Corporate Governance and Control in Russian Banks

The Working Paper employs the paradigm of new institutional economics to examine peculiaritiesof the Russian model of corporate governance and control in the banking sector. The study reliesupon theoretical as well as applied research of corporate governance in Russian commercial banksfeaturing different forms of ownership. We focus on real interests of all stakeholders, namely bank andstock market regulators, bank owners, investors, top managers and other insiders. The Anglo-American concept of corporate governance, based on agency theory and implying outside investors’control over banks through stock market, is found to bear limited relevance. We suggest some ways ofovercoming the gap between formal institutions of governance and the real life....