The III International Conference “Advanced Corporate Governance Practices”, which was held in Milan on June 19-22, brought together heads of large companies from Ukraine, Kazakhstan, Russia, Belarus and other CIS countries to discuss issues of improving corporate governance and making effective business decisions. Maksym Lavrynovych, Managing Partner of Lavrynovych & Partners Law Firm spoke about the need to introduce compliance policies and procedures in large companies as a mechanism for monitoring activities of the organization and about obligatory compliance audit which business has to undergo when taking a decision about international investment.
“International investment is a natural stage of development for business. At present many Ukrainian businessmen implement investment projects in the EU countries, in particular in Austria. Such a decision is driven by the financial feasibility and the ability to secure funds by placing them in a jurisdiction with a well-developed economy. However, the obligatory compliance procedure should not be considered an insurmountable obstacle. Our experience in supporting international investment projects suggests that the outcomes of a compliance audit do not pose any problems if the capital was formed as a result of legitimate activities,” Maksym Lavrynovych said.