Ukrayinskyi Yuryst [Ukrainian Lawyer] (no. 3, March 2017) magazine published the article “The formation and status of the supervisory board in the structure of governance bodies of a limited liability company” by Kateryna Krugliuk

The article reviews the forms of control over the activity of a company’s executive body, for instance, by establishing a supervisory board.

As follows from the analysis of law that governs the activity of commercial undertakings, the audit committee is not the only controlling body that could be established by a company with limited liability; the law allows creating other controlling bodies alongside the audit committee. When determining the competence of the supervisory board, the extent of its involvement in the company’s affairs should be established by unbundling its powers from the powers vested in the executive body.

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The main objective of corporate agreements is efficient management and operations of companies that could be attained, among other things, as a result of certain agreements reached between the company’s members (shareholders).