Peculiarities of Corporate Governance in Public Joint-Stock Companies Under Russian Legislation

E.V. Klochkova Peculiarities of Corporate Governance in Public Joint-Stock Companies Under Russian Legislation This graduate paper is aimed at identifying theoretical and practical provisions of corporate governance and analyzing the most significant problems related to corporate governance. The main objectives of the paper are: (a) systematization of the basics of corporate governance; (b) analysis of the main models of corporate governance; (c) evaluation of the role of international organizations in the development of the corporate governance system; (d) identification of peculiarities of corporate governance in public joint-stock companies; (e) forecasting the ways to solve the main problems of corporate governance. Based on this research the following conclusions were made. Firstly, the goal of corporate governance is to maximize the efficiency of the corporation and its high competitiveness. Secondly, was made the conclusion about the uniqueness of the corporate governance model that exists in Russia. Thirdly, the main way to attract funds for a public joint-stock company is IPO. The companies must comply the rules of corporate governance, which are dictated by the rules of the stock exchange. Without observance of these rules the company's shares will not be included in the quotation lists of exchanges. Fourthly, guarantees of investor's rights protection determine the level of confidence in the company, and, consequently, influence the company's competitiveness in the market, and its financial development. Fifth, the outcome of the consideration of the conflict of interest was the conclusion that it is impossible to avoid these conflicts, but we can try to minimize the clash of the interests of participants in corporate governance. Academic Supervisor: Yulia Zhukova, S.J.C., Associate Professor of the Department of Civil and Entrepreneurial Law, Faculty of Law, National Research University “The Higher School of Economics”