Reputation Institute

Renova Group of Companies wants to manage intangible assets

To be considered a successful company, it is not enough to earn high profits and pay taxes. In modern conditions, a company cannot maintain a high level without a corporate development strategy, without a willingness to be socially responsible and transparent. In the West, social reporting standards have long existed, compliance with which directly affects the value of companies. And in Russia, more and more company managers are beginning to understand that an active social position greatly influences the company’s image, and therefore its value.

In the process of reforming the structure of the Renova group of companies, which was completed this spring, it was decided to create a special structure to manage intangible assets, primarily business reputation. At the presentation of the Institute of Corporate Development - this is the name this structure received - Chairman of the Board Alexander Zarubin spoke about the tasks of the division. First of all, the institute will have to develop a development strategy for the companies included in the holding.

In addition, the institute will focus on managing the business reputation of the company. Our companies are very much undervalued compared to Western ones, primarily due to the low cost of intangible assets. There are no examples in Russia, says Oleg Alekseev, director of corporate projects at the institute, where, when one company is absorbed by another, intangible assets, primarily management, are valued at any noticeable amount.

Often it is the employees themselves who damage their reputation. Alexander Zarubin gave a common example: often one of the company’s managers begins to make loud statements in the press, but not because he wants to harm the company, but because he does not understand the internal processes. The Institute intends to develop corporate culture standards.

The specificity of Russia is that often in the regions there is no other way to solve problems except through the money of large companies based there. However, funds are not always spent effectively. As the director of regional projects of the institute, Marat Bashirov, told Vremya Novostey, first of all it is necessary to carry out an inventory of social projects.

However, the new structure will also have to solve more global problems. As Communications Director Andrey Shtorkh said, the institute will become not only a place where the experience of a particular business group is concentrated, but also a filter of relations between business and society.

According to Mr. Alekseev, many people approach the institute with a proposal to monitor how Russian companies comply with the Global Compact (a program initiated by the UN in 1999 to implement social programs). In addition, the participation of the institute in trust funds is not excluded. There are also plans to carry out the project “Mutual Expectations of Business and Government”. It will include seminars, opinion polls, and collection of expert opinions.

Ivan GORDEEV