Corporate governance, integration and reorganisation: the contemporary trends of russian corporate groups

The problem of corporate governance has been acquiring prominence in Russia since the second half of the 1990s. The external stimuli were the processes going on a global scale, namely the growing interest in corporate governance in the USA and some other countries in the 1980s, the worldwide financial crisis of 1997-1998, and the problems faced by corporations in countries with developing markets. In Russia, the initial interest to corporate governance objectively arose only after the completion of mass privatisation during 1993-1994. In the 2000s the largest Russian groups have begun a search for an appropriate place in the system of international economic relations. The adequacy of the chosen strategy largely depends upon the owners motives (a strategic development of a competitive group or a withdrawal from a business with a fixed profit) and can be confirmed only in the course of time.