Trends in Developing Corporate Management in Companies with State Participation in the Russian Federation

Abstract

The article discusses acute issues of shaping the system of corporate management within the frames of state-owned companies. The author studies characteristics that group state-owned corporations by similar features and identifies key goals of corporate management. The list of all types of stakeholders is provided and interests of each group being pursued within corporate management are mentioned. Trends in the development of the state-owned corporations’ sector are analyzed and the level of their commercial activity efficiency is investigated. Theoretical aspects of corporate management and stakeholders are discussed and their impact on the efficiency of company with state capital work is demonstrated. Based on Russian and international practice the author came to the conclusion that inadequate mechanism of corporate management could cause different risks , the major one is a conflict of interests of stakeholders. Principle risks in the system of corporate management observed in Russian economy are enumerated. In order to improve the process of managing corporate risks in companies with state participation the author advanced a number of changes, which should be made in the Russian corporate legislation. Recommendations aimed at resolving the problem of inefficient system of corporate management are put forward. Special attention is paid to the issue of professionalism and independence of the Board of Directors in state-owned companies.

Keywords

• state sector
• state-owned company
• state-owned corporation
• stakeholders
• concerned persons