239 Copyright © 2015, IGI Global. Copying or distributing in print or electronic forms without written permission of IGI Global is prohibited. Chapter 12 DOI: 10.4018/978-1-4666-6551-4.ch012 International Integration and Corporate Governance Practices in Russia ABSTRACT This chapter considers the institutional environment in Russia, its potential impact upon governance practices, and the attitudes of Russian executives towards the alignment of governance processes rela- tive to international standards. Focusing on corporate board directorship, the research addresses the extent that the harmonization of governance to international standards may assist boards of directors to improve their corporate development. Using a survey questionnaire, the authors explore perceptions of directors of public companies concerning the challenges of corporate governance development in the country. The study illustrates unanimity among the respondents about the reforms needed for interna- tional convergence of corporate governance standards. The results reveal that institutional alignment with good governance principles will foster strategic corporate development in the Russian economy. The study ofers insights to policymakers in terms of enhancing legitimacy of corporate governance in the Russian context and provides a perspective for executives of foreign companies considering invest- ment in the country. INTRODUCTION The Russian Federation is presently undertaking further economic transition aimed at building a developed economy as part of a modern society (Puffer & McCarthy, 2011). Somewhat ambitious objectives have been announced by the govern- ment including further privatization of the state controlled assets, a reduction of government presence in the economy, accession to the Orga- nization of Economic Cooperation and Develop- ment (OECD), and the conversion of Moscow into a world financial center. The main focus is to introduce innovative approaches of produc- Andrey Yukhanaev Northumbria University, UK Thuyuyen Nguyen Northumbria University, UK Dilek Demirbas Yıldırım Beyazıt University, Turkey Peter Galvin Curtin University, Australia