The development strategy of joint-stock companies with state share in Ukraine

For the last three years, regulated capital market in Ukraine is narrowed down three times in UAH and almost seven times in dollar terms (from $52 billion in 2014, to $7.7 billion in 2017) Most significantly for 2015-2017 years decreased the volume of exchange trading of Government Securities (356 billion USD) and bonds of enterprises (24 billion USD). The volume of exchange trading securities, which are considered as the most risky in terms of manipulation was significantly decreased and more modest: stocks-at 21 billion. UAH. invest certificates 4. USD. Term contracts you can also note the reduction of trading for 6 billion. UAH., although available to derivative diversity Toolkit has been significantly expanded. In total, 86% reduction in the volume of exchange trading in Ukraine for three years caused by a decline in the liquidity of the market circulation of Government securities.

As of the beginning of 2018 year state administered corporate rights in 501 commercial company. In the management of PROPERTY at the balance sheet date were corporate rights in 315 commercial companies (as of the beginning of 2017 year their number amounted to 341). Of these 191 joint created by privatization and corporatization, 62 joint-stock company, created with the participation of State property Fund, 52 limited liability companies and other business entities (HC, duck SJSHC, NAC, COAL). In the 102 companies Fund managed by the State share of size less than 25% of the authorized Fund, 59, from 25% to 40%, 30-40% to 50%, 33, from 50% to 60%, 65, from 60% to 100%, and in 26 communities-a State part size of 100%. In the management of other executive bodies were corporate rights of the State in 186 commercial companies (as of the beginning of 2017 year their number was equal to 185).

Of these 134 joint stock company, 35 limited liability companies and 17 other business companies (HC, duck SJSHC, NAC, COAL). 20 companies these authorities ruled the State share of size less than 25% of the authorized Fund, 13-from 25% to 40%, 16, from 40% to 50%, 8-from 50% to 60%, 13-from 60% to 100%, and in 116 companies the State share of size 100%. In General, at the balance sheet date the State administered the corporate rights in 501 commercial companies. Last year their number decreased by 4.8% (at the beginning of 2017, the number of corporate rights of the State amounted to 526). The average salary in Ukraine in December 2017 year amounted UAH 8 777. Average nominal wage of full-time employee of enterprises, institutions and organizations of Ukraine in December 2017 year amounted UAH 8 777 that turned out in 2.7 times above the level of the minimum wage (3 200), informs state statistics. Compared with November 2017 onwards the size of average nominal wages increased by 17.4% and over the last 12 months (relative to December 2016) 35.5%. Index of real wages in December 2017 year compared with November 2017 year stood at 116.2% and relatively to December 2016, 118.9% [1].

In particular, the regulatory Act concerning the registration of securities includes:

• registration of securities;

• requirements for a decision on the issue;

• the list of documents required for registration of securities;

• the order of refusal of registration of securities;

• the list of documents required for registration of the report on the results of securities issuance;

• order refusal in registration of the report on the results of securities issuance;

• the requirements for disclosure of the information contained in the report on the results of securities issuance;

• the term of publication of the report on the results of securities issuance;

• the procedure for issuance, circulation, redemption and cancellation of registration of issue of convertible bonds;

• the order of shareholders pre-emptive rights to acquisition shares of additional issue.

Is creation of base of such documents also foreseen: in relation to making of report of securities issuers public that they are considered such which carried out public suggestion of securities; is there position and report on the reward of members of observant advice of joint-stock company; position and report is on the reward of members of executive branch of joint-stock company. Foremost, is it needed to pay regard to the participants of capital market and issuers of securities such innovations which will be inculcated: are under an obligation exchange stocks in writing to report issuers about bringing of them securities to the exchange list, in case if such bringing a not issuer takes the lead.

From now on one level of listing will be inculcated only, thus requirements in relation to bringing and stay of securities in listing will answer requirements which was before used to the second level. All issuers, securities of which are included to the exchange register by the state on January, 1, 2019, must have actual boulevard of securities, that such which answers the new requirements of legislation. Exchange stocks must in writing report issuers securities of which upon the date of entering into force of changes to Statute about functioning of exchange stocks will be in an exchange list, about a necessity to January, 1, 2019 to bring the activity to conformity with the set terms in relation to the stay of securities in an exchange list. The innovations of Statute about the order of registration of changes to the rules of exchange stock touch introduction in an appeal on the exchange stock of derivatives [4].

With the purpose of transparent zing trading in the noted financial instruments Commission extends a ground which exchanges will give in such case. In accordance with the renewed release of document must a ground contain: description of base asset, reliability, quality and availability of sources given, which the cost of contract execution is set on the basis of; analysis of dynamics of cost of base asset for previous 13 years (in the case of presence). All these changes will be instrumental in the increase of transparency of exchange trade, responsibility of exchange stocks, and improvement of quality of opening of information by issuers and according to greater knowledge of investors. Both documents will be published on the web site of NKCPFR for an acquaintance with him and grant during 30 days of suggestions and remarks.

