On the implementation of OECD guidelines for corporate governance of state-owned enterprises in the legislation of Ukraine

Abstract

The article deals with the development and substantiation of proposals for further implementation of the OECD Guidelines in the legislation of Ukraine. Based on the analysis of the legislation and practical activity of state-owned enterprises (SOE) in different countries, the following methods are proposed to improve the state of corporate governance in the public sector of Ukraine and harmonizing it with the OECD standards: strengthening the centralized management of state-owned commercial enterprises, as well as delimiting the functions of the state as a founder (shareholder) of enterprises and as a regulator of economic activity by establishing a State-Owned Holding Company with a gradual transfer of only asset package of SOEs and shares in the authorized capital of the economic partnerships operating mainly for commercial purposes and will not be subject to privatization in the short term into its management (to its authorized capital) and in the sphere of management (to authorized capital) of its corporate enterprises; broadening the powers of supervisory boards of SOEs to the extent recommended by the OECD Guidelines; – ensuring a clear division of powers between supervisory boards of business entities of the public sector of the economy and other agencies involved in the management of the activities of such entities; holding general meetings and (or) meetings of supervisory councils in the course of the adoption by the state authorities of decisions on state-controlled economic partnerships, in which, in addition to the state, there are other participants (shareholders); ensuring the publication of the most relevant information about the purpose and state of the SOE on a single specialized web-portal, as well as specifying the requirements regarding the content and scope of each type of information to be made public.