Current Directions in Reforming the Management System of the State Corporate Sector in Ukraine

Abstract

The article clarifies priority tasks and directions in reforming the management system of the state corporate sector, with specifying measures for their implementation in the current Ukrainian context.

The improvement in the management system of the state corporate sector of the national economy was found to be conditional on the implementation of the corporate reform aimed at fulfilling the international obligations of our country. Currently, the reform of corporate governance in state-owned companies is still at an initial stage. Reform efforts in the vast majority of cases are fragmented, often incomplete and not complemented by necessary measures of organizational and legal, informational and analytical, personnel support. This does not allow for a full-scale utilization of the potential of corporate reform for effective anti-crisis regulation of the national economy. It is argued that such a tendency can be overcome by implementing a number of urgent measures aimed at promoting the reform of the state corporate sector, taking into account the modern realities of economic life and management practice in our country. These measures can be conditionally divided into two groups depending on the possible terms of their implementation. The group designed for the medium-term perspective (up to two years) should include measures related to the elimination of the most significant miscalculations revealed as a result of the reform of the state corporate sector in the previous period. The priority tasks of this direction need to cover the elimination of legal gaps and the establishment of the operational procedure for supervisory boards with account for the modernized system of their information support, evaluation and motivation of their members’ activities. For the group oriented on the long-term perspective (more than two years), priority importance should be assigned to the fulfillment of tasks aimed at optimizing the distribution of functions and powers between state-owned entities, which are authorized power bodies and management bodies of state-owned companies, as well as the formation of an appropriate competitive environment for the operation of these economic entities.

In view of the above, a detailed list of appropriate measures to improve the management of the state corporate sector in Ukraine was proposed, including: developing an updated mechanism for evaluating and motivating the activities of supervisory boards of state-owned companies and their members; implementing an effective ownership policy and disclosure of information by state-owned companies (e. g. by audits); centralizing the managerial functions for these companies at national level; regulating the procedures for fixing their special obligations, bankruptcy and establishing a moratorium on the recovery of their property; using state guarantees for access to financing.