Achieving Excellence · What should the Board and management know about tax transparency? Does information disclosure benefit a business? Tax transparency Is tax transparency good

Achieving ExcellenceSharing leading practices with directors and executive managementIssue No. 2

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Achieving Excellence Issue No.2

Introduction

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Good governance is essential as the pressure for companies to be transparent, accountable and socially responsible is greater than at any time in history.

The biggest casualties of the global financial crisis have been trust and confidence. Both private companies and public institutions now attract much greater scrutiny. They are expected to explain their business practices, disclose key relationships, justify their remuneration models, discuss their succession plans and make a wider contribution to society. It’s not just investors they have to satisfy. They also have to answer to regulators, consumers, employees, governments, partners and the general public.And, as many organisations move into new markets, they’re engaging with a more diverse mix of stakeholders, each wanting different kinds of information.

Simultaneously digital technologies are transforming the way we communicate. People can see – and say – more about the organisations that serve them than ever before. New risks, including new forms of risk, are also emerging, and the regulatory

burden is increasing. So the pressure to be transparent, accountable and socially responsible is greater than at any time in history. Board members and those charged with governance are at the tip of the spear and its here where this pressure should be felt the most.It was to help individuals in those roles to address this pressure that we created our Achieving Excellence publication.

For our second issue of the Achieving Excellence publication, we have chosen a number of that are receiving a lot of attention today and for which a lack of focus or action could result in governance issues: tax transparency, robotic solutions, GDPR and efficient internal audit services.

Additionally we would like to ask you to complete our Russian Boards Survey 2018 – our key annual publication for board members and executive management. Please fill it out http://pwcrussia.ru/surveys/index.php/545449/lang-en

We hope that you find this publication useful and it provides you with practical and actionable insights, perspectives and ideas. If you do have feedback or any questions please do not hesitate to get in contact.

Best regards Tim Clough Partner, Risk Assurance/Technology Leader

Introduction

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Achieving Excellence Issue No. 2

What should the Board and management know about tax transparency? Does information disclosure benefit a business?

Tax transparency

Is tax transparency good or bad for an organisation? In this article, we will consider the main trends and try to find out whether the Board and management can use changes in the field of information disclosure and exchange to both achieve their goals and work in their company’s interests, and how to prepare for such changes.

Let us consider to what extent information is accessible to tax authorities. Recently, the amount of information sent directly to tax authorities by individuals and legal entities has increased, possibilities have expanded and the quality of such information exchanges between tax authorities in different countries has improved. The standards of exchange that countries have to comply

with are set at the international level and a country may find itself blacklisted if it does not adhere to them.1 It is also worth noting that the jurisdictions that used to be quite opaque in terms of taxes (e.g. the British Virgin Islands, Bermuda, the Cayman Islands and Mauritius) are now willingly exchanging information and creating lists of beneficiaries. Cyprus, Switzerland and Luxembourg are also adopting the required laws on information exchange.

Russia has introduced regulations on the obligatory disclosure of beneficiaries, as well as a requirement to determine the real income recipient for tax purposes.2

Information on taxpayers has become more accessible to tax authorities and the range and methods of its transfer are expanding considerably. Among other things, the practice of tax authorities receiving information from abroad is developing at a quick pace.

1 In Russia, there are two so-called “black lists” of countries: the Ministry of Finance’s from 2007 and the Federal Tax Service’s (FTS), which is updated annually.2 Articles 7 and 312 of the Tax Code of the Russian Federation.3 http://www.pwc.ru/ru/services/legal-services/news/flash-report-97-168.html.

The mandatory disclosure of information by financial institutions on their clients’ accountsSpecial attention should be paid to laws on disclosing information on financial accounts (CRS, Common Reporting Standard)3. Laws are being internationally adopted that will allow tax authorities to receive information on tax residents’ accounts in foreign banks.

