CORPORATE CONTROL AND CORPORATE GOVERNANCE IN RUSSIAN COMPANIES
The article analyzes the features of corporate control and corporate governance in Russian public joint-stock companies (PJSC) with large private owners. The factors that indicate the manifestation of corporate control are analyzed: the position of a major shareholder in the company`s governance bodies and the powers of governance bodies in relation to controlling the activities of top management. The analysis of corporate governance features using the GAMMA (Standard & Poor`s) methodology is carried out. The study showed the high role of a large owner in controlling the activities of the company`s top executive body. This is due to the position of the owner in the governance bodies, in most cases, this is the position of the Chairman of the Directors Board. In addition to the owner`s initiative, the corporate governance system in companies with a large private owner is also influenced by other factors: the presence of minority shareholders and listing on stock exchanges, including foreign ones. As in most emerging economies, majority shareholders determine corporate governance processes in Russian companies. The representation of independent directors in the studied companies is generally significant, and in half of the companies it is half and the majority of the sample, which indicates an effective system of checks and balances. Keywords: share capital, joint-stock companies, joint-stock ownership, corporation, corporate relations, corporate control, corporate governance, property relations. Highligh ts:
♦ the features of corporate control in Russian companies with a large private owner are revealed;
♦ the impact of a large frequent owner on the formation of elements of corporate governance (business transparency and the activities of the Board of Directors);
♦ the factors influencing the corporate governance system in public companies with a large private shareholder are identified.
Irina Yu. Belyaeva, Doctor of Economics, Professor.; Olga V. Danilova, Doctor of Economics, Professor.; Kirill V. Uskov, Candidate of Economics, Associate Professor. - Financial University under the Government of the Russian Federation, Moscow.