corporate Governance

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The Institute of Fiducia as the Healing Tool in Corporate Governance

In the presented clause analyzes fiduciary principles which allow to soften the conflict of interests between organs of government and shareholders of the company. The author considers the institute of fiducia as one of methods of the decision of an agency problem or a problem «principal-agent». Imposing of fiduciary duties on a management (management, board of directors) allows to estimate the contribution of body of government to result of activity of the company to identify wrongful acts of management (reception of personal rents, fulfillment of obviously unprofitable transactions).

Contours of the Concept of Developing Financial Cluster of the Russian Federation in the Long-Term Period

#8. New Year’s Forces
Contours of the Concept of Developing Financial Cluster of the Russian Federation in the Long-Term Period

Availability of a strong financial cluster is one of the key conditions for further economic growth of the Russian Federation. The purpose of its creation is to form conditions for protecting investors and providing efficiency, transparency and development of the national stock market and enhancing its international attractiveness. In this article, the author, having analyzed the world experience in establishing a financial center and working out its development concept, recommends to create an Agency for Financial Cluster (Center) Regulation or an Investment Agency. In turn, it is recommended for the agency to establish an international council as a consultative and advisory body. In such a situation, priority of the state policy should become the improvement of system-forming factors that have a long-term impact on forming the practice of financial institutions activity: the quality of state regulation; the quality of corporate legislation; availability of reliable and high-quality information, as well as free access to it; the level of development of the financial sector infrastructure, the level of trust and awareness of the public about financial sector services (financial literacy realization); training of professional personnel for financial market; improvement of accounting and taxation of financial market participants and financial instruments.

Mechanism of Corporate Fraud Influence on Financial Policy of Russian Companies

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Mechanism of Corporate Fraud Influence on Financial Policy of Russian Companies

The present article discusses the features of the corporate fraud and shocks influence on the capital structure of the company. Actions of Russian companies related to distortion of the accounting reports, implementation of deals with some interest (exceeding authority by the board of directors), sham transactions aimed at withdrawal of assets from the company (damage to the company and its shareholders), as well as obtaining unjustified tax benefit, contribute to financial restrictions and increase the lack of companies’ transparency. On the other hand, the impact of adverse market shocks makes Russian companies to focus on saving large amounts of money inside the company. In addition, the paper examines the effect of adverse shocks on changes in the debt policy of the company. Attention is drawn to the link between corporate fraud and financial policies of the company in view of adverse shocks impact on the sources of funding. Fraud causes the situation when Russian companies tend to save more money because of additional restrictions related to involving debt finance. Analysis results suggest that companies choose the internal source of financing as less expensive, following the hierarchical theory of optimal funding. The accumulated monetary reserves allow them to overcome at lower costs the effects of adverse shocks that determine financial instability. Corporate fraud and adverse shocks affect the company’s financial policy, forcing it to rely more on internal financing and to constantly increase its cash reserves, solving the problem associated with financial constraints.