Corporate governance essential to ensure fully motivated workforce

State-owned banks ready to introduce and develop corporate governance in Belarus
By Tatiana Grishanova

“State-owned banks should be the first to introduce innovations on corporate governance to Belarus, being the most prepared,” stressed the Deputy Economy Minister, Dmitry Golukhov, speaking at a republican seminar dedicated to the problems and prospects of corporate governance.

He is certain that it will play a major role in competitive displays in future, saying, “The fact that Belarus is yet to embrace the issue is the fault of state agencies. However, the Government is keen to improve its system of state management, creating an environment which is both transparent and understandable to the public, property owners and managers. As owners, we must understand what is under our control, how to manage it and how to improve the effectiveness of our management.”

He notes that professional managers are nowadays those people who possess most complete information, as well as necessary instruments. Mr. Golukhov emphasises that the development of corporate governance is very essential for Belarus. To ensure this, it’s vital to understand how best to adjust the incentive system which would enable this system to work in automated mode.
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