CORPORATE GOVERNANCE IN THE BRICS COUNTRIES – A CHALLENGE FOR THE GLOBAL ECONOMY

Abstract

BRICS is an acronym for the alliance of the five largest emerging economies: Brazil, Russia, India, China and the South African Republic. The BRICS member states are known for their significant impact on regional issues and are all members of the group of the 20 most developed countries in the world (G20). The projection of the BRICS countries is to become the main drivers in the growth of the world economy by 2030. Cooperation between these countries is driven not only by economic and political factors, but also by the failure of the existing global framework that determines corporate governance systems to meet the needs of these countries. The BRICS member states are continuously growing, and with political initiatives, they make a significant contribution to the development of both developed and developing countries. In recent years, these countries have been seen as drivers of global development and are characterized by well developed corporate governance systems that are continually upgrading and strengthening them.