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STATE AND DEVELOPMENT OF CORPORATE GOVERNANCE IN THE UKRAINE

 
28.10.2019 16:57
Автор: Kovtun Evgeniy Ivanovich, PhD student of the Department of World Economy and International Economic Relations of the Institute of International Relations of Taras Shevchenko National University of Kyiv
[Секція 1. Економіка та підприємництво;]

Quite important aspects of big business in the Ukraine should consider the features of corporate governance in companies. For the Ukraine this aspect is extremely important. This is confirmed by the fact that the existing National Securities and Stock Market Commission in the country carries out methodological support of implementation and development of corporate governance principles in accordance with the legislation, conducts audits of issuers' activity on the state of corporate governance, generalizes the practice of applying the legislation on corporate governance, etc. This implies that in all business areas, in particular in the field of engineering services, corporate governance should become one of the key elements and a prerequisite for successful business operations. The goal of effective corporate governance is to achieve the optimum balance of interests of all parties: shareholders, management, customers, suppliers of products and services, creditors, the state and society. Corporate Governance covers virtually all areas of activity – planning, internal control, performance appraisal, disclosure and much more.

In the Ukraine a large number of enterprises have chosen a joint-stock legal form, so the implementation of the best standards of corporate governance in them is of great importance for the country's investment attractiveness. The key to implementing effective corporate governance is to bring the internal documents of the joint-stock company into compliance with the rules of the current legislation. The development of corporate governance in the Ukraine is carried out in accordance with the Law of the Ukraine “On Joint Stock Companies”, as well as other regulatory, methodological recommendations and documents in this area, adopted by the National Securities and Stock Market Commission [1].

In the classic corporate governance literature, shareholder interests are generally based on the short-term profitability and long-term performance of businesses. According to Cooper (1987), “interests of stakeholders rely on productivity, employment and enterprise performance”. The author wrote: “Critics claim that huge amounts of money do not go to the productive benefits of companies, and middle-management workers do not need to be hard pressed to lose their jobs” (Cooper, 1987:79). The author states that “managers are more concerned with increasing short-term profits to increase the value of their companies' shares, rather than improving product quality” (Cooper, 1987:79) [2]. The author determines that very often the problem arises in the relationship between the management of the company and the shareholders.

Joint-stock companies in the Ukraine should form a corporate governance system in accordance with generally accepted principles of economic development and cooperation in the world and international standards, such as ISO 9001:2015 “Quality Management System”, ISO 50001:2011 “Energy Management System”, and others. Thus, large companies must have a high-quality approach to the corporate governance system, clearly organizing subsystem of accountability of managers to shareholders, subsystem of relationship between managers and company owners, subsystem of management company designed for equitable distribution of results, subsystem of measures and rules that help shareholders’ “control of the company and influence management”.

According to Buchholz (1986:35), “corporate governance and management are defined in the context of legal doctrines and regulatory activities that specify the rights and responsibilities in the two-dimensional relationship between the board of directors (acting as shareholder agents) and senior management” (Buchholz, 1986:35) [3]. The author suggested that “the most important shareholder right in terms of the traditional legal model is the right to elect the board of directors that serves the shareholder agent in corporate decision making. In turn, corporate governance is selected by the board to perform the day-to-day tasks required to serve the interests of shareholders” (Buchholz, 1986: 35) [3].

One of the main tasks of the company's management is the formation of corporate values. Corporate governance and corporate culture are created not only by executives to succeed, but also by employees, establishing relationships within their team and at the level of customer interaction. In the absence of good corporate governance or in case of poor corporate culture at the first crisis, the company will meet with disaster or at least will fail. Companies that seek a firm foothold in the market, become leaders, have regular customers need to build an effective corporate governance and corporate culture.

Undoubtedly, a high level of corporate governance and corporate culture is the most important indicator of a company's success and transparency in the market. According to statistics, the productivity of happy employees is more than 30% [4]. Nevertheless, if the internal morale in the team is not properly adjusted, it affects the entire company, as well as customers and partners. Consumer satisfaction is directly dependent on staff satisfaction. 

List of used sources:

1. National Securities and Exchange Commission details of commission activity registers documents for market participants [Electronic resource] Access mode: // https://www.nssmc.gov.ua/corporate-governance/ 

2. Cooper, Mary, H., (1987): Corporate Takeovers, Congressional Quarterly’s Editorial Research Reports, February 20

3. Buchholz, Rogene, A., (1986): Business Environment and Public Policy, 2nd Edition, New Jersey: Prentice-Hall

4. Corporate culture: experience of the Ukrainian business [Electronic resource] / Sergey Bulavin, Senior Vice President of AgroGeneration, / Access mode: // https://ceoclub.com.ua/expertise/korporativnaya-kultura-opyt-ukrainskogo-biznesa

_______________________

Scientific adviser: Zablotska Rita Olexandrivna, Doctor of Economics, Professor, Department of World Economy and International Economic Relations, Institute of International Relations of Taras Shevchenko National University of Kyiv



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