If you have an account in a foreign bank, any information about the balance and operations of this account will be known to the tax authorities of the country where you are a tax resident. For example, if you are a Russian tax resident with an account in Switzerland, the Russian tax authorities will be informed about your Swiss account, the amount of funds in it and its transactions. The list of the so-called financial intermediaries that will transfer information to the authorised body in their country may include not only banks but also managers of trusts and other persons.

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Tax transparency

While it will still be mandatory for holders of foreign accounts to independently inform the FTS about them,4 tax authorities will also receive information on such accounts and their operations directly from foreign authorities.

Tax authorities’ focus on transnational companiesBesides the focused attention on transfer pricing matters at a national level, tax authorities are more willing to understand the structure of transnational companies, such companies’ earnings and how this information correlates to the number of employees and assets in relevant countries. The majority of countries have adopted laws obliging international groups of companies with an annual turnover exceeding EUR 750m to provide cross-country reports (which include information on the structure of the international group of companies and detailed information on transactions between the group’s participants)5. Tax authorities of countries in which a group’s companies are present will annually exchange information. Many countries have imposed these requirements for 2016 and are expecting the first reports before the

4 Federal Law No. 173-FZ dated 10 December 2003.5 http://www.pwc.ru/ru/services/tax-consulting-services/legislation/tax-flash-report-2017-36.html.

end of 2017 (e.g. Cyprus). In Russia, the State Duma has proposed a relevant law for consideration. In large Russian groups of companies, preparations are in full swing.

Voluntary interactions with tax authoritiesTaxpayers can take advantage of the current trend of tax transparency, since a higher level of interaction with tax authorities through participation in tax monitoring makes it possible to get explanations from such authorities of their interest in the taxpayer’s organisation. Such organisations acquire the status of a conscientious taxpayer and the term during which the tax periods are considered “open” is almost halved.

Public disclosure of common tax informationWe can single out countries that require the public disclosure of tax information, which may directly affect Russian groups with foreign companies in their structure. In particular, the UK requires its tax residents to publish their tax strategies in publicly accessible sources, with sanctions imposed for non-compliance.

How can a company benefit from disclosing tax information?In our opinion, information disclosure may be beneficial to an organisation, in particular disclosures related to the approval and publication of the company’s tax strategy. The disclosure of information on tax matters makes it possible to declare a taxpayer’s position, and the established tax strategy allows for the determination of the company’s policy concerning tax matters, making it clear for shareholders, company management and employees. The tax strategy should comply with the company’s strategy and ensure the achievement of its goals. The “minimum tax payment” approach was typical of many companies, but it is now unrealistic and it would be more accurate to talk about the fair amount of taxes. By publishing information in open sources, we can justify the amount of tax payments and specify other useful information. For example, many UK companies publish information on their planned tax payments to justify large investment projects (e.g. the construction of power plants or large infrastructure projects) to provide more information to the public on the expected economic

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Tax transparency

impact than the information provided by separate, sometimes negative, factors such as higher emissions.

The work of a company’s tax department is becoming more and more important to shareholders and management. Because the obligation to make tax payments is connected with considerable risk, the consequences of insufficiently informing management about the work of the tax department may result in negative consequences for the whole company. The involvement of management in evaluating and making decisions on tax risks will make it possible to avoid unpleasant surprises in the form of unexpected additional tax charges.

Executive management should set the general line on tax policy and ensure compliance with it, making sure that there is a valid system of risk management in place in the company for taxes and that a part of their tax information is publicly accessible. The Board of Directors should ensure they are comfortable with the tax policy set by management and ensure that a valid system of risk management is designed and operating effectively. Such actions are becoming necessary and will have an unambiguously positive influence on the organisation as a taxpayer.

We advise that you attentively follow any changes in laws devoted to tax transparency matters. A readiness to change will make it possible to avoid fines for non-compliance with legal requirements or any additional charges levied by tax authorities based on the information received regarding the taxpayer.

