HSE Laboratory “Corporate Finance” Researchers and Students Present Study on Corporate Governance Practices in Russian Companies
On December 17, 2025, the Scientific and Expert Council (SEC) of the Institute of Economics, Russian Academy of Sciences (IE RAS), held a session titled “Corporate Governance in Russian Companies: Toward Balanced Transformation.” The discussion is based on a new joint study, “Current Trends in Corporate Governance Practices of Russian Companies (2025),” developed by the Research and Educational Laboratory “Corporate Finance” at HSE University in collaboration with the Russian Institute of Directors (RID).
The research was led by Elena Makeeva and Konstantin Popov, with active contributions from students of the IPS “Corporate Finance in BRICS+ Countries: National Governance Models and Business Sustainability”: Victoria Barsukova, Zhanna Zhakiyanova, Anna Tomilina, Anna Tryasina, and Albert Ibragimov. Their analytical work played a crucial role in data collection, comparative benchmarking and interpretation.
Research Scope and Methodology
This study analyzes corporate governance practices among 60 Russian public companies listed at Level 1 of the Moscow Exchange—market leaders spanning key sectors, including finance, energy, telecom, mining, and retail. Data were drawn from 2024–2025 annual reports, sustainability reports, issuer disclosures, and corporate documents, enabling a robust comparative analysis with the BRICS countries.
Key Findings
- Ownership Concentration: 44% of Russian companies have majority shareholders holding 50-75% of voting shares, similar to BRICS peers (43%). - Board Independence: 32% of Russian firms have 50%+ independent board members, below BRICS average of 54%.
- Gender Diversity: 39% of Russian boards lack women, versus 30% in BRICS countries. Female top management representation remains low. - Digital Governance: 97% of Russian companies hold online shareholder meetings.
- ESG Integration: - 53% of Russian companies embed ESG goals in strategy (vs. 78% in BRICS). - 65% report board ESG risk oversight (vs. 73% in BRICS). - 48% have board-approved ESG policies.
- Executive Compensation: 3% of Russian firms disclose individual executive pay, versus 56% in BRICS.
- Board Evaluation: - 72% provide board training, 22% have succession planning (vs. 43% in BRICS). - 38% conducted independent board evaluation in three years.
- Ethics & Compliance: - 89% have Code of Ethics. - 92% have anti-corruption policies.
- Sustainable Finance: 18% of Russian companies use green financing, below BRICS average of 37%.
Looking Ahead
This research highlights both the progress and persistent gaps in Russia’s corporate governance landscape. While digitalization and basic compliance frameworks are well developed, areas such as board independence, gender diversity, pay transparency, and strategic ESG integration offer significant room for improvement.
The findings will inform future academic publications, policy recommendations, and educational modules within the HSE curriculum, reinforcing the laboratory’s mission to bridge research, practice, and international standards.