The Role of the Stock Exchange as a Regulator in the Process of Corporate Governance Practice Improvement: a Comparative Analysis of the Corporate Governance of Two Companies in the Telecommunication Industry

With the transition of the Russian economy to the stage of rapid growth in the early 2000s, the improvement of the financial and economic condition of Russian companies, accompanied by an increase in quotations of their shares, the emergence of a significant number of new issuers of securities significantly increased the interest of investors, especially portfolio companies, to Russian companies, which created an objective basis for the development of corporate governance practices. Currently, corporate governance is an integral part of the development of the financial market, and improving its practices serves as an effective mechanism to improve efficiency, maintain competitiveness and investment attractiveness of the company both in local and international markets. Companies should strive to improve corporate governance practices to maintain their sustainability, improve their financial position and enhance their investment attractiveness. Certainly, improvement of corporate governance practices is impossible without regulation of this process from outside. The stock exchange, as a financial regulator in both developed and emerging markets, is actively influencing companies and improving their corporate governance practices by applying different requirements.