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• W1494345321 abstract "I. INTRODUCTION Over the last several years Ukrainian banks have grown rapidly, reflecting the improving operating environment as well as a rise in public confidence in the banking system.1 However, such rapid growth in the banking sector raises concerns about risk management and the corporate governance system in place. While the system can function well in times of economic prosperity, periods of economic downturn can lead to deterioration in asset quality and a systemic banking crisis. As Fitch Country Report points out, a number of significant weaknesses characterize the Ukrainian banking system, particularly low capitalization and high concentration levels.2 The National Bank of Ukraine (NBU) has a dual function. It serves as the country's central bank, as well as the regulator of the banking sector. It has increasingly toughened regulatory capital requirements for banks.3 The NBU risk-based capital standards restrict opportunities for further growth of the assets of Ukrainian banks, as do limits on the amount of loans allowed to an individual borrower. Due to these restrictions, Ukrainian banks eagerly seek new sources of capital. Large banks have already outgrown the amount of capital that their owners can contribute, thus necessitating capital additions from outsiders. In the absence of a developed national securities market, the only possible choice for banks is to solicit foreign institutional investors. However, the participation of foreign investors in Ukrainian banks is not possible without transparency and the implementation of principles of effective corporate governance. All these factors provide banks with the incentive to change, increasing the demand for implementation of modern corporate governance principles and best practices. Nevertheless, even with strong demand for reforms and the progress that has been made in recent years with Ukrainian corporate governance, the banking sector has been very resistant to change. There is much more to do in terms of filling gaps in corporate governance practices. II. BACKGROUND Advancing corporate governance standards presents large cultural hurdles for managers of Ukrainian banks. Over the last ten years, their ownership structure and activities have remained relatively unchanged.4 This can be explained by the particular ownership culture in Ukraine. Large financial industrial groups and politically influential individuals have been reluctant to loosen control over their banks which too often serve particular interests of these major shareholders. Pressure from these major shareholders makes bank managers unable to change the situation on their own; they expect regulators and legislators to be the main driving force for the development of corporate governance practices. A. Corporate Governance in Ukraine 1. The Soviet Legacy Corporate governance is an extremely new concept in Ukraine. Before 1991, Ukrainian corporate law had been based primarily on a Soviet legal and economic doctrine that the state, as represented by various governmental organizations and authorities, acts as owner of the majority of large- and medium-sized enterprises in Ukraine.5 To put it simply, there were no corporations. The state itself functioned as a huge corporation, with a nexus of ministries and departments as its management bodies. The whole notion of the principal-agent model in Soviet Ukraine had a rather perverse nature. The idea of who is the principal and who is an agent in terms of corporate governance was very vague. In the Soviet Union, control over the management was exercised by the state (i.e. various ministries and departments) through bureaucratized administrative methods.6 The enterprises operated under the conditions of soft budget constraints and stable state order, which guaranteed them access to very cheap inputs and financial resources.7 State banks enthusiastically extended credit to enterprises without guarantees of repayment from future income. …" @default.
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• W1494345321 date "2012-09-13" @default.
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• W1494345321 title "Bank Corporate Governance: The Emerging Ukrainian Market Compared To International Best Practices" @default.
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