Priority Directions in the Development of Corporate Governance in Russia's Power Industry
Keywords:Corporate governance, the Corporate Governance Code, Russian power generating companies, oard of directors, investors
The study identifies the strengthening of the board of directors as a priority direction of the development of corporate governance in Russian power generating companies so as to best serve the interests of their investors. This is due to numerous non-compliances of the current corporate practice with respect to those principles of the Corporate Governance Code that they shall be in charge of. These non-compliances are identified by generalized and in-depth appraisals as per the criteria set out by the Bank of Russia for complying with these principles. We propose a range of measures to strengthen the boards of directors. They are concerned with the stages of nomination, election, current activities, and performance evaluation. To this end, we delineate professional competencies of the board of directors members that are relevant under the shortening of strategic planning time frames and the advent of new technologies.