Open AccessNew Opportunities for the Development of Corporate Governance in Power Generating Companies for the Benefit of Investors
Author(s) -
Galina I. Sheveleva
Publication year - 2021
Publication title -
energy systems research
Language(s) - English
Resource type - Journals
ISSN - 2618-9992
DOI - 10.38028/esr.2021.03.0006
Subject(s) - corporate governance , business , accounting , compliance (psychology) , corporate security , stakeholder , code (set theory) , finance , economics , management , psychology , social psychology , set (abstract data type) , computer science , programming language
The paper presents an analysis of the central metrics of corporate governance in wholesale and territorial generating companies of the electric power industry that concern ownership structure and compliance of the companies with the principles of the Corporate Governance Code based on their performance results of 2018 - 2019. An increase in ownership concentration and the presence of the state in the competitive segment of the electric power industry is noted. This study has identified the least met criteria for evaluating compliance with the principles of the Corporate Governance Code. The possibilities of developing corporate governance for the benefit of investors are elucidated. These are tightening control over the observance of international "soft law" ("comply or explain"); expanding the criteria for evaluating compliance with the principles of the Corporate Governance Code that are recommended by the Bank of Russia; updating the Corporate Governance Code based on ESG (Environmental, Social, and Governance) transformation. A new form of oversight over compliance with the Corporate Code principles and criteria for evaluating the adherence to the ESG principles are proposed.