Contacts

Galina Naumenko Partner Tel.: +7 (495) 232 5753 [email protected]

Polina Ulovkina Manager Tel.: +7 (495) 967 6000 [email protected]

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The robots are here: how to take advantage


Using robotics in business processes is a new technology that can positively influence a company’s operational efficiency. Many large enterprises are actively using robots and the number of Google searches on the subject of “Robotics process automation” increased by 1,500% from 2016-2017, a trend that continues to accelerate on a monthly basis. The Russian Federation is no exception to this trend, with the Presidential Council for Strategic Development and Priority Projects including robot-related matters as part

The digital environment requires the robotisation of processes, which follows a certain algorithm. The maximum effect will be achieved with the robotisation of labour-intensive processes that require interaction with many different IT systems. Attention should be paid to the following functions: finance, human resources management, IT and procurement.

The question that arises is about the advantages robotisation provides businesses. The effect of robotisation is impressive and automating business processes pays off on average within one to two years. A robot not only frees an employee’s time from routine tasks but also helps perform them much more efficiently because:

• performance is much higher, as it can work around the clock without breaks

• they act in accordance with the algorithm and they do not make mistakes

• they quickly scale up if the volume of operations increases

of its programme for the digital economy.

What is the essence of this technology and how is it applicable? Robotisation works with corporate applications just like any employee by automating routine business processes. The robotised software is embedded “above” the company’s IT architecture and does not require the transformation of the technological landscape or the integration of information systems. A robot can replace a person by doing simple and repeated tasks so that an employee can concentrate on complex analytical work. Representatives of the Russian government understand the necessity to start transitioning from manual labour to robotised solutions. First Deputy Finance Minister Tatyana Nesterenko noted that “The accountant’s profession in its current form will disappear from the market more and more…and it will be replaced by technologies.”

• they easily adapt if the business process changes and they can switch between different robotised operations.

The current level of development of enterprise management systems makes it possible to complete practically any task, and small automation tools like macros and scripts have been used for many years to perform small routine operations. Unlike industrial systems and direct integration projects, a robot can be implemented in several weeks without requiring large investments in the project, and bringing in such robots will not require considerable changes to a company’s organisation and system.

With an available development platform, a robotised solution can also ensure a high level of stability, safety, control and convenience, the same for which cannot be said for lesser means of automation. Modern platforms for developing robotised solutions have a high level of technological maturity. The choice of a platform depends on the processes and tasks that will be done

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by robots. Over 20 similar platforms from different suppliers are currently available on the world market. The key suppliers propose IT solutions that:

• pre-empt adjustments through an intuitive visual algorithm, so there is no more need to comment on the programme code or maintain technical documentation

• contain developed means of ensuring information security

• interact with any existing IT systems in the company without needing to upgrade them

• propose embedded management and control instruments, such as assigning robots with a sequence of tasks to fulfil and receiving reports on results

• allow the use of new technologies implemented in the company over time (e.g. optical recognition and computer-assisted teaching)

• are officially supported by the developer.

There are examples of the successful implementation of this technology in Russia. For example, PwC built a robot for a large chemical holding to control the process of temporarily transferring employees.



For a deeper dive on consulting services, please see http://www.pwc.ru/en/services/performance-improvement.html

Contacts

Ekaterina Serova Partner Tel.: +7 (495) 967 6000 [email protected]

Stanislav Gushchin Senior Manager Tel.: +7 (985) 226 4573 [email protected]

As a result, the robot independently processes temporary transfer requests located in the electronic document flow system, issues an order for the employee’s transfer, creates an additional agreement in the employee’s contract in the HR accounting system, loads the generated documents into the electronic archive system and sends the documents for print-out. As a result, the process’ productivity increased five-fold and the HR specialists once responsible for the process can focus on complex non-routine tasks.

Despite the fact that robotisation is an extremely popular subject, Russian companies are only beginning to discuss it and questions often arise about how to better design a project to automate business processes and what needs to be done to successfully implement the use of robots. The PwC approach utilises a scoring model to assume the first step of diagnosing processes and evaluating them for the appropriateness of applying robotisation. Based on the diagnostics, an optimal business process needs to be selected for the pilot implementation, following which a decision must be made on the large-scale development and commissioning of robotised software.

