Despite increasing attention towards Russias economy and capital
market, corporate governance norms of Russian public firms are
rarely analyzed. This project presents and interprets evidence
regarding various governance practices followed by Russian firms
covering almost the entire period of the existence of the Russian
stock market. Its findings run counter to some widely held beliefs
according to which Russia is a country with high resistance to
corporate innovations due to socialist imprints. Part one of this
two-volume study focuses on the role that boards of directors play
in reducing intra-corporate agency conflicts. Russian companies
have adopted progressive governance mechanisms including director
independence, nationality and gender diversity on the board,
dismissal of poorly performing CEOs, and cross-listing of companies
on foreign markets with stringent reporting obligations. Some of
these innovations have had notably positive impact on firms
performances and market valuation. Others, such as nationality
diversity on boards of directors, enhanced the image of Russian
companies but made little contribution towards improving internal
governance. Unresolved issues impeding further progress include
limited liability of directors towards shareholders due to
imperfections of the Russian legal system, a taboo on disclosures
of executives compensations, and generally high risks of conducting
business in Russia. Despite impressive improvements in internal
practices, Russian firms still have a long way to go to achieve the
governance levels of their peers in developed countries.
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