This document summarizes recent developments that have improved the investment climate in Russia for foreign investors. It discusses the establishment of a Foreign Investment Advisory Council (FIAC) and the appointment of an Investment Ombudsman at the deputy prime minister level to address investor complaints. While elections in late 2011 and early 2012 may cause some political uncertainty, reforms over the past year like FIAC and the ombudsman have created more opportunities for international companies to engage with the Russian government. The document recommends that foreign investors continue using diplomacy and contacts with federal and regional officials to strengthen their positions in Russia. Overall, there are promising signs that the regulatory environment for foreign investment may be reformed if modernization efforts continue post-election.

1. 1
Re-Thinking
Foreign Investment in Russia
Grayling Think Piece
Moscow, June 2011

2. 2
Executive Summary
Over the last twelve months, new and formally institutionalized methods of interaction and
dialogue with the federal government have brought tangible gains for foreign investors in
Russia. A revitalized Foreign Investment Advisory Council (FIAC), the appointment (at Deputy
Prime Minister level) of an investment ombudsman, and President Medvedev’s modernization
manifesto are laying a path to a more stable, predictable, sensible and appropriate investment
and regulatory climate.
While some may worry about Duma elections at the end of 2011 and Presidential elections in
March 2012, we argue that the politics is less important than the intent, that reported differences
between President Medvedev and Prime Minister Putin are more imagined or fanciful than real,
that reform is set whatever the results of elections.
For too long, it has been a difficult challenge for many of our international clients to get clear
federal endorsement for their investments in Russia. The vortex of power is made for Russians
to be controlled by Russians in what outsiders often see as an opulent, Byzantine, chaotic and
cynical way. A clear agreement from the Russian government to treat our clients as they would
major domestic investors has usually been achieved with the help of an intensive bilateral
political dialogue at the highest level and a round of shaking hands with numerous Russian
heavyweights. Political leverage from selected regional governors in exchange for localizing
production in their regions has also proved to be extremely helpful in getting continuous federal
support for a multinational company’s development in Russia1
.
Diplomacy, direct federal contacts and regional leverage continue to be effective and necessary
instruments for foreign investors to strengthen their foothold in Russia. On top of that a reformed
FIAC, which now plays a more meaningful role, and some interventions by the newly appointed
Investment Ombudsman provide more opportunities for international players with sizable
investments in Russia to structure their relations with the federal centre.
The greatest challenge for Russia, post the Presidential election in March 2012, will be to cope
with growing ―manual‖ control by Russia’s leadership over the state’s economic and social
development and the degradation of economic and political competition. This will not make life
of Russian businesses easier, let alone that of foreign investors. There will be more regulation,
the effects of the new Customs Union, and inevitable mistakes. Regulation will be an increasing
fact of life, in terms of both quantity and complexity.
1
http://www.graylingcontent.com/wp-content/uploads/2010/09/Think-Piece-Pharma-2020.pdf

3. 3
At the same time the pipeline of changes to get state officials to engage in dialogue with
investors, including foreign investors, is promising. A white paper has been prepared for
businesses’ complaints about corruption-intensive areas of state control at different levels, to be
reviewed by the federal centre. The Russian President has issued a decree outlining an ideal
process of public consultations of the state authorities with businesses before a new regulation
is enacted. Investment ombudsmen offices will be set up in every Russian federal district.
Overall, there are good preconditions to re-set the regulatory environment for foreign investors
in Russia. For the benefit of both the Russian economy and foreign investors. It is time to give
Russia another try, to get involved in changing the game.

4. 4
Contents
Declaration of Interest & Special Note 5
Political Background 6
Economic Background 7
Reforming the Foreign Investment Advisory Council (FIAC) 8
Foreign Investment Ombudsman 10
Grayling Recommendations 12
Attachment 1: A Sample of a Draft Application to Join FIAC 13
Attachment 2: FIAC Application Process 14
Attachment 3: FIAC Members 2010 15

