Influence of the Board of Directors on Development Strategy Formation in Russian Corporations with State Participation

Improving the quality of corporate governance in Russian companies today is an integral factor influencing the strengthening of the company's position in the capital market, easing administrative barriers, increasing transparency in the interaction of the company and the Russian Federation's position in international ratings. One of the most important elements of corporate governance is the Board of Directors. Its importance is explained by the variety of tasks performed in the company: responsibility for the implementation of the strategic process, representation of the interests of all groups of shareholders, control of the Executive body, leveling of emerging corporate conflicts. The Board of Directors is an integral part of corporate governance of any joint-stock company, including corporations with state participation. Today, corporations with state participation have a significant weight in the Russian economy. In practice, companies with state participation pursue the implementation of goals related to the implementation of public interests, which is in contrast to the main objectives of the enterprise – the creation and implementation of a strategy that maximizes profits and attracts investors to the company. This contradiction also affects the activities of the Board of Directors: in the context of limited resources, it is necessary to observe a fairly complex balance of public and private interests. The purpose of the study is to study the impact of the Board of Directors on the development strategy in the Russian Corporation with state participation. The result of the work is to identify the deep features of the functioning of Russian corporations with state participation, the features of the boards of Directors in companies with state participation, to develop recommendations for improving the practices of corporate and strategic management in terms of the work of the Board of Directors.