What is the development of the capital market? Not on time! On the contrary is our chance of recovery after the war

Businesses will be able to choose the most effective management structure: two -level with the Supervisory Board or one -level with the Board of Directors. 2. Remote joint -stock fees. The general meeting will not require the presence of shareholders - all issues can be solved remotely by electronic voting in a special system. This is of particular importance in war and complicated through this logistics. 3. Increasing the responsibility of directors.

The bill enhances shareholders' ability to apply sanctions to officials of a joint -stock company for false management decisions and losses. This is the point at which Ukraine had the lowest rating in the last Doing Business rating on the component of "protection of the rights of minority shareholders". In general, there are more changes in the draft, but they all eliminate barriers that hold back the development of joint -stock companies in Ukraine earlier.

Why this is important right now is one of the key benefits of joint -stock companies - it is easy and convenient to attract investments. According to the European Investment Bank, approximately 60% of the US companies find financial resources in the capital market. In Europe, this figure is three times smaller, but its increase is one of the important tasks for the development of the European financial market.

In fact, until the capital market in Ukraine is working at full capacity, the ability of Ukrainian enterprises to attract investors' financial resources is very limited. This inhibits their development in general, and in the conditions of war and the restoration of the country after victory, access to this channel is unacceptable. The need for additional financing can be provided now: not by general logic, but by the assessment of the enterprises themselves.

With the NBU data, in the second quarter of 2022, the share of reacting enterprises that evaluate their financial and economic condition as a poor increase increased significantly-almost 40% of respondents (instead of about 15% in the first quarter of 2022). The percentage of those who estimated the current financial and economic status at the level decreased four times.

Therefore, it is obvious that companies will need additional funding, and conditionally only an increase in bank debt is not the best way out for development. It can also be predicted that many investors will see the possibility of profitable investments for themselves during the restoration of the Ukrainian economy after victory.

That is why increasing the investment attractiveness of the Ukrainian economy and ensuring access to competitive capital is in the greatest priorities of the Ukrainian restoration plan presented at the Lugano Conference. And one of the important areas of achieving this strategic goal is to develop the capital market and the stock market. The draft law on joint -stock companies is only the first step along the way.

Now, with my colleagues from Parliament, Government and the NCSSMC, we meet in working groups almost daily and work on developing a whole package of legislative and regulatory changes that will create favorable and understandable conditions for investors in the world to invest in the Ukrainian economy and domestic enterprises. Therefore, the adopted draft laws №7465-1 and No.