World Bank2015-02-092015-02-092013-06https://hdl.handle.net/10986/21422This report assesses Russia's corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Russia. Corporate governance has been a major policy issue in Russia since the beginning of its transition to a market economy. The privatization process of the early 1990s was put in place before most elements of the corporate governance and investor protection framework, and there were many widely publicized abuses, leading to very low asset prices. Most observers agree that the corporate governance environment has improved in recent years as the government has enhanced the legal and policy framework, and key institutions have grown in sophistication and maturity. Many major Russian companies have also voluntarily improved their financial and ownership transparency. A number of reform initiatives are currently underway. The report (and this summary) is organized into four sections: i) the commitment of the public and private sectors to reform; ii) shareholder rights; iii) disclosure and transparency; and iv) Boards of Directors. Policy recommendations are developed in detail at the end of each section. The report also includes a special annex that details the reform agenda focusing on related party transaction approval and disclosure, based on the approach of the Protecting Investors indicator developed in the World Bank's Doing Business report.en-USCC BY 3.0 IGOACCOUNTINGARBITRATIONASSET PRICESASSET VALUEAUDIT COMMITTEEAUDIT STANDARDSBALANCE OF PAYMENTSBALANCE SHEETBIDBIDSBONDSBROKERSCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL OUTFLOWSCENTRAL BANKCENTRAL DEPOSITORYCIVIL CODECOLLECTIVE INVESTMENTSCOMMON SHARECOMMON SHARESCOMPANY LAWCONFIDENTIALITYCONFLICT OF INTERESTCONFLICTS OF INTERESTCONFLICTS OF INTERESTSCORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCORPORATE GOVERNANCE FRAMEWORKSCORPORATE GOVERNANCE REFORMCORPORATE GOVERNANCE REFORMSCORPORATE GOVERNANCE STANDARDSCORPORATE INFORMATIONCORPORATE OWNERSHIPCORPORATE OWNERSHIP STRUCTURECORPORATE SOCIAL RESPONSIBILITYCOST OF CAPITALDEPOSITORIESDEPOSITORYDEVELOPMENT FINANCEDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTDISCLOSURE REQUIREMENTSDIVIDENDDIVIDENDSDOMESTIC EXCHANGESECONOMIC DEVELOPMENTEMERGING MARKETEMERGING MARKET COUNTRIESEMERGING MARKETSENFORCEMENT POWERSEQUITIESEQUITY MARKETEQUITY MARKETSEXCHANGE RULESFEDERAL AGENCYFEDERAL BUDGETFINANCESFINANCIAL CRISESFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL STATEMENTSFINANCIAL TRANSACTIONSFOREIGN EXCHANGEFRAUDGLOBAL CAPITALGLOBAL CAPITAL MARKETSGLOBAL DEPOSITORYGLOBAL DEVELOPMENT FINANCEGLOBAL EXCHANGESGLOBAL FINANCIAL CENTERSGLOBAL MARKETGOOD GOVERNANCEGOVERNANCE ISSUESGOVERNANCE PRACTICEGOVERNANCE PRACTICESGOVERNANCE REGULATIONGROSS DOMESTIC PRODUCTHOLDINGHOLDING COMPANIESHOLDING COMPANYHOLDINGSILLIQUID SECURITIESINCOMEINDIVIDUAL INVESTORSINFLATIONINITIAL PUBLIC OFFERINGINSIDER TRADINGINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINTERNAL CONTROLINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL INVESTORINTERNATIONAL INVESTORSINTERNATIONAL STANDARDSINVESTMENT CLIMATEINVESTMENT DECISIONSINVESTOR CONFIDENCEINVESTOR PROTECTIONINVESTOR PROTECTIONSINVESTOR RELATIONSIPOJOINT STOCK COMPANIESJOINT STOCK COMPANYJOINT-STOCK COMPANIESJUDICIAL COURTJUDICIAL SYSTEMJURISDICTIONJURISDICTIONSJUSTICE SYSTEMLAW ENFORCEMENTLEGAL FRAMEWORKLEGAL PROTECTIONLIMITED LIABILITYLIMITED LIABILITY COMPANIESLLCLONG-TERM CAPITALMAJORITY SHAREHOLDERMAJORITY SHAREHOLDERSMARKET CAPITALIZATIONMARKET DATAMARKET ECONOMYMARKET INDEXMARKET INFRASTRUCTUREMARKET INTERMEDIARIESMARKET MANIPULATIONMARKET PARTICIPANTSMARKET PRACTITIONERSMARKET PRICEMARKET SIZEMARKET VOLATILITYMARKETS DATABASEMATURITYMINORITY INVESTORSMINORITY SHAREHOLDERMINORITY SHAREHOLDER PROTECTIONSMINORITY SHAREHOLDER RIGHTSMINORITY SHAREHOLDERSMONETARY FUNDMONOPOLIESNATURAL RESOURCESOIL PRICESOPEN JOINT STOCK COMPANIESOWNERSHIP RIGHTSOWNERSHIP STRUCTUREPENSIONPENSION FUNDSPORTFOLIOPORTFOLIO MANAGERSPREEMPTIVE RIGHTSPRIVATE INVESTORSPRIVATE PENSIONPRIVATIZATIONPROPERTY RIGHTSPROPORTIONAL REPRESENTATIONPUBLIC COMPANIESPUBLIC COMPANYPUBLIC ENFORCEMENTPUBLIC MARKETSPUBLIC POLICYREGULATORSREGULATORY BODIESREGULATORY FRAMEWORKREGULATORY REQUIREMENTRETIREMENT SAVINGSSECURITIESSECURITIES LAWSECURITIES MARKETSECURITIES MARKETSSECURITIES REGULATIONSECURITIES REGULATORSETTLEMENTSETTLEMENT ARRANGEMENTSSHARE PRICESHARE PRICESSHARE TRADINGSHAREHOLDERSHAREHOLDER ENGAGEMENTSHAREHOLDER RIGHTSSHAREHOLDERSSTOCK EXCHANGESTOCK EXCHANGESSTRONG CORPORATE GOVERNANCETAXTRADING ACTIVITYTRADING PLATFORMTRADING VOLUMETRANSACTIONTRANSACTION COSTSTRANSPARENCYTREASURYUNDERWRITERSVOLATILITYVOUCHER PRIVATIZATIONWEAK CORPORATE GOVERNANCEWITHDRAWALWORLD DEVELOPMENT INDICATORS10.1596/21422