Assessment of Approximation of the Present Company, Corporate Governance, Accounting and Auditing Legislation and Existing Practices in Ukraine to EU Standards and Practices

AETS Consortium – December 2014

704 Pages Posted: 3 Jan 2018

See all articles by Arkadiusz Radwan

Arkadiusz Radwan

Allerhand Institute; Vytautas Magnus University - Faculty of Law; Kubas Kos Gałkowski

Alla Nadzon

Independent

Viktoria Zdiruk

Independent

Date Written: December 1, 2014

Abstract

The purpose of this Study is to review the Ukrainian legislation and practices on company law, corporate governance, accounting and auditing and to examine its current compliance level with the EU law requirements and standards. The Study also provides an update on the main changes in the respective sectors in 2014.

Legal developments is a phenomenon that rarely occurs linear. Times of rapid changes are alternated with times of stagnation, reforms are followed by the times of digest. Ukrainian law does not deviate from this pattern. A few points in time over the last nearly 25 years have marked milestones in the process. These points in time are 1991 – the enactment of the Law on Business Association, 2004 – the adoption of Civil Code and Economic Code and 2008 – birth of the new Law on Joint Stock Companies. Now a new impulse for law reform became topical and politically valid: under the Association Agreement between the European Union and Ukraine that was signed in 2014 Ukraine undertook a legal obligation to bring its legislation in line with the requirements of the EU law. This Study contributes to the part of the Association Agreement concerning the company law, corporate governance, accounting and auditing. The global objective of the Study is to improve business climate in Ukraine by aligning its company, corporate governance, accounting and audit legislation with the EU standards and practices. The Study presents the assessment of current approximation level of relevant legislation of Ukraine to the EU Acquis as well as provides recommendations for its further harmonization. In addition, the Study reaches out to national jurisdictions of some European countries as well as to the US and attempts to learn from their corporate law reforms.

Keywords: Ukrainian Company Law; Europeanisation of Company Law; Self-Enforcing Model of Company Law; Company Law Reform

Suggested Citation

Radwan, Arkadiusz and Nadzon, Alla and Zdiruk, Viktoria, Assessment of Approximation of the Present Company, Corporate Governance, Accounting and Auditing Legislation and Existing Practices in Ukraine to EU Standards and Practices (December 1, 2014). AETS Consortium – December 2014 . Available at SSRN: https://ssrn.com/abstract=3090335 or http://dx.doi.org/10.2139/ssrn.3090335

Arkadiusz Radwan (Contact Author)

Allerhand Institute ( email )

Plac Sikorskiego 2/7
Kraków, 31-115
Poland

HOME PAGE: http://www.allerhand.pl

Vytautas Magnus University - Faculty of Law ( email )

Jonavos g. 66
Kaunas, LT-44191
Lithuania

Kubas Kos Gałkowski ( email )

Nowa Kamienica
ul. Rakowicka 7
Kraków, 31-511
Poland

HOME PAGE: http://www.kkg.pl

Alla Nadzon

Independent ( email )

No Address Available

Viktoria Zdiruk

Independent ( email )

No Address Available

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