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GDPR – is your business prepared?

GDPR – is your business prepared?

6 “The important role of a leader’s qualities: how to choose the right policy considering the growing expectations of stakeholders”, study of the present state of the internal auditor’s profession in 2016 (https://www.pwc.ru/ru/services/audit/riskassurance/internal-audit-transformation-study/key-recommended-actions.html).

companies will be the creation of an inter-functional group of specialists from the legal, human resources, IT departments, and business units - this task cannot be performed solely by one department. Experts of the company should first determine whether the requirements of the GDPR are applicable to them. Even if this law does not apply to a particular company, it is necessary to analyze the business strategy and make sure that the GDPR will not become relevant for it in the near future.

If the requirements are applicable, then it is necessary to determine what data the company processes and how, and to think about data protection during storage, transfer and use, and to ensure timely detection of violations. One of the most difficult and widely discussed requirements of the new law is the need to alert supervisors and customers about the smallest cases of information leakage within 72 hours from the time of their discovery. For the protection

In May 2018, the European Union’s General Data Protection Regulation (GDPR) will come into effect. It’s the most comprehensive piece of privacy legislation developed by any jurisdiction to date. The GDPR applies to any business that holds, controls or processes personal data of EU residents. Any Russian company that holds personal data of EU residents – whether they are customers or employees is captured. So too is a Russian company that uses an EU-based third party to process data about EU customers or one that uses EU suppliers and as a result holds data about EU residents.

Many Russian businesses are unknowingly impacted however it’s essential that they

become compliant as the consequences for not doing so are significant. As well as the financial impact, starting at fines of €20 million and going as high as 4% of global turnover, there are other risks.GDPR introduces a number of changes to the rules governing the protection of personal data, such as:• obligation to apply personal data

protection at the design phase (e.g. For IT solutions)

• obligation to maintain a record of processing activities

• obligation to perform a privacy impact assessment

• Obligation to notify the data protection authority of data protection breaches

So what should impacted by doing? Many companies will face serious organizational and technological changes. In order to timely prepare for new requirements, a key solution for the majority of large Russian

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of data, there are technologies such as account management, administrative access control and reliable authentication (user authentication). Already these measures will significantly reduce the likelihood of data leakage.

In addition, it is necessary to update the data processing policy, the consent forms for processing data and contracts, and conduct appropriate training for employees. If there is not sufficient legal basis for some of the internal data processing processes, then such processes should be reviewed.

It makes sense for Russian representative offices and subsidiaries of international corporations to initiate a dialogue on the GDPR with the head office right now, in order to have enough time to reconcile the updated global procedures with local specifics and the requirements of Russian legislation. Despite the similarity of the GDPR and the Russian law "On Personal Data," many terms and requirements differ in detail.

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The Board should be fully involved in any GDPR compliance processes run by the companies and board members should be asking the following questions of management:

• What is our data footprint in the European Union i.e. do we hold data about customers and employees?

• Do we have visibility of and control over what personal data we collect? How do we use it? With whom do we share it?

• Are we prepared to provide evidence of GDPR compliance to EU or Russian privacy regulators if requested?

• Have we conducted a readiness assessment?

• Do we have a tested breach-response plan that meets GDPR’s 72-hour notification requirement?

• Have we defined a roadmap for GDPR compliance?

For a deeper dive on risk assurance services, please see http://www.pwc.ru/en/services/audit/riskassurance.html

Contacts

Tim Clough Partner, Risk Assurance/Technology Leader Tel.: + 7 (495) 967 6031 [email protected]

Dmitry Biryukov Manager Tel.: +7 (495) 967 2732 [email protected]

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Maximising the value from internal audit: the role of the audit committee

Maximising the value from internal audit: the role of the audit committee

The audit committee plays a vital role in ensuring the efficient functioning of internal audit function (“IA”) and empowering the function as an important component in the organisational structure. In turn, a strong and vibrant IA function helps the audit committee perform its duties by ensuring the proper supervision of the internal control and risk management process.

