Organizational Framework for the System of Crisis Corporate Governance

Abstract

The paper distinguishes the new category crisis corporate governance. The study elucidates the reform of corporate governance body of companies. Based on the research of the main problems of corporate governance, we propose to eliminate the Audit Committee as the governance and control body of corporate governance and create instead the Crisis Committee. The paper provides renewed structure of Crisis Committee. The major purpose of activities is studied along with responsibilities of each commission as a member of the Crisis Committee. The study highlights basic advantages of the proposed changes in corporate governance of companies.