Does a document contain: are there recommendations in relation to a manner and matter of report of independent public accountant in relation to the financial reporting of financial institution; are there features of determination of key questions of audit for the different types of financial institutions; recommendations in relation to the account of requirements of the proper legislative and normative acts after every type of activity at the market of unbank financial services. Systematic is violation two and more than times requirements of legislation in the field of markets of financial services. In accordance with set the regulator act of criteria, after which a risk degree from realization of economic activity in the field of markets of financial services, subjects of menage is estimated belong to one of three degrees of risk, high, middle or insignificant. The index of PFTS grew on to a 1,26 point, and Ukrainian share Index on to a '10,83 point.

Table 2. An index and volumes of auctions is on PFTS after 16.02.2018

Table 3. The Ukrainian share index and volumes of auctions is on the «Ukrainian exchange» after 16.02.2018

In 2017 year negative balance of foreign trade balance of Ukraine was evened $2 625,4 millions The volume of export of commodities and services of Ukraine in 2017 year made $52 329,6 millions, to the import $54 955,0 millions, informs Derzhstat. By comparison to 2016 year an export was increased on 16%, import on 23,3%. Negative balance of foreign trade balance was made by $2 625,4 millions (in 2016 year positive balance was fixed in size of $541,6 millions). As press-service of national Bank reports, in January, 2018 interest rates after new hryvnya deposits grew to 11,6% annual for households and to 9,6% annual for business. Such tendency is investigation of increase of registration rate the National bank to 16%. As a result of such rising in price of funding interest rates are after new credits in a hryvnya rose also to 29,7% annual for households and to 15,3% annual for business. The general brief-case of deposits in national currency in solvent jars in January, 2018 grew short on 3% to 475,4 milliards of Uah Above all things, it took place due to the decline of corporate deposits in a hryvnya (on 4,9% for a month). Tailings of hryvnya money on the deposits of households reduced less substantially (on 0,8% for a month).

Strategy of development of joint-stock companies with state part are based on experience of the economic developed countries, principles of corporate management, accepted Organization of economic collaboration and development, and also in practice activity of joint-stock companies, with state part in Ukraine. In that time recommendations fully conform to the requirements of current legislation [5]:

1. Introduction of these recommendations joint-stock companies can be carried out both through their everyday voluntarily application by joint-stock companies with state part and through their including to regulations ta/abo internal normative documents of societies (positions, regulations and others like that) and grant to them thus obligatory character.

2. Acceptance is encouraged a joint-stock company with state part of internal normative documents on basic questions of activity especially in the conditions of narrow-mindedness of norms of current legislation. Presence of such internal documents which are based on the best practice of corporate management and possibility of acquaintance with them of potential investors positively will influence on the investment decisions of the last in relation to securities of society [6].

Joint-stock companies with state part in Ukraine can have the ratified dividend policy with which potential investors can familiarize before acceptance of investment decisions. Such dividend policy will determine not only the share of profits, which an enterprise in the future plans to send to payment of dividends, but also circumstances which will undertake to attention at determination of certain size of dividends feature of development of business in a past period, requirements in the reinvestment of share of profits, presence of the preferredss produced society and others like that. To the substantial risks which are subject prognostication, such belong: risks, related to concrete industry of activity of issuer and geographical region; dependence is on the certain types of raw material; risks are at the financial market, including risks, related to the interest rates and course of exchange of currencies; risks, related to responsibility of society for the state of ecological environment.

It is expedient to have a separate internal document, which regulates questions, related to activity of observant advice, society. In addition, some requirements to the members of observant advice, in particular, position in relation to property accountability of members of observant advice for non-fulfillment or improper performance of fixed duties, should be connected agreements (contracts) that are concluded with each member. The general meetings of shareholders' can determine requirement to the members of advice. These requirements can include the presence of the proper education and experience of work, knowledges, in industry of record-keeping and finances, experience, in the sphere of business or management, knowledges of industry an enterprise works in which, to experience of the strategic planning and others like that. Society can count passing of studies on questions a fund market and corporate management as advantage of one candidate in councillors before other or to stimulate passing of such studies during the term of stay of persons on positions in advice. Suggestions in relation to candidates in the complement of advice must contain information not only about qualification, professional qualities and experience but also information about a simultaneous stay by the public servant of other enterprises, about the professional ta/abo personal copulas of candidates with this joint-stock company, about the stockholding of society (with pointing of amount and category) and others like that. For providing of that composition of observant advice was maximally represented by membership of shareholders, during advancement of candidates in the complement of advice societies it is expedient to provide the obligatory representative office of shareholders which own the certain percent of actions (10-20 percents are depending on quantitative composition of advice). For providing of effective activity of advice during all term of appointments of its members on the general meetings of shareholders' it is expedient to elect reserve composition. Persons from reserve composition will become the full-fledged members of advice or in the case of early termination of powers of councillors of any reasons, or only in the event of certain circumstances, certain internal documents of the company or by decision of the general collections.

