Roza Nurgozhayeva

Roza currently serves as Vice President-General Counsel at Nazarbayev University, Kazakhstan.  She was a Postdoctoral Fellow at the Center for Asian Legal Studies, Faculty of Law, National University of Singapore. Before joining Nazarbayev University in 2014, she practiced law for more than 7 years as an in-house counsel of a commercial bank, a member of an international financial group, where she provided in-house support for bank operations, major acquisitions, securities’ issuance, and litigation. She completed her bachelor’s degrees in law (cum laude) and economics in Kazakhstan and LLM at Cornell Law School. She holds a Doctor of the Science of Law degree from Cornell University.

Designation: Nazarbayev University
Institution: Nazarbayev University
Paper: Corporate Governance in Russian State-owned Enterprise
Abstract: The paper studies state ownership systems and the institutional environment in Russia. Russia is the largest transition country in terms of its geographic area, with half of its territory located in Asia. Since the late 1990s-early 2000s, when Bernard S. Black and Reinier Kraakman studied Russian institutional reforms, there has been a gap in the comprehensive analysis of the dynamics of corporate law and corporate governance in Russian companies and specifically SOEs. In 2012, Russia was the eighth biggest investor economy, according to the United Nations (UNCTAD). Today, Russian SOEs are among the world's most powerful companies. Russian SOEs account for the most substantial stake of Russian exports represented primarily by commodities since Russia is one of the leading producers of crude oil and natural gas in the world. The economic relationship between the European Union and Russia - and particularly Russian SOEs - is critically important. European countries import 84 percent of Russia's oil exports and about 76 percent of its natural gas according to the Energy Information Administration (EIA). In other words, the region is heavily dependent on Russian oil and natural gas resources. Russia's SOEs represent Moscow's main channel of political and economic influence. Therefore, it is critical to understand and examine corporate governance and performance of Russian SOEs today, the institutional context in which these SOEs operate as well as how and to what extent Russia's institutions influence corporate law, corporate governance, and SOEs in the region. The case of Russia can resonate with a larger group of countries that share the same post-soviet legacy, beyond the former Soviet Union. Most emerging markets and transition economies in the world suffer from similar institutional shortcomings. The paper provides an in-depth academic analysis that critically examines the course of legal and corporate governance reforms in Russia. It combines factual knowledge with a theoretical understanding of the debates surrounding corporate governance in SOEs.