Main vectors of modernization of corporate legislation of Ukraine

Non-evolutionary path of the formation of the corporate sector of Ukraine's economy and constant complication of legislation have led to a number of shortcomings of modern legal regulation of relations with the participation of corporations. In such conditions a research on the modernization of legislation in the field of corporate relations is especially relevant. The purpose of the study is to find optimal approaches to the modernization of corporate legislation considering the current conditions of state development. Attention is paid to the current issue of the isolation of economy law provisions relative to the system of civil law. At the same time, a compromise approach to solving this scientific dilemma is proposed by agreeing on a closed list of organizational legal forms of economic organizations by representatives of economic and civil law approaches. The authors consider key legislative and governmental initiatives in this area. With the help of formal legal, comparative legal and other methods of scientific knowledge the following issues are investigated: definition of key terms (corporation, corporate governance, etc.); implementation of new corporate governance tools; determination of the structure and powers of individual bodies of the corporation, its officials, the content of the constituent documents of the corporation, etc. The authors compare the approaches to the one-tier and two-tier structure of the executive body of the corporation based on the experience of foreign countries. The issue of introduction of liability of corporation officials and the mechanism of compensation for damages is analyzed. At the same time, the authors substantiate the place of corporate culture in the system of corporate governance, point out the need to develop codes of corporate governance in order to spread and implement the best international practices of corporate governance. The article also highlights the vectors for the development of a corporate reform in the public sector and ensuring the digitization of corporate law.

corporate legislation, corporate governance, corporation, modernization, compliance