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Working paper

Усиление роли совета директоров как ответ на потребности развивающегося бизнеса: пример АФК «Система»

Долгопятова Т. Г., Либман А. М., Петров И. О., Яковлев А. А.
The research is based on the case-study of joint stock company “Sistema” which is a large Russian investment company controlled by its founder. The study consists of in-depth interviewing of the members of the Board of directors and members of the executive body of the company, the analysis of its internal documents and reports, and other pieces of information from open sources. The existing literature suggests that companies with concentrated ownership, even if they decide to recruit high-profile individuals as directors, rarely involve the boards in decision-making. We revealed that the transformation of its business model from operational holding company to investment one accompanied by the strengthening of the role of the Board of directors in strategic decision making and recruiting independent (mainly foreign) directors to the board in this company.