The paper presents an analysis of current corporate governance problems in the Russian power companies. The analysis suggests mainly the assessment of whether or not these companies observe the principles and recommendations stipulated in a new Code of Corporate Governance. Special attention is paid to the role and problems of the Boards of Directors. The priority and directions of their improvement aimed at enhancing the corporate governance in the Russian electric power industry are substantiated. The focus is made on the stages of nomination, election, current activity and performance assessment of the Boards of Directors, which will make it possible to successfully implement these directions.

Key words: corporate governance, Russian power companies, Boards of Directors, priority, principles and recommendations of the Code of Corporate Governance.