On October 7-8, 2020, the First Module of the XII Professional Development Program for members of Supervisory Boards and Boards of Directors “Corporate Director” took place. Olena Voloshyna, Head of the IFC’s Operations in Ukraine, addressed the program participants with a welcoming speech, emphasizing the importance of such a program for Ukrainian directors. Olena also noted that IFC supported CGPA‘s activity in establishing good corporate governance in Ukraine for many years.
Oleksandr Okuniev, Chairman of the CGPA Management Board, focused the attention of the participants on the main advantages of quality corporate governance, “world standards” and “best practice” of corporate governance, approaches to building an effective model of corporate governance in companies, the main tasks of the Board. O. Okunev also touched upon the types of directors on the Board, independent directors’ role, and the concept of “Diversity” on the Board.
The second day of the first module of the Corporate Director Program began with a discussion of practical issues related to the Supervisory Board organization discussed by Oleg Zhuravlov, Deputy Chairman of the Supervisory Board of Ukrzaliznytsia and Chairman of the Supervisory Board of Krona Insurance Company. The first issue on which Oleg drew the participants’ attention was the Induction Session, without which it is sometimes challenging to do without, especially if the new board member is a foreigner.
Also, Oleg Zhuravlov separately focused on planning Boards’ meetings and the work of committees, their composition, and structure. In the end, the question of the unique role and place of the Corporate Secretary in the company and why his role is sometimes invaluable was raised.
The first module of the Program was completed by searching an answer to the question of Peter Drucker “Why does culture eat up strategies for breakfast?” together with Peter Zashev, Professor at the Stockholm School of Economics in Riga, director of Corporate Training Programs at Hanken School of Economics and member of the Board of Directors of Alu-Releco International (Finland).
Peter focused the attention of the participants on the applied importance of corporate culture for the business success of the company. The issue of leadership and management from the standpoint of corporate culture and the Board of Directors was discussed separately. The participants also reviewed and compared the specifics of the Eastern European and Scandinavian boards.