Russia : Corporate Governance System in Russia

Abstract

Russia went through a period of privatization of its economy after the Cold War, and more recently, in the early 2000s, it began to increase state participation in the capital market. This environment has implications for the country’s governance structure and practices. Therefore, this chapter aims to describe the main features of Russian corporate governance. A systematic literature review was performed based on several sources—scientific articles published in relevant journals, information published by the Russian stock exchange and non-governmental entities recognized worldwide, and regulations issued by Russian state agencies. The results reveal that Russia sought to improve corporate governance mechanisms after privatization. However, it still fails to protect minority shareholders and to concern enforcement. Also, policies to encourage the participation of women in governance bodies are non-existent. Nevertheless, these findings contribute insights that can help the state improve corporate governance practices in Russia and provide a basis for developing new research on this topic.