CORPORATE GOVERNANCE DETERMINANTS IN RUSSIA’S MINING AND METALLURGICAL INDUSTRY UNDER INSTITUTIONAL TURBULENCE CONDITIONS

Abstract

Introduction. The study examines the determinants of corporate governance under conditions of institutional turbulence in 2022–2024, using Russian mining and metallurgical companies as empirical evidence. The relevance of the study is determined by sanctions pressure, redistribution of ownership, disclosure restrictions and changes in the composition of boards of directors. The purpose of the study is to arrange the determinants of corporate governance under conditions of institutional turbulence in 2022–2024 based on a comparative analysis of the practices of leading Russian mining and metallurgical companies.

Materials and methods. The theoretical framework is based on the G20/OECD Principles of Corporate Governance, the Corporate Governance Code of the Bank of Russia, the Enterprise Risk Management approach (ERM) and the ISO 31000 standard. The empirical base includes annual reports, sustainability reports, corporate policies and disclosures of public issuers in the mining and metallurgical sector. The study applies comparative and structural analysis, as well as thematic coding of indicators: board composition and independence, committee mandates, sanctions risks, remuneration, dividends, and the use of the Global Reporting Initiative (GRI) and Task Force on Climate-related Financial Disclosures (TCFD).

Results. The study reveals formal convergence of corporate governance practices of Russian mining and metallurgical companies with international recommendations, while actual implementation remains heterogeneous. The key determinants include sanctions and personnel risks, changes in board composition, reduced disclosure transparency, the strengthening of committees, the development of risk management and internal control, adjustments to dividend policy, and ethical and anti-corruption practices. Non-financial disclosures of the sample companies are oriented toward GRI and TCFD, but differ in completeness and level of detail. The study identifies disclosure asymmetry, a decline in the share of independent and foreign directors, volatility in dividend decisions and differences in adaptation strategies.

Discussion. The results clarify the gap between formal compliance with standards and the actual practices of companies in the industry. The study shows that the board of directors, risk management, internal audit, information policy and dividend rules become channels of adaptation. The practical significance lies in identifying control metrics of resilience and developing recommendations on board independence, transparency of payments, climate-related disclosures, automation of risk processes and post-sanctions monitoring.