A Survey of Corporate Governance in Russia

Abstract

In this survey we describe the current state of corporate governance in Russia and discuss its dynamics and prospects. Corporate governance has become an important topic in Russia once again, and there is a clear trend among the largest Russian companies to adhere to good corporate governance standards by increasing disclosure, complying with international accounting standards, placing “independent directors” on boards, and adopting corporate governance codes, for example.There have also been initiatives to improve corporate governance from the government, regulators and various private agencies. The government is adopting new laws and amendments to the existing laws. The Federal Financial Markets Service (FFMS, formerly the Federal Commission for Securities Markets) introduced the Code of Corporate Conduct. Private agencies are proposing their own initiatives and publishing their own corporate governance ratings.