A register of candidates for election as independent directors to the supervisory boards of Open Joint-Stock Companies (OJSCs) with municipal property shares has been formed in the Vitebsk region, as reported by the Vitebsk Regional Property Committee.
A register of candidates for election as independent directors to the supervisory boards of Open Joint-Stock Companies (OJSCs) with municipal property shares has been formed in the Vitebsk region, as reported by the Vitebsk Regional Property Committee.
The register includes candidates from 10 individuals, based on pre-defined conditions and requirements for such managers. They will be able to assist companies in implementing elements of corporate governance, particularly in developing their growth strategies. This is one of the priority areas for improving the quality of public sector management, the committee noted.
The Vitebsk region holds shares in the authorised capital of 65 OJSCs, where ownership supervision is carried out by 9 state administration bodies and state associations. An additional 130 OJSCs have shares owned by cities and districts. By industry structure, over 70% of the total number of OJSCs are organisations in the agro-industrial complex and processing industry.
Elements of corporate governance are in place in 19 OJSCs with municipal property shares, which is almost one in every ten companies. Joint-stock companies are most actively implementing a corporate code, which is a set of rules for the interaction of the company, its shareholders, management and control bodies, both among themselves and with state and other organisations. It has been adopted by 10 OJSCs, including all joint-stock companies where ownership supervision is carried out by the Main Trade and Services Department of the Vitebsk Regional Executive Committee, as well as at OJSCs "Verkhnedvinsk Dairy and Canning Plant", "Agrokombinat "Yubileiny", "Mir uslug plus", "Vitebsklift" and "ATP N4, Vitebsk".
Another model of corporate governance operates in 9 OJSCs. This model involves local normative legal acts, such as regulations on the supervisory board, directorate, audit committee, dividend policy, etc. This management mechanism implies an expansion of the powers of each management or control body of the joint-stock company, the committee explained.
"Vitebskoblimushchestvo" provides consulting assistance to companies in the implementation of continuously improving corporate governance models. In 2019, approximately Br 22.2 million was received by the budget from the use and sale of communal property, of which 66% is accounted for by the transfer of part of the profits of unitary enterprises and income from shares.