THE LEGAL NATURE OF «GUIDELINES OF OECD ON CORPORATIVE MANAGEMENT OF STATE ENTERPRISES» AND IMPLEMENTATION OF ITS IN UKRAINE

Abstract

The organization of the proper quality of management in enterprises with state participation is extremely important for the formation of effective and open mechanisms of economic development, both nationally and internationally. The modern state sets state-owned enterprises, in addition to commercial ones, also socio-economic goals, using them to regulate and increase the competitiveness of the economy, overcome economic disparities and support employment. The current model of management of state-owned enterprises involves the introduction of corporate governance tools, including strategic planning, development and approval by the state as a shareholder of individual economic policies for property management for each enterprise, appointment of independent supervisory boards and development of incentives for such boards and boards. This is a key factor in ensuring the effective operation of the enterprise, as evidenced by the experience of many state-owned enterprises in other countries. The paper is dedicated to issues on the legal nature of “Guidelines of OECD on corporative management of state enterprises” and opportunities of implementing of its in Ukraine. Principles of corporative management are both basic postulates and starting basis for appropriative corporative management. The balance between interests of shareholders, members of the governing bodies of the corporation (“management”), other stakeholders is provided, firstly, by legislative regulation of relations in the field of corporative management. There is stressed, that the regulative provision of activity of effective model of corporative management of state-owned enterprises has to be based on principles of corporative management (equal treatment of all participants (shareholders), accountability of the corporation, information openness and transparency, accountability to stakeholders), and to be implemented in the circumstances of a balance between imperative and dispositive legal regulation. The “Guidelines of OECD on corporative management of state enterprises” can be the basis of this regulation. The “Guidelines of OECD on corporative management of state enterprises” by its legal nature is a collection of legal customs, seems to terms of international trade “Incoterms”. Legislative regulation using the mechanisms of mandatory regulation is necessary in terms of ensuring the balance of interests of participants in corporate relations (especially minority), as well as in terms of ensuring the interests of stakeholders (especially contractors of state enterprises). Using of the “Guidelines” is especially effective where mechanism of implementation of its provisions in current regulative acts on management of property rights of the state is applying, or new Code will be carry-out.