Kudinovych O. International experience of optimization of governance of joint-stock companies of Ukraine in the conditions of geo-economics challenges.

The dissertation investigates the process of evolution of corporation governance theories, forming stages and development of systems of corporate governance. The further development of joint-stock companies and corporations in Ukraine, their integration in world economy demand solving of very important and vital issues, namely: improvement of legislation, forming of theories and methodology of corporate governance, definition of conceptual tasks and principals of building up of corporate relations system in conditions of market transformations, summarizing of experience of corporate structures operation, render methodological assistance to joint-stock companies. The structure and content of main institutions which form the models of efficient corporate governance on different economic levels are determined. It is proven that a good corporate governance structure is a working system for principled goal setting, effective decision-making and appropriate monitoring of compliance and performance. Through such a vibrant and responsive structure, the CEO, the management team and the board of directors can interact effectively and respond quickly to changing circumstances, within a framework of solid corporate values, to provide enduring value to the stockholders who invest in the enterprise. The financial crisis has revealed severe shortcomings in corporate governance. In recent years, as corporations and governments have increasingly been confronted with managing the expectations of a society newly alerted to the social and environmental risks of economic development, recognition is dawning that achieving a sustainable world is dependent upon the democratic management and equitable distribution of these risks for now, and for the future. Analytical argument and empirical research demonstrate the value of shifting from oligarchic corporate structures, where CEOs set the agenda and are paid 500 times the wages of their average employee, towards those which establish systems of accountability and encourage long-term participation by concerned shareholders (shareowners) and employees in corporate decision-making. The corporations that embrace such a dialogue should be better equipped to create wealth, compete in global markets, and solve the highly complex problems of the 3rd millennium.