INFORMATION DISCLOSURE AS A PREREQUISITE FOR EFFECTIVE INTERACTION OF THE MANAGEMENT BODIES OF A STOCK COMPANY

The article analyzes the general state of information disclosure as a prerequisite for effective interaction of management bodies of joint-stock companies. Specific types of information that need to be disclosed by such companies are defined: on financial statements and operating results of the joint-stock company, on shareholders who own 10 percent or more of the authorized capital of the company, on composition of the company's management bodies, on charter and internal documents, on minutes of general meeting of shareholders, on the amount of remuneration of officials. Possible options for information disclosure available to joint-stock companies are identified: dissemination of information at the general meeting, its publication in a public information database, posting information directly in the joint-stock company, providing copies of documents at the request of a shareholder or posting it on the company's website. When disclosing information, positive trends were identified regarding the disclosure of data on shareholders who own 10 percent or more of the authorized capital of the joint-stock company and the composition of the company's management bodies, and among the negative — on the charter and internal documents, minutes of general meetings of shareholders and amount of officials' remuneration. It was also noted that in 2019 all joint-stock companies achieved maximum openness in disclosing information about shareholders who own 10 percent or more of the authorized capital and composition of the company's management bodies, by publishing information on their websites. Based on the analysis of information disclosure options, two opposite trends have been identified — a decrease in the types and amount of information disseminated at the general meeting and an increase in the share of companies that use their own websites for this purpose. The study identified the following major disclosure issues: a significant difficulty in obtaining information on remuneration of officials, a significant decrease in the share of companies that keep their own records in accordance with international standards, and an increase in the share of companies that do not involve an independent auditor to audit their operations and reporting. Based on the above material, a conclusion is made about the gradual deterioration of access to information and complication of interaction processes between management bodies.