არჩილ ცერცვაძე - ხელმძღვანელობისა და კონტროლის უფლებამოსილებები სააქციო საზოგადოებაში ქართული საკორპორაციო სამართლის მიხედვით

ivane javaxiSvilis saxelobis
Tbilisis saxelmwifo universitetis iuridiuli fakulteti
kerZo samarTlis samagistro programis magistrantis

arCil cercvaZis
samagistro naSromi
`xelmZRvanelobisa da kontrolis uflebamosilebebi saaqcio

sazogadoebaSi qarTuli sakorporacio samarTlis mixedviT”
naSromi warmodgenilia magistris akademiuri xarisxis mosapoveblad
xelmZRvaneli - irakli burduli, samarTlis doqtori,

sruli profesori
Tbilisi
2012
1
Sinaarsi:
1. Sesavali....................................................................................................................................... 3
2. korporaciuli marTvis sistemaTa saxeebi................................................................... 6
2.1 erTsafexuriani sistema................................................................................................ 6
2.2 orsafexuriani sistema.................................................................................................. 9
2.3 Sereuli sistema............................................................................................................. 12
3. xelmZRvaneloba da kontroli, rogorc korporatiuli marTvis sistemis
Semadgeneli elementi. ................................................................................................................. 15
3.1 direqtor(at)i, rogorc xelmZRvanelobaze uflebamosili piri
(organo). ......................................................................................................................................... 15
3.1.1. xelmZRvanelobis Sida korporaciuli meqanizmebi..................................... 20
3.1.2. xelmZRvanelobis gare korporaciuli meqanizmebi..................................... 21
3.2. zedamxedvelobaze (kontrolze) uflebamosili organo............................... 23
3.2.1. sameTvalyureo sabWo - orsafexuriani sistema ............................................. 23
3.2.2. erTsafexuriani sistema - partniorTa kreba (direqtorTa sabWos
uflebamosilebebTan mimarTebaSi)................................................................................. 25
3.3. xelmZRvanelobisa da kontrolis uflebamosilebebis gamojvna. ............. 27
3.3.1. uflebamosilebaTa aRreva da Tanxvedra.......................................................... 30
4. saaqcio sazogadoebaTa xelmZRvaneloba da kontroli korporaciuli
marTvis kodeqsebis mixedviT.................................................................................................... 31
4.1 mmarTvelobaze uflebamosili organoebi – direqtorati ........................ 31
4.1.2 mmarTvelobaze uflebamosili organoebi – sameTvalyureo sabWo ...... 33
4.2. „rbili“ samarTlis roli saaqcio sazogadoebisTvis. .................................. 35
4.2.1 korporaciuli marTvis kodeqsebis saerTaSoriso gamocdileba .......... 35
4.2.2 korporaciuli marTvis kodeqsebi saqarTveloSi ........................................ 36
5. daskvna ........................................................................................................................................ 37
6. gamoyenebuli Semoklebebi................................................................................................. 40
7. bibliografia .......................................................................................................................... 41
2
1. Sesavali
„korporaciuli marTva“ msoflio samarTlebriv sivrceSi axlad

