The register of candidates for independent directors of supervisory boards of OJSCs has been formed in the Vitebsk region
The register includes the candidacies of 10 individuals based on pre-defined conditions and requirements for such managers. They will be able to assist companies in implementing corporate governance elements, particularly in developing their development strategies. This is one of the priority areas for improving the quality of public sector management, the committee noted.
The Vitebsk region owns shares in the authorized capital of 65 open joint-stock companies, in which the functions of owner supervision are carried out by 9 government authorities and state associations. Another 130 open joint-stock companies have shares of cities and districts. By industry structure, more than 70% of the total number of open joint-stock companies are organizations of the agro-industrial complex and processing industry.
Corporate governance elements are in place in 19 open joint-stock companies with communal property share, or 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 organizations. It has been adopted by 10 open joint-stock companies, including all joint-stock companies whose owner supervision is carried out by the main department of trade and services of the Vitebsk Regional Executive Committee, as well as by OJSC "Verkhnedvinsk Dairy and Canning Plant", "Agrokombinat "Yubileiny", "Mir Usług Plus", "Vitebskliift" and "ATP N4, Vitebsk".
Another corporate governance model is in place in 9 open joint-stock companies. It consists of local regulatory legal acts – regulations on the supervisory board, directorate, audit committee, dividend policy, etc. This management mechanism involves expanding 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, about 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.