The Main Issues of Corporate Governance in Modern Russia

The relevance of researching the main problems of corporate governance is determined by the necessity of identifying scientific methods of solving the practical task to increase the efficiency of Russian enterprises and Russian economy in general. Researchers both in Russia and other countries of the world as well as respectable international institutions such as Organization for Economic Cooperation and Development, stock market regulators, stock exchanges, rating and auditing agencies and large security holders attach special importance to corporate governance problems. The authors of this article are trying to figure out the crucial problems of corporate governance in Russian companies, which in the future can form the basis for elaborating a set of measures to improve corporate governance in Russia. In their study the authors rest upon researches conducted by other scientists and both state and nonstate active stock market participants, as well as on their own investigations. The novelty of the research results consists in consolidation of corporate governance studies for 2015-2017 period, and also in the authors’ independent investigations and finding out the main corporate governance problems in Russia as of 2017-2018 years. The content of this article represent theoretical value for academic specialists studying corporate governance as well as RESUMEN: La relevancia de investigar los principales problemas del gobierno corporativo está determinada por la necesidad de identificar métodos científicos para resolver la tarea práctica de aumentar la eficiencia de las empresas rusas y de la economía rusa en general. Los investigadores tanto en Rusia como en otros países del mundo, así como las instituciones internacionales respetables como la Organización para la Cooperación y el Desarrollo Económico, los reguladores del mercado de valores, las bolsas de valores, las agencias de calificación y auditoría y los grandes titulares de valores otorgan especial importancia a los problemas de gobierno corporativo. Los autores de este artículo están tratando de resolver los problemas cruciales del gobierno corporativo en las empresas rusas, que en el futuro pueden constituir la base para elaborar un conjunto de medidas para mejorar el gobierno corporativo en Rusia. En su estudio, los autores se basan en investigaciones realizadas por otros científicos y participantes activos en el mercado bursátil tanto estatales como no estatales, así como en sus propias investigaciones. La novedad de los resultados de la investigación consiste en la consolidación de los estudios de gobierno corporativo para el período 2015-2017, y también en las investigaciones independientes de los autores y el descubrimiento de for practitioners effecting state and non-state regulation of corporate governance, which will allow them to modernize their policies of administering corporate processes in Russia. The researches and conclusions outlined in this article can be beneficial in practical terms for investors interested in putting their capital into Russian businesses as well as for the executive bodies, members of Boards of directors, corporate secretaries and other people effecting corporate governance in Russian companies and seeking improvement of corporate governance quality.