5. 5
Declaration of Interest
Grayling provides public, government and investor relations services to clients, including major
foreign investors, active in Russia. In the twelve months prior to the publication of this think
piece Grayling (our Russian unit) worked for the following companies: 20th Century Fox;
Allergan; Altium; AstraZeneca; APCOR; Blackberry; BSA; British Airways; Comité
interprofessionnel du vin de Champagne; Chartis; Clariant Produkte; Computershare; Credit
Suisse; Facebook; Flydubai.com; Fujitsu; Goltsblat BLP; GE Corporate; GE Energy; Dow;
GOST; Hitachi; Hotels.com; IKEA; Irdeto; John Deere; Kapsch; Kellogg; Mars; Medtronic; MOL;
NBCUniversal; New Yorker; Papa John's Worldwide; Paramount Farms; Riverbed; Rixos;
Sandisk; Saatchi & Satchi; Saxo Bank; SES Astra; Skype; Tarkett; Tenneco; TPG; Ulysse
Nardin; UPS; Wizz Air; Velux; and Yota.
In other markets in which Grayling operates, through 70 offices around the world, Grayling may
have, or currently does, work with these or other firms in other countries.
Special Note
This report and its contents are issued only on behalf of Grayling and statements herein should
not, in any way, be imputed to be statements from, endorsed by, or otherwise supported by,
individual client firms, unless so stated in the text. Grayling accepts no liability for any errors or
omissions in this publication or for any losses or damages incurred by anyone who acts solely
on reliance of the information contained herein, outside of any duty of care Grayling owes to its
contracted clients. This report may be freely quoted subject to crediting its source.

6. 6
Political Background
In Russia, 2011 is the year of parliamentary elections (to be held on 4 December 2011) and the
year-previous to Presidential elections (to be held on 11 March 2012).
In 2008 alterations to the Constitution were made under which the new President will remain in
his post for six years instead of four. This means that the coming elections will be strategically
important for the country’s development in the following decade.
As for the Parliamentary elections, a victory of the Edinaya Rossiya (ED) political party / All-
Russia People’s Front coalition around ED can be safely assumed despite the significant fall of
public support for the government’s policy over the past twelve months. The Parliamentary
terms have also been altered in 2008, allowing the deputies to remain in their posts for five
consecutive years.
Investment in the national economy remains on
top of the government’s agenda despite all the
pre-election fuss. While Prime Minister Putin
mostly overlooks domestic business, President
Medvedev has taken up the topic of foreign
investment. During a recent Presidential
Committee on Modernization meeting in
Magnitogorsk (March 30, 2011) Dmitry
Medvedev announced a major initiative to
reform the country’s business climate, listing a
dozen measures to be implemented.
The March Liberal Manifesto made by
Medvedev, and subsequent calls for a cautious
approach towards national economic policy
(―improving the quality of the economy by
overhauling infrastructure, lessening
dependence on energy and spurring
innovation‖) made by PM Putin during his
speech before the State Duma, essentially
highlight the balance between the rhetoric of
both tandem members. If Medvedev’s moves
are supposed to attract liberal democratic
voters, Putin is more on the conservative side.
One way or another, foreign investors can
hope for a substantial improvement of the
overall investment climate within the next
presidential term.
In the shorter-term, recent weeks saw closer attention to the investment climate in Russia from
both Putin and Medvedev. Medvedev’s aide, Arkady Dvorkovich, and Putin’s deputy, Igor
Shuvalov, have been tasked to ―oversee‖ foreign investors and innovation projects in Russia. As
Medvedev’s modernization manifesto:
1. The Ministry of Economic Development will get
new powers for the Justice Ministry to take action
to repeal state agency regulations that
unjustifiably obstruct business and investment
activity. The Justice Ministry will then have the
duty to demand that the agencies immediately
repeal the anti-business regulations in question.
2. Privatization program to be implemented.
3. Improving transparency for minority
shareholders through amendments in legislation.
4. Removing government officials from the
boards of directors of selected state companies.
5. Reducing procurement expenditure of large
state-owned companies by 10% within three
years.
6. Introducing a special Investment Ombudsman
for each federal district, whose job will be to
assist companies in carrying out private
investment projects, above all, helping them in
their dealings with the executive authorities.
7. Reducing social taxes for employers.
8. Establishment of Presidential mobile reception
offices, comprising of Presidential Executive
Office staff, which will be responsible for
receiving information from individuals and
company representatives, complaints from
people about the actions or inaction by
authorities, and reacting to this information
accordingly.
9. Publishing of anti-corruption reports in the
media.
10. Improvement of higher education.

