On April 25, 2018, the third Program for the Professional Development of Supervisory Board Members “Corporate Director” was successfully completed by the Corporate Governance Professional Association (CGPA) in cooperation with the Ukrainian Institute of Corporate Governance with the support of the International Finance Corporation (IFC), the Center for International Private Enterprise (CIPE) and the British Embassy in Ukraine.
Two days of an intensive second module, the sessions of which were largely devoted to the financial aspects of the work of the supervisory boards and the evaluation of their effectiveness, ended with the solemn greetings of the participants and the hanging on the certificates by the First Secretary of the British Embassy in Ukraine, Rebecca Lochna and Andrii Bukvych, the Economic and Energy Advisor, British Embassy Kyiv. Ms. Lochna emphasized the importance of conducting such programs, encouraged participants to implement knowledge gained in their daily activities in companies, and thanked the CGPA for the successful implementation of the joint project and the promotion of good governance in Ukraine. Separately, she highlighted the fact that there are a lot of women among the participants in the program, which means that the principles of gender diversity are established in the Ukrainian business environment.
Program speakers Irina Starodubova, Associate Partner of Capital Times, and Serhiy Goncharevich, Founder and Managing Partner of Capital Times, focused the attention on the development and implementation of business financing strategies, as well as shared their experiences in relations with potential investors.
“Companies that do not have a strategy are just a set of assets burdened with liabilities,” they stressed.
Olena Volskaya, Managing Partner and Director of EBS Consulting, based on her own experience, focused on the issues and problems of setting up and operating the board committees, including the Audit Committee and the Committee on Remuneration. Today in Ukraine, in the process of active setting up supervisory boards in companies with different ownership structures, the issues of rewards and audit are most acute and often cause a lot of controversies.
Oleksandr Okunev, Head of the CGPA Management Board, spoke about approaches and methods for assessing the effectiveness of the work of the Board and the work of the Corporate Governance Committee. He noted that the Corporate Governance Principles of the OECD, in the 2004 edition, merely referred to the assessment of the work of the Board as the recommended voluntary practice. The new version of the Principles provides an assessment of the work of the Board as a tool for its continued development. The purpose of this development is to create independent boards, capable to make the objective conclusions. The assessment of the work of the boards is currently a priority in the development of corporate governance.
Sergiy Pogrebnoy, Partner of the Law Firm “Sayenko Kharenko”, shared his own work on corporate security and how the Company’s Supervisory Board could be involved in this process.