However, ensuring the effectiveness and efficiency of IA is not a simple task: according to PwC’s, “The important role of a leader’s qualities: how to choose the right

Assign the necessary powers• Hold personal meetings with the IA

leader as part of the audit committee’s regular meetings and in between those meetings.

• Ensure the participation of the IA leader in the functioning of key management bodies.

• Ensure the timely execution of IA recommendations by making management responsible for fulfilling those recommendations within an agreed time.

• Periodic attendance at internal IA meetings by the audit committee chair to demonstrate the importance of the function and to make IA employees more confident in their powers.

policy considering the growing expectations of stakeholders”, 62% of stakeholders expected to benefit more from IA activities.

Audit Committee’s should focus on 5 key activities when looking to build an efficient and effective IA function that delivers value beyond mere compliance. These activities are:

• clearly assign the necessary powers to IA;

• create a structured team of specialists with the necessary skills and abilities

• make clear the mission of the internal audit and follow it

• use the results of IA activities to increase organisational efficiency

• regularly evaluate the IA performance

Against each activity , market leaders are taking steps that are the world’s leading practice, namely.

6 “The important role of a leader’s qualities: how to choose the right policy considering the growing expectations of stakeholders”, study of the present state of the internal auditor’s profession in 2016 (https://www.pwc.ru/ru/services/audit/riskassurance/internal-audit-transformation-study/key-recommended-actions.html).

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Create a structured team of specialists with the necessary skills and abilities• Understand the current HR model and

qualifications of IA employees, and the availability of experts that have specialised knowledge (for example, in the fields of information technology and cybersecurity).

• Evaluate whether auditors are sufficiently capable and whether their

Internal audit services headed by highly efficient managers achieve higher results

The share of IAS heads that successfully perform the following tasks

IAS with highly efficient heads

IAS with efficient heads

IAS with less efficient heads

Development realisation of a strategic plan that takes business interests into consideration

Conducting a cause- and-effect analysts of problems

Timely plan execution in accordance with the Audit Committee

74%

22%

95%

65%

97%90%

25%

50%

expert knowledge and professional experience is enough to carry out the agreed IA activity for another financial year, as well as in the long term.

• Analyse the sufficiency of the IA budget to ensure the necessary development and training of internal auditors.

• Follow situations when the necessity to cut costs may prevent the IA from fulfilling its assigned tasks.


83% 35% 35% 83% 35% 35%

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Make clear the mission of the internal audit and following it• Jointly form an agenda of IA priorities,

goals and objectives with the IA leader, and the audit committee’s approval of IA regulations.

• Control the hierarchy structure and ensure direct interactions between IA and the audit committee.

• Ensure the compliance of IA priority activities with the company’s strategy and the risks detected in the course of risk management events.

The audit committee, in collaboration with the IAS leader and the management of the organisation, should form the IAS’ mission and monitor the allocation of resources to its priority activities.

Use the results of IA activities to increase organisational efficiency• Supervise IA concerns not addressed

in time and supporting IA in resolving problems.

• Make it obligatory for management to submit personal explanations and plans to address concerns for which actions were not taken in time at meetings of the audit committee.

Regularly evaluate the performance of IARegularly evaluating the efficiency of IA based on:

• Analyse IA as a function that benefits the company

• the IA’ direction (for example, the consideration of areas connected with the company’s strategy)

• the quality, precision and timeliness of IA criticisms, recommendations and reports

• the professionalism and communicative skills of IA employees

• the sufficiency of IA resources to perform its work

• the use of modern technologies to improve performance.