7. 7
for the latter one cannot but notice two parallel projects running: Medvedev’s Skolkovo and
Putin’s Agency of Strategic Initiatives.
Interestingly, in our day-to-day work we have noticed a new trend: if before, it was safe for
foreign investors to engage both Shuvalov and Dvorkovich in discussion of the same issue /
idea, it is now becoming increasingly evident that foreign investors are strongly recommended
to use either the President’s or the Prime Minister’s networks to handle their specific issues. It
may well be that an international company discusses one issue with Shuvalov and another with
Dvorkovich, but at any rate the foreign investor is supposed to know what issues are to be
discussed in either Presidential or Prime Minister’s camps to avoid duplication of efforts. Failure
to do so may slow down the process of endorsement of one’s investment idea / handling
specific issues relating to Russian operations.
Economic Background
Unsatisfactory results, achieved by the Russian economy in 2010, are a sign that the
dependency on a raw exports economy is inefficient and struggling. Overall economic growth in
2010 amounted to only 4%. This fact is acknowledged by the authorities, including the Minister
of Finance Alexei Kudrin, who admitted that the country should achieve at least 6-7% annual
growth, otherwise the struggle will continue. The recent forecast of the Ministry of Economic
Development shows that Russia is far from this goal – the real economic growth in the coming
years will not exceed 4.5%.
This adds to the poor investment climate, which resulted in a drastic decline of foreign direct
investment (FDI) in Russia in 2010. Preliminary figures show that last year the volume of FDI
amounted to only 12-14 billion dollars, which is just half of what was invested in the best pre-
crisis years. In the same period money outflow exceeded 33 billion dollars. Russia has attracted
less private equity money than other emerging markets—$1.4 billion over the past three years,
compared with $28.6 billion for China, $15 billion for India, and $5 billion for Brazil, according to
the Emerging Markets Private Equity Association.
Government efforts (focused on a handful of industry-specific target development programs and
investment projects) aimed at reducing the budget deficit seem to have lost momentum. This
adds to the aforementioned pre-election race issue, when significant budget funding is diverted
to economically inefficient, if politically popular, steps such as the lowering of prices on products
and spending on federal political promotion campaigns. Russia’s national economy survived the
crisis years and is still growing mainly because of high prices on oil. As long as oil prices remain
high the Government will be able to fulfill its obligations and balance the budget deficit. Even an
average price of 75-80 dollars per barrel would allow Russia to slightly increase its fiscal
spending and even allocate some of the funds to the national reserve fund. In case the price for
crude oil falls below this range the Government will be obliged to review the budget for 2012-
2013.

8. 8
Nonetheless, the Russian Government is conscious of the glaring need to stop scaring foreign
investors away, not just because it is a question of prestige in the current situation but because
even high oil prices do not guarantee stable economic growth. The optimistic goals set by the
Government can be achieved only through well-executed modernization and a constant flow of
foreign investment. ―Achieving modernization, which is the purpose of this Commission’s
meeting, requires a major increase in investment. We need technology and we need money in
amounts corresponding to Russia’s huge potential. We need the confidence and interest of
Russian and foreign investors‖, – said Dmitry Medvedev during the March 30, 2011 meeting in
Magnitogorsk.
Surprisingly, despite all the criticism and skepticism, some of the actions proposed by President
Medvedev are already being implemented. In particular, Deputy PM Igor Sechin left the post of
Chairman of the Board of Rosneft and Energy, Finance and Transport Ministers are to follow his
lead before July, 1 2011. In late May, Rostelecom state holding approved a new business
development strategy by 2015, under which the telecom giant plans to cut operational costs by
EUR 0,6 billion. It is also highly likely that social taxes for employers will be reduced from 34%
to as low as 26%, at least for small and medium-sized enterprises.
Reforming the Foreign Investment Advisory Council (FIAC)
The Foreign Investment Advisory Council was established in June 1994 in a combined effort of
the Russian Government and foreign companies to improve the overall investment climate in
Russia, as it was declared then. Today it would be fair to say that the council was formed by
foreign oil majors, who aspired to lobby their interests and persuade the Government to pass
the bill on ―Production Sharing Agreements‖. After that goal had been achieved, FIAC for
almost 10 years became a get-together club for foreign companies but without a clear purpose
and strategy.
FIAC is the only officially established and regulated platform for communication and
dialogue between foreign investors and the Russian Government

