MODERN MODELS AND MECHANISM OF CORPORATE MANAGEMENT IN INTERNATIONAL FINANCIAL CORPORATIONS

Abstract

Introduction. Since the beginning of the global crisis caused by COVID-19, the World Bank Group has allocated more than US$157 billion to fight the consequences of the pandemic, from April 2020 to June 2021, more than US$50 billion has been allocated to address medical, economic and social shocks, with faced by countries on free and preferential terms. The World Bank Group's financial support to more than 100 developing countries primarily includes health emergency assistance, health system strengthening, protection of the poor and vulnerable, business support, job creation, and environmental start-up. safe, sustainable and inclusive recovery.

Materials and methods. In order to achieve the specified goal, we involved theoretical and methodological approaches based on the analysis of modern foreign academic sources and financial reports of international financial institutions. Analyzing the problem, we use the methods of critical analysis, scientific generalization and systematization. Research results, conclusions and recommendations are justified on the basis of an integrated approach.

Results and discussion. The article analyzes modern models of corporate governance based on the experience of modern international corporations. In world academic practice, the main principles of corporate management and the foundations of effective management of financial corporations were formulated by the classics of management theory: H. Emerson, F. Taylor, A. Fayol. With the evolution of the activity of financial corporations, the principles and mechanisms of their activity also changed and improved, which was reflected in the scientific works of Aluchna M., Ldowu S. O., Brown-Liburd H., Zamora V. L., Kus C. P., Saunders A., Cornett M. Millon, Stephen M. Bainbridge, Jean Jacques du Plessis.

Conclusions. In general, international financial corporations are supposed to provide financial and credit services not only to other companies, but also to entire countries. They are distinguished by the complexity of the organization, global interdependence, structural features and direction of activity.

So, in order to build long-term and reliable international financial relations, take full advantage of the global capital market and attract long-term capital, financial corporations have to build reliable corporate governance mechanisms. Corporate governance, as a key component of the sustainable development and functioning of any corporation, provides structural and procedural foundation that contributes to the adoption of such financial and management decisions, which are designed to create conditions for the long-term sustainable development of a financial corporation. Corporate governance also encompasses the formal aspects of the norms and values of accountability, transparency, and legality, which are the principles of responsible business behavior.

We fully share the point of view of foreign researchers that corporate governance is understood as a set of mechanisms and institutions that are designed not only to ensure effective monitoring and control of the company's strategy and activities, but also to meet and ensure the interests of the company's main shareholders and comply with the expectations of the social community. As suggested in the G20/OECD definition, “good corporate governance is not an end in itself. It is a means of creating confidence in the market and business integrity, which in turn is important for companies that need access to equity capital for long-term investment”.