The most widespread shortcomings

Abput 83% of IAS heads are functionally subordinated to the Audit Committee of the Board of Directors

Board of Directors

Inside the organisation, IAS is administratively subordinated to the Financial Director (35%) or CEO (35%)

Audit Committee

Audit Committee

CEO

IAS Head IAS


Contacts

Anna Davydova Partner Tel.: +7 (495) 223 5020 [email protected]

Anna Gorodova Director Tel.: +7 (495) 967 6000 [email protected]

1313Maximising the value from internal audit: the role of the audit committee


Planning for the future: what the audit committee should rememberThe audit committee’s supervision of IA activity is the committee’s main managerial responsibility, and assisting in receiving the maximum benefit from IA activity is one of the main factors of efficient supervision. Assigning the necessary powers to the IA leader and their development should be among the priority tasks of the audit committee. Internal audit functions headed by efficient managers achieve higher results and bring more benefits to their organisations. In the midst of a changing geopolitical situation and global economy, a highly efficient IA that acts in accordance with the corporate strategy will be a trusted consultant that helps the audit committee perform its assigned tasks.

For a deeper dive on internal audit services, please see http://www.pwc.ru/en/services/audit/internal-audit-services.html

mailto:Anna%20Yakovleva/RU/ABAS/PwC%40EMEA-CEE?subject=%D0%9C%D0%B0%D1%82%D0%B5%D1%80%D0%B8%D0%B0%D0%BB%D1%8B%20%D0%A6%D0%B5%D0%BD%D1%82%D1%80%D0%B0%20%D0%BA%D0%BE%D1%80%D0%BF%D0%BE%D1%80%D0%B0%D1%82%D0%B8%D0%B2%D0%BD%D0%BE%D0%B3%D0%BE%20%D1%83%D0%BF%D1%80%D0%B0%D0%B2%D0%BB%D0%B5%D0%BD%D0%B8%D1%8Fhttps://www.pwc.ru/en/services/audit/internal-audit-services.htmlhttps://www.pwc.ru/en/services/audit/internal-audit-services.htmlhttps://www.pwc.ru/en/services/audit/internal-audit-services.html

1414


Is your board up to speed? Russian boards survey 2018

Participation in our 2018 Russian Boards Survey

For companies, next-generation digital technologies are one of the keys to success. Companies are adjusting their strategic plans in light of these technologies as well as investing in relevant domains. One of the most important tasks for boards of directors is monitoring strategy implementation. To serve this function, directors must have practical knowledge of these new technologies, understand which ones are relevant for their companies and be prepared to deepen their knowledge.

Boards of directors should also analyse exactly how management is planning to develop in the future, invest in new technologies and reduce associated risks such as cybersecurity threats.

In our research this year, we intend to study the attitudes and opinions of directors about the breakthrough technologies that are fundamentally changing the face of business

in Russia. We will analyse the internal and external factors that can impact a company’s strategy, as well as the role that boards of directors play in ensuring further growth for their businesses.

The survey questionnaire will take you approximately 15 minutes to complete. Please fill it out http://pwcrussia.ru/surveys/index.php/545449/lang-en

We guarantee that all information provided will be kept confidential during our survey and data processing. The results of the survey will be statistically processed, impersonalised and consolidated into a single report. Using summarised data guarantees that no references to individual companies or data sheets will be made.

If you have any questions or difficulties with the survey, please contact Yana Yuzbashyan.

Contacts

Anna Yakovleva Manager, Corporate Governance Centre Tel.: +7 (495) 967 0000 [email protected]

Yana Yuzbashyan Marketing Manager Tel.: +7 (495) 967 6000 [email protected]

mailto:Anna%20Yakovleva/RU/ABAS/PwC%40EMEA-CEE?subject=%D0%9C%D0%B0%D1%82%D0%B5%D1%80%D0%B8%D0%B0%D0%BB%D1%8B%20%D0%A6%D0%B5%D0%BD%D1%82%D1%80%D0%B0%20%D0%BA%D0%BE%D1%80%D0%BF%D0%BE%D1%80%D0%B0%D1%82%D0%B8%D0%B2%D0%BD%D0%BE%D0%B3%D0%BE%20%D1%83%D0%BF%D1%80%D0%B0%D0%B2%D0%BB%D0%B5%D0%BD%D0%B8%D1%8Fhttp://pwcrussia.ru/surveys/index.php/545449/lang-enhttp://pwcrussia.ru/surveys/index.php/545449/lang-en

