CORPORATE GOVERNANCE TENDENCIES IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT

Abstract

Introduction. The article highlights the current trends in the development of corporate governance in the world and in Ukraine, outlined by the requirements of sustainable development policy. The theoretical part of the corporate governance development is systematized, which is formed by a combination of many theories that together contribute to ethical and effective management of companies. transparency and reduction of information There have been allocated six common basic classical theories of corporate governance and one promising theory of ‘corporate sustainability’ in corporate governance, which is based on ensuring the long-term success of companies through the integration of economic, social and environmental aspects into their activities. The impact of corporate governance on sustainable development and the importance of improving corporate governance in the Ukrainian energy sector are substantiated, especially considering the need to restore the destruction caused by military actions and the risk of investment deficit.

Materials and methods. The theoretical and methodological basis of the study іs the scientific works of domestic and foreign scientists, methods of generalization, classification, and a tabular method for studying the content of the most common theories of corporate governance development.

Results and discussion. The study of the evolution of theories of corporate governance development allows us to outline the vector of their further movement and identify promising theories to ensure the long-term success of companies. The most common are: Agency Theory, Stakeholder Theory, Legitimacy Theory, Stewardship Theory, Resource-Dependency Theory (RDT) and Signaling Theory. Given the direction of evolution of theories of corporate governance, a promising theory of “corporate sustainability” in corporate governance emerges. The emphasis is on the fact that sustainable development is not a one-time event, but a long-term strategy that requires a systematic approach and constant monitoring of results. The main trends and problems related to sustainable development policies and corporate governance practices around the world signal the need to establish a dialogue between corporate stakeholders, including company leaders, investors, politicians and opinion leaders. European integration processes in Ukraine on the path to EU accession imply the need for professional and transparent corporate governance in accordance with OECD standards. Corporate governance of state-owned enterprises in the energy sector, which meets OECD requirements, is crucial for ensuring their proper and effective functioning, and for meeting the needs for repairs and new infrastructure.

The article is aimed at summarizing and systematizing the theories of corporate governance development and outlining the directions for improving corporate governance in the context of sustainable development, improving the investment climate and enhancing the sustainability of Ukraine's economy.

Conclusions. The evolution of corporate governance theories indicates the importance of integrating economic, social and environmental aspects into companies' strategies. The promising theory of “corporate sustainability” emphasizes that sustainable development should be an integral part of long-term strategies of companies, which require a systematic approach in planning their activities. Establishing a dialogue between all participants in corporate relations and complying with corporate governance requirements in accordance with international OECD standards is the key to the successful implementation of such strategies. In Ukraine, according to the European integration process, reforming the corporate governance of state-owned enterprises, especially in the energy sector, has the potential to significantly improve the investment climate and strengthen the country's economic sustainability.