II International Sustainability Forum: what should be corporate governance to overcome global threats

On October 6, 2022, the secondInternational Sustainability Forum was held in Ukraine.

The second panel discussed how corporate governance should be in order to overcome global threats.

Panel moderator Iryna Papusha, an independent member of the Supervisory Board of ASDE, a representative of the Chamber of Commerce and Industry of Ukraine in the Netherlands, noted that sustainable development and risk management are a necessary combination in today's conditions.

"Perhaps, using the example of the war in Ukraine, the world should understand the whole range of risks that cannot be prevented without taking geopolitical issues into account.

The war rethinks not only social and environmental issues, it expands the identification of areas for risk management, requires rapid modeling of scenarios and response not only within the borders of Ukraine, but throughout the world. Ukraine can play a leading role in changing the paradigm of sustainable development."

During the development of proposals, the importance of supervisory boards was outlined as bodies that can form a focus in business work and provide answers to expert recommendations.

Yulia Kyrychenko, Member of the Board; Co-chair of the Council of the Resuscitation Package of Reforms, Centre of Policy and Legal Reform, added:

"Earlier, effective risk management ensured an increase in the value of capital, but now, in the conditions of a full-scale war, it is difficult to talk about an increase in capital. However, it is possible to outline the powerful role of supervisory boards, which should respond to the great risks that exist and respond to them, give recommendations to managers."

In this context, Valentyn Gvozdiy, Chairman of the Supervisory Board of Ukrhydroenergo PJSC, noted:

"From the point of view of the supervisory board, the issue of risk management is extremely important in today's conditions. The role of these committees comes to the fore. Supervisory boards must provide a risk-focused vision. In joint efforts with the relevant structural divisions of the company, probable risks were predicted taking into account a full-scale invasion of the Russian Federation, and Ukrhydroenergo was ready for various scenarios of the development of events."

When considering global threats and how to move companies in conditions of war, it is worth understanding where you are, in what conditions and where to move.

Catherine Delanghe, GUBERNA SME Governance and Sustainability, emphasized:

“Sustainability is highly correlated with the long-term values ​​of creation. Stakeholders must be on the map of sustainability, understand where they are and where they are headed. You need to stand up and start taking responsibility for the company's goals. It all starts with the Board, because effective governance creates better companies and, ultimately, a better world."

Among the speakers of the panel was Oleksandr Dombrovskyi, Vice-President, President, MHP Eco Energy, Chairman of the Board of Public Union Global 100% RE Ukraine

All the speeches of the speakers are available in the broadcast here.

We remind you that the organizer of the forum is the Association of Sustainable Development Experts. General partners: Ukrsibbank BNP Paribas Group and United Nations Industrial Development Organization (UNIDO).

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