Russian Voucher Funds
Size Distribution of Ownership Stakes

Data and Source

The above pie chart shows the size distribution of funds' ownership stakes in companies. It shows that more than half of funds' ownership stakes amount to less than 5% of the shares of companies. By law funds are limited to a maximum ownership stake of 25%. Despite the fact that this law generally has not been enforced, funds hold very few stakes larger that 25% of the shares of a company.

The potential influence of a shareholder is often directly related to the size of the shareholder's stake. In many instances a shareholder has to reach a threshold size in order to gain the possibility of a seat on the enterprise's Board of Directors. The limited size of funds' stakes suggests that funds have a relatively small influence on enterprises' restructuring decisions.

Enterprise Restructuring in the FSU