Features of Corporate Governance Development in Russia in Modern Economic Conditions

Abstract

This article is devoted to the analysis of the problems of corporate governance development in Russia in the current geopolitical situation. Currently, there is a certain dissonance in the trajectories of the development of the world and Russian economies in terms of their ESG transformation. If in the international economic space ESG factors of development are in the first place when making decisions about investing in projects and securities, then in Russian reality these factors do not find such interest from investors. In addition, one of the constituent factors of ESG transformation – corporate governance (G) – is undergoing significant changes in terms of regulatory regulation and practical use in Russia as part of the anti-sanctions policy. The impact of changes in Russian regulatory documents regarding the operation of corporate governance principles on changes in business value is analyzed. Proposals are made on the amendments to regulatory documents to mitigate their negative impact on the growth of business value. The aim of the research is to analyze legislative changes in the field of corporate governance in Russia and the impact of these changes on the formation of the business value of Russian companies. The objective of the research is to identify the factors influencing the change in the value of the business as a result of the adopted changes in the regulatory framework in the field of corporate governance in Russia. The research is based on a general scientific methodology involving the use of methods of systematic and comparative analysis, analysis and synthesis, methods and approaches of evaluation activities. Changes in regulatory documents in the area of corporate governance affect all seven principles of corporate governance under the Code of the Bank of Russia. These changes have both a positive and negative impact on the stock price and the value of the business. The article provides suggestions for leveling the negative impact of changes in regulatory documents in the field of corporate governance on the value of business.