May. Corporate Governance in Banking Sector (Kiev. Ukraine)
On 16 May 2012 ACCA together with the National Center for Training of Bank Personnel of Ukraine (NCTBPU) organised the round table on developments on corporate governance in the banking sector.
This became the first event of such kind, gathering the senior representatives from finance and internal audit functions of leading Ukrainian banks with attracted foreign investments. Many of them are few steps away from adopting and implementing the newest practices of corporate governance and reporting that support sustainable development and greater transparency of business. Therefore this event was arranged to develop the knowledge about the tools and available support of the transformation process.
Nataliya Vovchuk, Head of ACCA Ukraine, Baltic and Caucasus States, discussed in her opening speech the aspects of new reporting models. She underlines that non-financial disclosure, such as narrative reporting, becomes extremely widespread practice in the modern business world. ACCA as the global body for professional accountants stays at the forefront of finance transformation, sustainability and social responsibility research.
Henning Drager, Director of Sustainability at BDO Ukraine, presented the concepts of Integrated Reporting, the UN Principles for Responsible Investment (UN-PRI), the UN Environmental Programme Finance Initiative (UNEP-FI), the Equator Principles for Responsible Project Funding. Henning supported the idea of greater reporting transparency with evidence that adoption of such practices helps saving costs significantly and contributes to the long-term value of companies. This encouraged the participants to play an active role in guiding and integrating the best international practices of corporate governance into Ukrainian banking environment.