“Corporate governance is a very important system, for which companies can receive additional “bonuses” when attracting loans, investments, including while placing Eurobonds and going to IPO. To do this, all elements of corporate governance should be at a high level”, Oleksiy Povolotsky said, Acting. Director of Corporate Governance, Risk Management and Compliance of DTEK LLC, during his speech at the 3rd International Corporate Directors Forum.

Unlike banks, private sector companies do not have a regulator, and they have no one to say what they should do. Everything that is done in companies like DTEK is done on its own wish, especially when it comes to corporate governance development. Usually, the corporate governance system includes a number of components, including BPM (business process management), internal control, risk management, compliance, internal audit, corporate secretary service, the organization of the management and supervisory board.

The Supervisory Board has its tasks and responsibilities for the development of all of these components. In particular, depending on whether the company understands its risks and opportunities, its competitive advantages and successes in the market depend on it. Do many supervisory boards in Ukrainian companies deal with risk management issues properly? Do they have professionals who can help build strong corporate governance?

Another question, where we can look for these professionals, who can professionally help in this? Certainly, these are the leading recruiting companies that take an active position today and cooperate with the Government on the formation of the composition of supervisory boards of state-owned companies.

The coordinated work of the supervisory board and management will allow rebuilding an effective system of corporate governance. Moreover, this means the growth of trust in the company and strengthening its position in the market.