Introduction. Recently, on the pages of the scientific literature is becoming increasingly popular to discuss the issue of corporate governance in the Russian economy and building an effective system of corporate governance in domestic corporations. The reasons for this is the lack of investment in the capital market and inadequate systems of corporate governance. In order to attract investors, domestic corporations should build effective corporate governance system, and for this you need to know what elements make up this system. Theoretical analysis. Based on content analysis of corporate governance as a process and the scientific field research the author gives his vision of reason to build the corporate governance system and its contents. Author holds discussion with researchers of the problem to determine the corporate governance system and its elements, argues inclusion of an element in the system compares each element with blocks of corporate governance. The author considers such a thing as «corporate dynamics» by linking it to PhICS-model. Results. Analysis of approaches to corporate governance allowed to formulate their own vision of this category, identify the purpose of its construction and justify the inclusion of the following elements in its structure: the internal organs of corporate governance, internal and external corporate governance mechanisms, information support of corporate governance, corporate governance processes.