Working Papers
Prospects for Corporate Governance Development in Belarus
The aim of the paper is to analyze the current state of and prospects for the development of corporate governance in Belarus to ensure more effective and wide-scale implementation of the core principles of corporate governance in the state-controlled and the private sectors.
The study is based on the results of two focus groups comprising representatives of supervisory boards (boards of directors) and CEOs of state-owned enterprises, 10 in-depth semi-structured interviews with experts and practitioners, as well as a sample survey of 120 businesses of different legal forms employing over 100 workers. The analysis of quantitative and qualitative data demonstrates a fragmented implementation of corporate governance approaches in the state-controlled and private sectors that is primarily caused by deeply-rooted governance and management practices, insufficient awareness of the mechanisms and benefits of corporate governance, and a low level of trust in society. The results of the analysis of quantitative and qualitative data were used to define a number of recommendations aimed at improving the institution of corporate governance in Belarus.