Edited by Geoffrey Wood and Mehmet Demirbag
Chapter 22: Reforms in Russian Corporate Governance and Evaluation of Russian Boards of Directors
Dilek Demirbas, Andrey Yukhanaev and Roman Stepanov 22.1 INTRODUCTION All organizations around the world, regardless of either Western or Eastern origin, are currently undergoing significant changes. One of the major changes within these organizations is corporate governance, and these changes in corporate governance have become the focus of all related parties such as directors, investors, stakeholders and regulators. Indeed, Tricker (2000), considering the evolution of business environment and corporate development, postulated the following chronology: entrepreneurship as a nineteenth-century phenomenum, management prevalence as a catalytic force in the twentieth century and corporate governance as a leitmotif of modern times. The common conclusion of all parties involved is that companies across the world need to adopt commonly accepted corporate governance standards in order to attract foreign capital, to become internationally more competitive and to deal with corporate governance problems in today’s economic environment. With the intention of providing the best and most commonly accepted international corporate governance standards, in 1999 the Organisation for Economic Co-operation and Development (OECD) developed an international corporate governance code and global principles of ‘good’ governance. In 2004, the OECD revised its previous attempt, Principles of Corporate Governance and defined ‘good corporate governance’. Since the date of first publication, the OECD Principles (1999, 2004) have gained substantial recognition worldwide as a framework for reforms and a reference point for corporate governance literature. Now, there is a positive tendency among company directors around the world to support reforms, partly as a result of increasing international pressures to harmonize corporate...
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