The law “On Corporate Governance” (Bill No.3062), effective June 25, 2016, provides for revolutionary changes in the work of the joint-stock companies with a significant government stake and state-owned enterprises.
In addition to state owned or controlled enterprises, all joint-stock companies must elect at least two independent directors to their Supervisory Boards, and all bank’s Supervisory Boards must consist of at least 25% independent directors. In effect, the Supervisory Boards of companies will become actual decision-making centres and assume full responsibility for the company. A significant role in the work of the Boards will be delegated to independent directors, whose existence had not previously been provided for under Ukrainian legislation.
Due to a lack of experience and a clear understanding of the legislation, a number of questions arise:
“Unfortunately, the profession of non-executive corporate director has not been formulated in Ukraine. The overall majority of those on Supervisory Boards today do not take the job as primary employment, their “vocation,” and the main source of income. We decided to hold the Forum for the purpose of informing, directing, and uniting Ukrainian corporate directors. The program of the Forum will consist of separate active cases of implementation of non-executive directors. The participants of the panel will include the owners and managing directors, members of the Supervisory Boards and other experts.
The primary focus of the Forum will be on the experience of those who may have already demonstrated real achievements, share their development, warn those who still have doubts, and warn against mistakes“, said Alexander Okunev, the Chairman of the Board of the Corporate Governance Professional Association and a lead sponsor of the Forum.
The Forum will take place on December 06, 2016 in HILTON KYIV Hotel (30 Tarasa Shevchenka blvd, Kyiv).
Forum Participants: Business owners, government officials, carrying out management of the state corporate rights, members of the Supervisory Boards, executive officers of the companies (including the state companies), representatives of Ukrainian and international investment and financial institutions, experts, consultants, and professionals working in the field of corporate law and corporate governance.
Organizers: Corporate Governance Professional Association (CGPA), International Finance Corporation (IFC). The official legal partner: International Law Firm Baker & McKenzie. The official energy partner: Donbasenergo. The official educational partner: Ukrainian Corporate Governance Institute. Sessions partners: Nova Poshta, DTEK. With support: National Securities and Stock Market Commission, ACC, IBI-Rating, PARD, UAIB, Ukrainian Advocates Association, International Institute of Business. Event-provider: Event Envoy Company.