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31.10.2019October 31, 2019 the Eighth Program on Professional Improvement for Supervisory Board Members Successfully Completed

On October 29-30, 2019, the second module of the 8th Training Program for Corporate Directors was held. The second module began with a discussion of a business finance strategy with Iryna Starodubova, an Associate Partner of Capital Times.

The session began with the definition that companies that have no strategy, especially financial, are just a set of assets burdened with liabilities. Iryna with participants considered the sources of business financing, separately paid attention to the concept of Private equity and its types. 


The topic of financing the business and the place of good corporate governance in the company was continued by Sergey Goncharevich, managing partner of Capital Times. Emphasis was placed on the fact that good corporate governance in the company helps to attract investments, and through the effective supervisory board, the investor can influence the decision making in the company and control its activities. The session focused on attracting investments and withdrawing companies for IPOs.

What information should the top management provide to the Board? What useful information can be obtained from the financial statements? How to identify potential issues and risks? What indicators show the efficiency of the board? Participants of the program with Olena Volska, managing partner and director of EBS Consulting, sought answers to these and other questions. The issue of effective performance of the Supervisory Board, Audit Committee and the issue of determining the level of remuneration of the company’s top management were discussed separately.

The session on the Supervisory Board’s assessment began with an emphasis on the importance of the evaluation itself: “Without the methodology of analyzing its work, the Board has been functioning for years without a real evaluation of its effectiveness. The danger is that the inefficient way of working will be fixed so that it will be very difficult to change it for the better. The evaluation of the Board’s work can be compared to regular visits to the doctor. Your health need not necessarily be a problem, but regular monitoring of your body’s performance will allow you to detect any abnormalities early on and take corrective action promptly. This principle of preventive medicine is also acceptable for regular review of the governing body of the company – the Board”, Olexandr Okuniev said, the Chairman of the CGPA Management Board, during his speech at the program. The issues of succession planning of the Supervisory Board and the peculiarities of drawing up a succession plan were also discussed separately.

Sergiy Pogrebnoy, Partner of Sayenko Kharenko Law Firm, the Chairman of the Board of the Association of Corporate Security Professionals of Ukraine (ACSP), Head of ASIS Branch in Ukraine, began his speech on the program on the task of providing corporate business security with Winston Churchill’s quote: “The safety must be paid for, but safety’s absence should be paid off.” At the end of the presentation, with convincing evidence and arguments from the speaker, all participants were fully convinced that building an effective corporate security system for the company should become one of the main tasks of effective activity of the Supervisory Board.

The Program ended with a meeting of participants with the members of the Board of the National Registry of Corporate Directors Jaroslav Kinakh, President of Iskander Energy, Oleksandr Okuniev, Chairman of the CGPA Management Board, and Oleg Tripolsky, Secretary of the Board of the National Registry of Corporate Directors.