• English (United Kingdom)
  • Russian (CIS)
Application of Compliance Instruments to Optimize Corporate Governance in Pharmaceutical Companies

Author: Yury K. Belyaev, Cand. Sc. (Ec.), Prof. of Strategic & Corporate Management Dprt.

Abstract: The article reveals the essence of compliance control functions in relation to the principles of corporate governance. The necessity of managing legal and reputation risks in pharmaceutical companies and rationale of using global and national achievements in the field of compliance policy are proved. The paper proposes the methods to build efficient compliance service within the company corporate control system and the original method to assess the efficiency of introducing compliance function into the system of corporate governance. The recommendations for developing the function of compliance control in corporate structures allowing for the main trends in global business and development practice of the corporate governance are formulated.

Key words: corporate control; compliance control; corporate governance; board of directors; corporate culture; risks of plunders and fraud; recommendation on introduction of the compliance systems.