9. 9
Years 2007-2008 became a turning point for FIAC when the Government showed that it no
longer needed any advice from its members (it is even rumoured that at some point Vladimir
Putin wanted to move away from FIAC as a ―pretty useless get-together of unhappy foreign
investors―). However the Government decided to give FIAC a second chance and proposed a
reorganization of the council with a head-on effort from the Ministry of Economic Development
expressed in a Government decree, under which relevant state Ministries and authorities were
obliged to participate in FIAC executive meetings or its working group’s discussions, which
instantaneously raised the status of FIAC to the level of an intergovernmental discussion forum.
In turn FIAC members were asked to guarantee the presence of their global CEOs once a year
during the plenary sessions of FIAC, which are traditionally chaired by Prime Minister Putin.
FIAC’s organizational structure was reformed as well. An Executive Committee was formed
along with the introduction of several ―think tanks‖ tasked with lifing administrative barriers and
improving investment image plus customs and energy efficiency. As a result FIAC became a
strategic playground for public-private dialogue making possible a number of developments in
state regulation, which resulted in a certain improvement of the overall investment climate in
Russia. FIAC is directly or indirectly responsible for the realization of such measures as:
- reduction of customs duties on agricultural raw materials, which do not grow in Russia;
- reduction of customs duties on equipment for food production;
- free circulation of automobile components, imported under the ―promsborka‖
agreements;
- introduction of electronic customs declarations;
- establishment of a public council within the Russian Federation State Committee for
Construction, Architectural and Housing Policy.
- FIAC has also provided expert counsel during the elaboration of the bill ―On foreign
investments in strategic enterprises‖, of the federal bills ―On patent agents‖ and ―On
technology transfer‖ and amendments to the migration regulation and the bill ―On the
status of foreign workers‖.
All these wins have been achieved in the last two years, increasing the council’s influence and
making it the real government relations instrument in the hands of foreign investors. Our clients
who either have become members of FIAC or have been inside the Council for a number of
years admit FIAC has become more operationally effective, helping them change the game in
the Russian market.
Nevertheless the Government would like to see an even more active FIAC. The Ministry of
Economic Development authorities maintain that the Russian Government would like to see
more members, including from such sectors as IT, pharma and retail. The Ministry is also ready
to consider introducing new ―think tanks‖ within the framework of FIAC for the sake of attracting
new members and improving the public-private dialogue should there be a strong base for such
a move.

10. 10
Foreign Investment Ombudsman
During a meeting on the investment climate in 2010, President Medvedev instructed the
Government to elaborate an appropriate mechanism for processing complaints and suggestions
from companies that come across various problems in the Russian Federation. As a result the
―investment ombudsman‖ position was established in August 2010, which was taken up by First
Deputy PM Igor Shuvalov. The creation of this position is a logical step as the government
continues to promote economic transparency and improve Russia's investment climate.
Simultaneously, a Department for Investment Policy and Development of Private/Public
Partnership was established within the Ministry of Economic Development, which processes
claims from foreign companies.
The Government has received a total of 67 complaints against federal and regional officials.
The complaints relate to various issues, from protection of property rights to connection to
power grids. At the moment, 21 cases are being reviewed from a variety of companies.
In April, President Medvedev gave public instructions to the following members of the Cabinet to
pro-actively review issues which investors may be having when interacting with state authorities
(by 1 October 2011):
Sergey Ivanov Border-crossing related, post and courier service and services at airports
and railway stations
Igor Sechin Technical control and safety in the natural resources sector, geological
research and rational use and protection of natural resources
Igor Shuvalov Fire safety, visas, work permits and registration
Dmitry Kozak Capital construction related
Alexandr Zhukov Sate sanitary and epidemiological control
Alexey Kudrin Financial markets and taxes
This refers to a proactive strategic review of state services. However, current issues and ideas
by foreign investors can be addressed to Igor Shuvalov as an investment ombudsman.
Common procedure for filing a complaint by the foreign investor can be visualized as follows:

11. 11
Company
Federal/local authority
I. The company has an
issue with the authority.
II. A letter outlining
the issue is sent to
the Ministry of
Economic Dvlpm.
Deputy Minister of Economic
Development
Stanislav Voskresensky
Head of the Economic Ministry’s
Department for Investment
Policy and Development of
Private/Public Partnership
Sergei Belyakov
III. The Ministry decides
internally whether the
case requires
consideration the letter.
is being readdressed
within the Ministry
IV. The case is studied by
the Department and
corresponding authorities
are being asked to provide
a formal reply to the
complaint within 30 days.
Aide to First Deputy Prime
Minister Igor Shuvalov
Alexei Abramov
V. The letter along with the reply from the
corresponding authority and the description of
the case is sent to the Office of the First Deputy
Prime Minister Igor Shuvalov.
First Deputy Prime Minister
Igor Shuvalov
VI. After final approval by
Alexei Abramov the case is
presented to First Deputy
PM Igor Shuvalov for final
decision.
VII. First Deputy PM Igor
Shuvalov may prepare a
governmental decision, which
would oblige the authority to
resolve the issue in question.
Minister of Economic
Development
Elvira Nabiullina

