The MoscowTimes.com had an article yesterday about corporate governance practices in Russia. There's a good summary of the article at the CIPE Development Blog.
The Moscow Times article discusses a study by the Russian Institute of Directors that found that many Russian companies are not yet serious about governance issues and even those preparing to do an IPO do not engage in the window dressing typical of companies about to go public. At most, companies preparing to go public appoint a couple of outside directors whose names might be recognized abroad.
The study also found that poor disclosure practices remain an issue for Russian companies. Some companies engage in the sort of practices that led the SEC to adopt Reg FD a few years ago.