This document discusses the importance of good corporate governance and board formation for companies seeking to go public or increase their market capitalization. It notes that emerging market companies often trade at a discount due to investor concerns about issues like rule of law, financial reporting, controlling shareholders, and corruption. However, companies that have improved their corporate governance through independent boards have been rewarded with higher valuations. The document advocates for a gradual process of evolving a company's governance over two years prior to an IPO, and notes some specific Russian legal considerations regarding board nominations and independence definitions. It provides examples of Russian companies like Uralkali and Polyus Gold that strengthened their governance and were subsequently rewarded in the market.