Brief
Russia has made substantial progress in the area of corporate governance, although the governance system in Russia was not particularly progressive to begin with.
Russian board elections are quite different from board elections in most other markets. Directors in Russia are elected through cumulative voting, for terms lasting until the next AGM; there are often more nominees than there are seats; this system tends to result in boards with higher turnover than in many other markets.
Certain types of resolutions trigger the right of withdrawal (“Dissident Rights”), which is common in this market.
