Analysis point out the presence of the connection between the transparency and capitalization.

Index of the information transparency of the companies of the electric power sector of Russia is accounted as the average grade taking in to consideration 40 largest public companies of the sector accounting for 98% of the aggregate capitalization of the sector and is 44.9%. IDGC of North-West gained in accordance with the results of the research 59% increasing the moderate index in the company by 14.1%. The same assessment was gained by INTER RAO UES OJSC. JSC “Lenenergo”, JSC “Mosenergo” and JSC “Lenenergo” accrued 60%. OJSC Enel OGK-5 is the leading company in the rating with 66 grades. The considerable share of the companies (42.5%) possesses the excessively low parameters of the transparency - less than 40%.  

“The lowest indices of the practice of information disclosure by the companies of the electric grid sector is the publishing of information about the remuneration of the members of the Board of Directors and the management as well as the financial results disclosure”, think the analysts of Standard & Poor’s. “The average grade of the sector by the component “Financial information” is 37%, and that of “remuneration of the members of the Board of Directors and the top management” component is - 13%.”

“Among the companies of the grid sector which completed the reorganization in 2008”, only IDGC of North-West and OJSC “MOESK” managed to prepare and publish IFRS reporting for 2008 till August 10, 2009”, is mentioned in the research report. 

The research mentions the presence of the connection between the transparency and the capitalization of the company. “The companies with the transparency index of more that 50% account for 72% of the total market value of the market capitalization of the analyzed electric power companies. The given research as well as the other researches of Standard & Poor’s shows that the major part of the total market capitalization accounts for the companies with the high level of the transparency.  

The research of the information transparency of Russian Companies of the electric grid sector in 2009 was carried out by Standard & Poor’s Service of the Corporate Governance Ratings. According to the conclusions of the research “information transparency of the company is very important for the investors because today the enterprises of the sector experience the high necessity in the attraction of the financial resources for the realization of their large scale investment programs”.