Implementing the G20/OECD Principles of Corporate Governance

The article analyses the implementation of the G20/OECD Principles of Corporate Governance by Russia \nin comparison to other BRICS countries and Indonesia. Originally, this document was adopted by OECD in \n1999. The last (third) version of the document was developed in 2014–2015, with an active involvement of \nG20 countries, and was adopted at the G20 Summit in Antalya (Turkey) in November 2015. Dramatic changes \nare absent in the new document, however, it contains several new recommendations, which became necessary \nafter the global economic crisis of 2008–2009. \nThe article is focused on the actions of six countries that were chosen for the analysis, as well as on the \nreal changes in these countries. The author takes into account OECD recommendations on the assessment \nof implementation of G20/OECD principles. According to these recommendations, researchers should not \npay too much attention to the quantitative analysis, since many important issues are unobservable for them. \nConsidering this, the author accentuates qualitative research methods and comparative analysis. The results of \nthe study show that Brazil, Indonesia and Russia were most active in implementation, while South Africa and \nChina lacked any actions, and India achieved only partial implementation. \nDespite the large number of facts documenting formal implementation of corporate governance principles \nin Russia during the last years, Russia definitely lacks real improvements. This is true for information \ndisclosure (including data on the management remuneration), gender diversity on corporate boards, the share \nof independent directors, etc. Moreover, Russian companies are characterized by high concentration of capital, \nand the role of boards is often reduced to formalities. According to the results of the research, similar limitations \nare found in the systems of corporate governance of other countries covered by this study. Taking into account \nthe limited accessibility of information on real changes and real implementation in other BRICS countries and \nIndonesia, the author assesses the Russia’s efforts as “substantial implementation”, though due to the presence \nof gaps between actions and changes, Russia’s efforts should be assessed as “partial implementation

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