THEORETICAL ASPECTS OF CORPORATE GOVERNANCE DEVELOPMENT IN MODERN CONTEXT

Abstract

In the new framework of economic development, approaches to the organization of management are changing towards corporate governance, which aims to increase the accountability of the enterprise and avoid large-scale disasters before they occur. Corporate governance is the balancing of the interests of many stakeholders through their interaction to achieve the company's goals. Such management covers almost all stages of management: from planning and internal control to performance evaluation and disclosure of information to shareholders. The purpose of the article is to substantiate and deepen the theoretical foundations of corporate governance. Research methods. In the course of the research, the authors use a critical analysis of the thematic literature; analogical and comparative analysis to study the essence of the economic concept of "corporate management"; deductive and inductive reasoning when researching the standards of effective corporate governance. The article reveals the essence of the economic concept of "corporate governance" in terms of legal and scientific approaches, with different points of view being highlighted in the latter: (from the standpoint of corporate control and relationships between various participants of the enterprise; from the organizational point of view and protection of investors' rights). The author's interpretation of the essence of the economic concept of "corporate governance" is proposed as a system of relationships between management bodies, shareholders and other interested parties, which uses a certain set of functions, principles, methods and techniques to regulate the rules and procedures for making managerial decisions directly at the enterprise, as well as the distribution rights and responsibilities between its divisions, in the direction of increasing the level of competitiveness, profitability, financial transparency and proper control. The main models of corporate governance are substantiated, the mixed model of corporate governance is singled out, its main positives are systematized (one-level or two-level system of management bodies; the minimum size of the authorized capital of a joint-stock company; the possibility of holding general meetings of shareholders by means of electronic voting and polling; introduction of the position of corporate secretary; introduction into circulation terminologies: "classical corporate contract", "authorized electronic system", "classical corporate contract mechanism") and negative (distrust in the share ownership form due to informational opacity and closedness of information about the activities of stock market participants; banking institutions are the main source of financing; domestic the stock market is developing very slowly; privatized enterprises do not have the necessary capital; significant participation of the state in the system of corporate management of the enterprise; state regulation of economic processes is ineffective; the presence of a significant shadow sector of the economy) traits. The standards of effective corporate management in the vital activities of the enterprise are given.