ABSTRACT
Countries where economies are said to be “in transition” are the Commonwealth of Independent States (CIS) and the Central and Eastern European Countries (CEEC).1 As regards the CIS, this chapter will focus on its European part, i.e. Russia, Ukraine and Belarus and, within on its Eastern part, Kazakhstan and Georgia. Those countries went through multiphase partial privatization processes that influenced the inception of corporate models within these countries and induced an implicit somewhat specific and evolving over time “stakeholder model” of corporate governance (CG). In the CEEC CG standards are significantly at western level today, while in the CIS countries they are well behind and submitted to a specific stakeholder model. The main evolution driver toward improved CG resides in few dynamic companies in search of international financing.
