Ukrainian
Corporate
Governance
Academy



 

UCGA BOARD DIRECTION AUTUMN 2020

OPINIONS

Academic partner

 

The INSEAD Corporate Governance Centre combines INSEAD’s institutional visibility and exceptional faculty in developing thought leadership and a global educational platform in the area of corporate governance. The centre’s mission is to develop world-class teaching content, promote latest research using innovative scholarly materials and enrich public discourse on corporate governance through forums, conferences, peer-to-peer exchange and expert-to-practitioner dialogue.

Membership

 

Leading authority on global standards of corporate governance and investor stewardship. ICGN's mission is to promote effective standards of corporate governance and investor stewardship to advance efficient markets and sustainable economies world-wide.

Software partner

 

A smarter solution for better board management. Our affordable and easy-to-use software helps SMEs and Non Profits streamline their entire board process, reducing anxiety, increase efficiency and lift performance. Administrators work up to 50% more effectively and board members remain focussed, contribute more and achieve better outcomes. Trusted by over 3,000 users across ten countries. Starting at USD $120/month.

Facebook

News

" Effective Boards of Directors in Crisis Times"

Corporate governance remains a poorly understood but hotly debated topic in Ukrainian politics even during the quarantine. Few remember that back in 2014, we had not a single professional, independent supervisory board in any of Ukrainian state-owned companies. International financial audit by Big 4 was conveniently regarded as ‘unnecessary’ or ‘too expensive’, publishing financial statements was not mandatory (!),top managers were all appointed through political quotas and treated appointments to the jobs that paid USD 500 a month as a pinnacle of their political carriers. Illegal enrichment was widespread and commonly acceptable. That year cumulative loss of all SOEs in Ukraine reached USD 10bn. The record in the private sector wasn’t much better. Successful entrepreneurs, blinded by own success or pursuing fraudulent agenda, often used same excuses as politicians for not adjusting corporate governance standards in their companies after raising external capital. It wasn’t long until many publicly listed companies were ran into the ground, investors and creditors lost billions of USD and country’s reputation as an attractive place to invest was massively damaged.

11-05-20