The Russia Journal

In Russia for more than three years now, Roger Munnings has seen both sides of the Russian economic growth cycle – from the boom of 1997-98, to the ensuing crash in August 1998 and now a gradual rise again.

"It is the most challenging position I have ever had and, as a result, the most enjoyable," Munnings, 49, said. As well as holding the posts of KPMG chairman in the CIS and managing partner in the Moscow office, Munnings is also chairman of KPMG's Global Energy, Power and Natural Resources Practice.

He took the opportunity to come here from London because of Russia's importance in the international energy sector.

"That was not a mistake. You look at oil and gas prices and Russia's enormous reserves of them and realize the importance of the country," he said.

Munnings said Russia's economic prospects depend on how the government formats its economic infrastructure. He said part of that process involves attracting capital from Russians who have money abroad back into the county.

But generally, he is optimistic. Munnings believes acting President Vladimir Putin has generally been a positive force in Russia. He believes Putin's nationalism is not such a bad thing "as long as nationalism doesn't turn into imperialism."

As to how long Munnings will remain in Russia, he said he reviewed his position just before Christmas and has decided to stay on for at least two years – provided the members of the board don't suggest otherwise, he added.

Munnings, who is British, joined KPMG's London office in 1974 and became a partner in the firm in 1987.

"You constantly have to ask yourself whether you're adding value to the business; or whether there is something else you would rather do," Munnings said, in explaining his management philosophy.

"Also, as the leader of a business you have to be acutely aware that sooner or later, someone is going to be able to do the job better than you," he said. Munnings believes it is the duty of the head of a company to constantly be searching for a successor.

"The other question you have to ask is whether you have reached a time expiry date, which everyone has, I don't think I have reached that yet, and I'm certainly extremely happy doing my job."

– MICHAEL HEATH