12. 12
Grayling Recommendations
What to do What NOT to do
- If your company qualifies, consider
joining FIAC
- If your company is a FIAC member re-
think engagement in this re-born
institution
- Navigate more carefully between the
Government and the Presidential
Administration
- Engage more proactively at the expert
level with Russian state authorities (there
are quite a few expert councils in state
authorities which are meaningful and
impactful). This will allow you to be
plugged in the game and subsequently
help you change it to your own and
Russian consumers/patients/clients’
benefit.
- This year can be the right period for
announcing an intention to invest in
Russia or even a general commitment to
keep Russia among the world’s priority
markets for your company. A foreign
investor can get a more ―mutually
beneficial‖ framework from the ruling
elite who are bound to stay in power
post the elections.
- Assume the Russian Government is
desperate to have new big names in the
FIAC, and that writing an application will
automatically get you on board (only one
company per year, on average, became a
member of FIAC in the past). Or that as an
existing member of FIAC you can leave
your membership dormant until a really big
issue arises.
- Engage both the Presidential
Administration and the Government for
discussion of the same topic at the same
time. The executive branch is the
Government: do not see the Presidential
Administration as duplicating the structure
of the Prime Minister’s Office. However, if
you are at the initial stage of negotiations
and contemplating an innovation project it
may be a good idea to start with Skolkovo
(vs. the Strategic Investment Agency).
- Think that you can continue to ignore
government relations if your investment in
Russia exceeds 5m EUR. Or be extra
proactive this pre-election year: you may
end up with imposed commitment unless
you navigate more carefully.
We hope the news from / meetings at the upcoming International Economic Forum in St.
Petersburg will demonstrate to your global HQ that Russia should be kept/get a priority status in
the list of the world’s hot investment destinations.
Give Russia another chance: engaging Russian authorities now with careful and thought
through navigation can change the game to your benefit in this market.

13. 13
Attachment 1: A Sample of a Draft Application to Join FIAC
―__‖ June 2011
Mr. Vladimir Putin
Prime Minister of the Russian Federation
Chairman of the Foreign Investment Advisory Council in Russia
2 Krasnopresnenskaya Emb.
103274 Moscow, Russia
Dear Mr. Putin,
…
(Company name) is a leading multinational ___ company. We have about ___ employees
worldwide and operate in more than ___ countries.
We are the world’s largest producer of ___. We are among the major players in ___.
In 2010, the Company recorded net income of ___ EUR. The Company’s is traded at ___.
Together with its subsidiaries and affiliates, our company stands as the ___ largest international
___ corporation and is one of major foreign investors working in the ___ Region of Russia.
At the moment key investment projects for our company in Russia are ___.
The Corporation has already invested about ___ EUR in the development of the Russian
economy for the past ___ years.
We plan to continue our policy of business development both in Russia and other CIS countries.
Company expects to invest over ___ EUR in the development of Russian deposits.
In view of our development plans for Russia, we would like to become an active member of the
Foreign Investment Advisory Council.
Accordingly, we apply to you with the request to approve our application for FIAC membership.
We believe that our extensive knowledge and experience will be a valuable contribution to the
efforts of FIAC aimed at improving the investment climate and creating a favorable environment
for foreign investors in Russia.
Sincerely,
CEO [global]

