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It is no secret that the modernisation process in Russia via state-owned companies has run into a dead end. A full understanding of this stagnation requires an investigation of the governance systems and the changes going on behind them. Using the example of the two most important state-owned companies of the aviation sector, the JSC United Aircraft Corporation (UAC) and the non-profit organisation (state corporation—Gosudarstvennaya Korporatsiya) Rostec, this article shows the main differences in state corporate governance systems, identifying a presidential and a governmental governance system. In the context of this work, the term governmental is limited only to the federal cabinet and its administrations, thereby creating an awareness that different executive state bodies can exercise different forms of state governance. Overall, the sector is characterised by growing informalisation and industrial incorporation. [ABSTRACT FROM AUTHOR]