Helping directors meet the challenge of their critical roles

15

PwC’s Corporate Governance Centre

What we do

Strengthen the bridge between investors and management

Help directors comply with evolving expectations

Conduct meetings with boards of directors and top management

How we can help

Subscribe to our mailing list to stay up to date with the latest corporate governance news: pwc.ru/en/CGCentre

Enhance the oversight arrangements you have in place across a group of companies

Perform a comprehensive assessment of the corporate governance framework or its separate components

Assess the performance of Board of Directors and its committees

Establish corporate governance framework and mechanisms as prescribed by applicable regulations, requirements and standards (i.e. Corporate governance codes, listing rules, methodological guidelines and recommendations, etc.)

Build an effective system of interaction between shareholders and investors

Increase the efficiency of competences among the governing bodies and within the decision-making processes

Enhance the transparency of your business

Reduce the likelihood of corporate conflicts

Prepare your company for a successful IPO

Share research and insights on corporate governance best practices

Organise forums on critical current issues

mailto:Anna%20Yakovleva/RU/ABAS/PwC%40EMEA-CEE?subject=%D0%9C%D0%B0%D1%82%D0%B5%D1%80%D0%B8%D0%B0%D0%BB%D1%8B%20%D0%A6%D0%B5%D0%BD%D1%82%D1%80%D0%B0%20%D0%BA%D0%BE%D1%80%D0%BF%D0%BE%D1%80%D0%B0%D1%82%D0%B8%D0%B2%D0%BD%D0%BE%D0%B3%D0%BE%20%D1%83%D0%BF%D1%80%D0%B0%D0%B2%D0%BB%D0%B5%D0%BD%D0%B8%D1%8Fhttp://www.pwc.ru/ru/services/corporate-governance/services.htmlhttp://www.pwc.ru/ru/services/corporate-governance/services.htmlhttp://www.pwc.ru/ru/services/corporate-governance/services.htmlhttp://www.pwc.ru/ru/services/corporate-governance/services.htmlmailto:Anna%20Yakovleva/RU/ABAS/PwC%40EMEA-CEE?subject=In%20person%20meetings%20with%20boardshttp://pwcrussia.ru/events/index.php/996476?lang=enhttp://pwcrussia.ru/events/index.php/996476?lang=enhttp://pwcrussia.ru/events/index.php/996476?lang=enhttp://pwcrussia.ru/events/index.php/996476?lang=enhttp://pwcrussia.ru/events/index.php/996476?lang=enmailto:Anna%20Yakovleva/RU/ABAS/PwC%40EMEA-CEE?subject=%D0%9C%D0%B0%D1%82%D0%B5%D1%80%D0%B8%D0%B0%D0%BB%D1%8B%20%D0%A6%D0%B5%D0%BD%D1%82%D1%80%D0%B0%20%D0%BA%D0%BE%D1%80%D0%BF%D0%BE%D1%80%D0%B0%D1%82%D0%B8%D0%B2%D0%BD%D0%BE%D0%B3%D0%BE%20%D1%83%D0%BF%D1%80%D0%B0%D0%B2%D0%BB%D0%B5%D0%BD%D0%B8%D1%8Fhttp://www.pwc.ru/ru/services/corporate-governance/services.htmlhttp://www.pwc.ru/ru/publications/russian-boards-survey.htmlhttp://www.pwc.ru/russianboardshttp://www.pwc.ru/russianboardshttp://www.pwc.ru/ru/publications/russian-boards-survey.html

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Achieving Excellence · What should the Board and management know about tax transparency? Does information disclosure benefit a business? Tax transparency Is tax transparency good