On 25 May 2024, experts of the Corporate Governance Professional Association (CGPA) – Oleksandr Okuniev, Chairman of the CGPA Board of Directors, and Volodymyr Igonin, Member of the CGPA Board of Directors, Attorney at Law, Partner and Head of Corporate Law Practice at Vasil Kisil & Partners – held training for deputies, officials and heads of municipal enterprises on corporate governance in municipal enterprises in Lviv. Implementation of best practices in managing municipal resources and strengthening transparency and accountability is key to the sustainable development of the city’s ecosystem.
Two topics were discussed at the event. The first, Corporate Governance in the Utility Sector, was about establishing effective interaction between the owner, board and management of a company, control procedures and transparency. The second topic, Effective Board, focused on the responsibility of the supervisory board and the factors that determine the quality and impact of the board’s work.
Participants actively engaged in the discussion and expressed a desire to continue exploring corporate governance issues to improve the efficiency of municipal enterprises in Lviv.
Volodymyr Igonin noted the participants’ activity and interest, which will lead to positive results. “Corporate governance is a technology, a set of tools that help an enterprise to achieve its goals effectively. Goals in the public and municipal sectors are often broader than making a profit. The owner must set these goals, and the board must facilitate and monitor management’s achievement of the goals. The legislation governing the management of state property has recently improved significantly. Several mechanisms have been introduced that have been successful in economically developed OECD countries. The next step is to update the regulation of utilities. And we are pleased that progressive communities are already implementing good practices, such as establishing supervisory boards in utility companies.“
Oleksandr Okuniev noted that it is worth helping to develop a system of good corporate governance at municipal enterprises, as the introduction of best management practices will contribute to their development, efficient operation, and transparency, which, in turn, will be key to the restoration of the Ukrainian economy and will be an incentive to accelerate the attraction of foreign investment and donor assistance.
‘The introduction of supervisory boards in municipal enterprises is a very modern and vital initiative, which is not yet mandatory in Ukraine, but is very necessary and timely, so we are pleased to respond to the invitation and share our knowledge and practices and are ready to continue cooperation to multiply our experience to other enterprises and regions,’ said Oleksandr Okuniev.
News on the website of Lviv City Council