14. 14
Attachment 2: FIAC Application Process
There is an annual rotation (admission/expulsion) of FIAC members and the procedure usually
takes place during the plenary meeting of FIAC in November. The companies are rarely
expulsed, and admissions take place even more rarely. As a rule, each year only one
application is considered.
The procedure is quite simple but takes time.
Technically, any foreign investor can qualify for admission if he complies with certain
requirements but in reality it is not enough. The company should present recommendations from
present members of FIAC and authorized consultants and should pass a certain procedure with
a special body which is responsible for the decision-making – the FIAC Executive Committee.
The final admission decision is taken by the Head of Government (Prime Minister) on
submission by the Executive Director of FIAC (Minister of Economic Development), who in his
turn relies on findings of the FIAC Secretary (Deputy Minister of Economic Development) and
appraisal of the Executive Committee, which is comprised of Heads of the FIAC working groups
and FIAC consultants.
Stage I:
- Applicant presentation and meeting with FIAC Secretary
- Working group on admission on the basis of the Ministry of Economic Development
Investment Policy Department
- Preliminary approval of the filing of an application and its elaboration
- An address to the Head of Government (see Attachment 1)
- Control in the Government Administration
- Control in the Ministry of Economic Development Administration
Stage II:
- Appraisal and expert evaluation of the application, consultations and additions
Stage III:
- Examination of the application by the Preparation Working Group of the FIAC Executive
Committee
- Approval by the FIAC Executive Committee
Stage IV:
- Approval in the First Deputy Prime Minister Office
- Elaboration of a decision and answer of the Head of Government
Stage V:
- Examination during a plenary session and decision
- Admission

15. 15
Attachment 3: FIAC Members 2010
Company Country Name Position
1 3M USA George W.
Buckley
Chairman of the Board, President
and CEO
2 ABB Sweden Joseph Hogan CEO
3 Alcoa USA Klaus Kleinfeld President and CEO
4 BASF Germany Dr. Juergen
Hambrecht
Chairman of the Board
5 BAT UK Richard BurrowsChairman, British American Tobacco
6 BHP Billiton UK/Australia Andrew
Mackenzie
Group President and Chief
Executive Non Ferrous
7 BP UK/USA Tony Hayward Group Chief Executive BP
8 Cargill USA Greg Page Chairman and CEO
9 Deutsche Bank Germany Dr. Josef
Ackermann
Chairman of the Management Board
and the Group Executive Committee
10 EBRD Thomas Mirow President
11 ENEL s.p.a Italy Fulvio Conti CEO
12 ENI s.p.a. Italy Paolo Scaroni CEO
13 Ernst&Young USA James Turley Chairman & CEO Global
14 ExxonMobil USA Neil W. Duffin President of ExxonMobil
Development Company
15 Finmeccanica Italy Pier Francesco
Guarguarglini
CEO
16 Ford Motor
Company
USA John Fleming Ford Executive Vice President,
Chairman and CEO, Ford of Europe
17 Intel USA Jane Shaw Chairman of the Bord
18 Itochu Corp. Japan Eizo Kobayashi President and CEO
19 Kinross Gold
Corp.
Canada Tye W. Burt President and CEO
20 Kraft Foods USA Irene Rosenfeld CEO and Chairman
21 Lafarge France Bruno Lafont Chairman & CEO of Lafarge Group
22 Mars USA Olivier Goudet Chief Operating Offiecer
23 METRO Group Germany Dr. Eckhard
Cordes
CEO METRO AG
24 Mitsubishi Corp. Japan Yorihiko
KOJIMA
Chairman of the Board
25 Mitsui & Co. Japan Masami Iijima President and CEO
26 Nestle Switzerland Paul Bulcke CEO
27 Novartis Switzerland Dr. Daniel
Vasella
Chairman & CEO Novartis
International AG

16. 16
28 PepsiCo USA Indra K. Nooyi Chairman and CEO
29 Procter& Gamble USA Robert
McDonald
CEO
30 Renault France Carlos GHOSN President and CEO
31 Royal Dutch Shell UK/Netherlands Peter Voser Chief Executive Royal Dutch Shell
plc
32 Siemens Germany Peter Loescher President & CEO Siemens AG
33 SUN Group India Nand Khemka Chairman
34 Sсhlumberger France Andrew Gould Chairman and CEO, Schlumberger
Limited
35 Telenor Norway Jon Fredrik
Baksaas
President and CEO
36 Tetra Pak Sweden Dennis Jonsson President & CEO Tetra Pak Group
37 The Coca-Cola
Company
USA Muhtar A. Kent Chairman of the Board and CEO
38 Total France Christophe de
Margerie
CEO
39 Unicredit Italiano Italy Alessandro
Profumo
CEO
40 Unilever UK/Netherlands Paul Polman CEO
41 United
Technologies
USA Louis R.
Chenevert
Chairman and CEO, United
Technologies Corporation
42 World Bank Robert B.
Zoellick
World Bank Group President