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.