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Corporate governance in Russian companies has become a growing concern in recent years that has gained significant attention. In Russia, the concept of corporate governance refers to the relationships among a company's management.

Historically, corporate governance in Russia has been criticized for poor practices. Many Russian companies lack clear systems of internal control. Furthermore, corporate governance has been impacted by inadequate disclosure of financial information.

However, in recent years, there have been major initiatives to improve corporate governance start business in Russia Russian companies. The Russian government has developed policies to promote corporate governance. For example, the Joint Stock Companies Law recommends best practices for corporate governance.

In 2012, the Russian government introduced, the Federal Law on the Joint Stock Company, which strengthened the regulatory framework. The law recommends best practices for corporate governance.

In addition, the Russian government has introduced regulatory requirements for the establishment of new corporate governance standards. The code encourages companies to adopt internationally recognized principles of corporate governance.

Moreover, large Russian companies have started to adopt Western-style corporate governance practices, such as the implementation of risk management processes. Many major Russian companies have increased their transparency on their corporate governance practices in their annual reports, which has promoted best practices.

Notably, large Russian companies, such as Yandex and Mail.ru, have incorporated best corporate governance practices into their corporate structures. Some smaller companies, however, still face challenges in implementing corporate governance.

These are the ones that are typically impacted such as sectors with less stringent regulatory requirements.

More importantly, foreign investment has had significant influence in Russian corporate governance practices. Many foreign investors have pushed Russian companies improving their corporate governance standards. These investors have brought in significant capital.

Despite these advances, the challenge remains, in terms of improving corporate governance in its companies. Corporate governance practices in Russia are still evolving, behind those of many Western countries, and the lack of a clear regulatory framework for corporate governance remain a significant issue.

Furthermore, many smaller companies still lack a clear system of internal control. This can impact the company's financial performance.

In conclusion, corporate governance in Russian companies has come a long way in recent years, but there is more work to be done to achieve the international standards that are recognized. Efforts should be focused on strengthening corporate governance standards and to provide smaller Russian companies with the necessary resources.