The Evolution of Corporate Governance Mechanisms in Emerging Economies: The Case of Turkey
This chapter examines the process of privatisation in Russia and the key features of the Russian model of corporate governance (CG). Current trends in implementing corporate governance practices and the Corporate Governance Code in the Russian Federation. The Russian model of corporate governance was formed against the background of privatisation processes in Russia. The first phase was the so-called voucher privatisation. Its main purpose was to distribute vouchers, or ownership rights, in state enterprises to managers, workers and the public. The primary purpose of a new stage of privatisation is finding an effective owner to replace the state. At present, privatisation of the federal property is one of the tools encouraging the transition towards innovation and socially driven development of the economy. Among the most pressing issues facing CG in Russia are the opportunism of managers, risk management, the principles of the Board formation, transparency in the CG system and corporate social responsibility (CSR).