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Corporate governance codes of Eurasian Economic Union countries: a comparative investigation

Mirgul Nizaeva (Ala-Too International University, Bishkek, Kyrgyzstan)
Ali Uyar (College of Business Administration, American University of the Middle East, Kuwait, Kuwait)

Corporate Governance

ISSN: 1472-0701

Article publication date: 7 August 2017



The purpose of this paper is to comparatively analyze the corporate governance codes of transition economies, particularly five Eurasian Economic Union (EAEU) members (i.e. Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia). Specifically, the convergence or divergence of these countries’ corporate governance codes among themselves as well as relative to the best practices of the UK Corporate Governance Code (UK Code) and the OECD Principles of Corporate Governance are investigated.


Initially, the existing literature on corporate governance with special focus on transition countries is reviewed. Afterwards, benchmarking the international best practices, based on main chapters and contents, the corporate governance codes of all countries in the sample are analyzed.


The paper finds that even though some principles of the corporate governance codes of the countries in the sample differ in some aspects, they do converge to some extent. However, high misalignments between the UK Code and the OECD Principles and the codes of selected countries in some aspects were found.

Research limitations/implications

The conclusion and implications of the study characterize the corporate governance of selected developing countries; thus, they might not be generalizable to other countries.

Practical implications

The codes of the countries in the sample should be revised, and more specifications regarding the stakeholder, board structure, its subcommittees, independence, diversity and transparency issues need to be addressed.


The paper comprehensively analyzes the contents of corporate governance codes of transition countries; from both practical and academic point of view, it was important gap that needed to be fulfilled.



Nizaeva, M. and Uyar, A. (2017), "Corporate governance codes of Eurasian Economic Union countries: a comparative investigation", Corporate Governance, Vol. 17 No. 4, pp. 748-769.



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