To the joint-stock companies with state part in Ukraine it is recommended to inculcate position of corporate secretary, which is elected general collections, is independent of executive branch and to accountable general collections and advice. Upon a corporate secretary implementation of organizational functions and providing of everyday connection depends between advice and shareholders, advice and other organs of society. Must be held session regularly, less all one time in a quarter. In the case of holding session advice every it's member must preliminary receive message about a date and time of his lead through, and also order-paper and materials, in relation to the questions of order-paper. In regulation of society must be fixed order of making decision on council-boards. For maximal presentation by advice of interests of shareholders society can provide for, that on certain most essential questions made decision skilled most voices of councillors or even unanimously. It is possible to provide for and right to decision vote of chairman of advice in the case of equality of voices of its members during a decision-making. For a grant the shareholders of possibility to estimate activity of not only advice on the whole but also each of its members, in the report of advice subject opening information about activity of advice and fame about activity each of its members, visit by them council-boards and others like that. Standards of internal documents of the company regarding the relationship of councils with executive power must provide forms in which control is carried out after the executive power from the council and the procedure for obtaining information, advice on activities of the company and its executive authority the possibility of participation of advisers or authorised by the council representative at the meetings of the executive bodies of access of advisors minutes of meetings of executive power, etc. To regulation of joint-stock companies with state part in Ukraine must be included position about responsibility of councillors for the disclosure of commercial secret and confidential information about society [3].

Conclusions are from the conducted research. For providing of functioning of strategy of development every joint-stock company with state part in Ukraine through the authorized organs or authorized persons makes agreement. Some of agreements have direct attitude toward shareholders and their rights, as a result of such agreements society gets incomes or bears loss, the cost of society diminishes or grows. It sure will influence on the market value of actions, on possibility of receipt of dividends shareholders and their size. As a result of agreements in relation to reorganization of society shareholders become the participants of new enterprises. Therefore uttery important is that shareholders were in a position to take part in making decision about the conclusion of the most essential and substantial agreements of society. For this achievement in regulation of society it follows to take the decision of questions in relation to the conclusion of some agreements to exceptional jurisdiction of general collections or observant advice.

In the regulation of companies, should define major deals, as well as interrelated transactions which in the aggregate would fall under the definition of major transaction. During determination of considerable agreement it is expedient to go out not from the size of charter fund of society, but from the cost of his assets. For example, an agreement or a few interrelated agreements, after which a cost of property (works or services) which is the article of these agreements is 25 and more percents of cost of assets of society from data of the last annual financial reporting, will be considered a considerable agreement. It may also be noted that the transaction, which is a joint stock company with the state share of current economic activity is not subject to significant transactions [5].

By grounds for attributing of a few agreements to interrelated can be their accordance such signs:

1) agreements are parts of one large agreement;

2) parties to the transactions are individuals or related persons;

3) the article of such agreements is property (works, services) of one kind and others like that.

The substantial terms of projects of agreements in relation to considerable agreements must in advance get shareholders for an acquaintance simultaneously with other materials, related to the questions of order-paper, that shareholders were in a position to accept a thinking over and self-weighted decision about their conclusion or un conclusion. Such personal interest can contact with the domestic relationships of public servant of society with the public servant of potential contractor by agreement or with the fact of domain by considerable part in charter fund of such contractor, or with any other circumstances through which a person has property interest in an agreement. A separate settlement is required by acquisition for the shareholders of the actions of this society which is carried out society on own initiative prepaid by them, unlike obligatory redemption of actions, about which speech went in a section about the rights of shareholders. With the purpose of providing of interests of shareholders and creditors in regulation of society it is expedient to take a decision-making about acquisition of own actions to exceptional jurisdiction of the general meetings of shareholders' or, at least, observant advice. It is recommended to provide for, that a next decision about resale of the purchased actions or their distribution among the workers of society is accepted or general collections, or observant advice, especially in that case, if the question is about the sale of stocks councillors or executive branch. An important requirement to the agreements of society (especially to the considerable agreements; agreements which the personal interest is in relation to; acceding to the own actions is their placing, and also acquisition and sale of treasury for shareholders stocks) is a requirement about their conclusion by a joint-stock company with state part in Ukraine on a fair value, which in most cases will be a market value [7].

References

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