This article analyzes the implementation of the G20/OECD Principles of Corporate Governance by Russia compared to other BRICS countries and Indonesia. Originally, these principles were adopted by the Organisation for Economic Co-operation and Development (OECD) in 1999. The last (third) version was developed in 2014–2015, with the active involvement of the Group of 20 (G20), and was adopted at the G20 Antalya Summit in Turkey in November 2015. There are no dramatic changes in the new document, although it contains several new recommendations that became necessary after the 2008 global financial crisis.

The article focuses on the actions of six countries and on real changes in these countries. The author assesses the OECD recommendations on implementing the G20/OECD principles. According to these recommendations, researchers should not pay much attention to quantitative analysis, because many important issues are unobservable for them. The author thus accentuates qualitative research methods and comparative analysis. The results of the study show that Brazil, Indonesia and Russia were most active in implementation, and South Africa and China did not act, and India achieved only partial implementation.

Despite the vast documentation on the formal implementation of corporate governance principles in Russia in recent years, there has been little real improvement in terms of information disclosure (including data on management remuneration), gender diversity on corporate boards and the share of independent directors. Moreover, Russian companies are characterized by a high concentration of capital, and the role of boards is often reduced to formalities. Still, the author assesses Russia’s efforts as “substantial implementation,” mainly for its initiative (and not results). The study also concluded that similar limitations are found in the other countries it researched.