damkvidrebuli terminia1. cneba `sawarmos kontroli” franguli `le
Gouverment de lènterprose” da amerikul inglisuri `corporate governance” –is
germanuli Sesatyvisia.2 igi gansakuTrebiT aqtualuri gaxda
msoflioSi araerTxel momxdari finansuri krizisis da skandalis
Semdeg. erTerTi mizezi amisa iyo susti korporaciuli marTva. 3
McKinsey- is 2002 wlis kvlevis mixedviT, gamokiTxul investorTa 45 %-
ma aRniSna rom is finansur informaciasTan erTad Tanabar
4
mniSvnelobas aniWebs korporaciul marTvas. kargi korporaciuli
marTva xels uwyobs korporaciis gamWvirvalobas da
angariSvaldebulebas, uzrunvelyofs Sesabamisobas adgilobriv
kanonmdeblobasTan da saukeTeso saerTaSoriso praqtikasTan,
uzrunvelyofs karg dagegmvasa da Sida auditis sistemebs,
optimizebul danaxarjebs da adekvatur sakadro politikas.5 ratom
aris korporaciuli marTva mwvave sakiTxi dRes? erTerTi mosazrebis
Tanaxmad amis mizezebia gasuli 2 dekadis ganmavlobaSi msoflioSi
mimdinare privatizaciis procesebi, sapensio fondebis reformebi, 1998
wlis aRmosavleT aziis krizisi da bolo wlebSi aSS-Si momxdari
finansuri skandalebi.6 swored am mizezebis gamo dRis wesrigSi dadga
msxvil korporaciebSi gamarTuli marTvis sitemis normatiuli
mowesrigeba, rac garkveulwilad warmoadgens finansuri krizisebis
prevenciis berkets da qmnis stabiluri ekonomikuri ganviTarebis
winapirobas. saqarTvelos samarTlebriv sivrceSi korporaciuli
marTva bolo ramdenime wlis ganmavlobaSi gansakuTrebiT
problematuri Tema gaxda, rac metwilad mewarmeTa Sesaxeb kanonSi
2008 wels Setanili Zireuli cvlilebebis Sedegicaa. korporaciuli
marTva yvela ganviTarebul marTlwesrigis sistemis mier aris
mowesrigebuli, Tumca miuxedavad amisa am terminis erTmniSvnelovani
ganmarteba ar arsebobs. rogorc ekonomikuri TanamSromlobisa da
ganviTarebis organizaciis mier SemuSavebul korporaciuli marTvis
principebSi aris naTqvami, korporaciuli marTva uzrunvelyofs
kompaniis strategiul marTvas da efeqtur monitorings.7 yvela qveyana
Taviseburad gansazRvravs mis Sinaarss.8 erTerTi ganmartebiT es aris
sistema romelic gamoiyeneba kompaniis marTvisa da kontrolisTvis.9
harvardis biznes skolis profesoris andrei Sleiferis da Cikagos
1
hopti k. korporaciuli marTva evropaSi: regulirebis axali modeli da `rbili
samarTali, gv. 17
2
iqve. gv.17
3
mosamarTleTa rekomendaciebi kanonze „mewarmeTa Sesaxeb“, gv.2,
4
iqve gv.10
5
iqve gv 71-72
6
Becht M, Bolton P, Ruell A. Corporate governance and control,. gv.4
7
eTgo-s korporaciuil marTvis principebi, muxli 6
8
sba, korporaciuli marTvis kkodeqsi, gv.2
9
mosamarTleTa rekomendaciebi kanonze „mewarmeTa Sesaxeb“, gv.3,
3
universitetis profesoris robert viSnis saerTo ganmartebiT,
`korporaciuli marTva” – aris sistema romelic ikvlevs im gzebs risi
meSveobiTac korporaciis investorebi iqmnian garantiebs rom maTi
investiciis Sedegad isini miiReben mogebas.10 aRniSnul mosazrebaze
dayrdnobiT, evropis fasiani qaRaldebis dilerTa asociaciis mier
miRebul korporaciuli marTvis principebsa da rekomendaciebSi
naTqvamia, rom korporaciuli marTvis amosavali wertilia
korporaciis aqcionerTa winaSe pasuxismgeblobis formebis dadgena,
rameTu aRmasrulebeli organo ar SeiZleba pasuxismgebeli iyos yvela
dainteresebuli piris winaSe – TanamSromlebi, klientebi, kreditorebi
da a.S.11 miuxedavad araerTgvarovani ganmartebebisa da azrTa
sxvadasxvaobisa mainc SesaZlebelia korporaciuli marTvis terminis
SigniT arsebiTi elementebis gamoyofa, konkratulad ki:
xelmZRvaneloba da kontroli. es ori erTmaneTisgan gansxvavebuli
cnebaa da korporaciuli marTvis ucvlel elementebs warmoadgenen,
romlis meSveobiTac xdeba korporaciis SigniT sxvadasxva organoebsa
da dainteresebul pirebs Soris interesTa konfliqtis daregulireba
da urTierTobis mowesrigeba.
naSromis kvlevis sagans warmoadgens qarTuli kanonmdeblobis

analizi korporaciuli marTvis problemebze – konkretulad ki
xelmZRvanelobisa da kontrolis uflebaTa regulirebis meqanizmebze
agreTve korporaciis organoTa Soris urTierTobaze. ramdenad
xarveziania kanonis regulireba, ra problemebs iwvevs igi praqtikaSi,
ra gzebiT SeiZleba am xarvezebis aRmofxvra da ramdenad sasargeblo
iqneba qarTuli sakorporacio kanonmdeblobisTvis da sasamarTlo
praqtikisTvis. es aris is kiTxvebi romelsac SevecdebiT rom pasuxi
gavceT mocemul naSromSi.
saqarTvelos sakorporacio kanonmdebloba, konkretulad ki kanoni

mewarmeTa Sesaxeb, Seicavs muxlebs korporaciuli marTvis Sesaxeb.
Tumca, aRsaniSnavia rom kanonis regulireba sakmaod bundovani da
orazrovania. mewarmeTa Sesaxeb kanonSi arsebuli xarvezebi qmnis
gaugebrobas da aRrevas korporaciaTa SigniT, xSiria xelmRvanelobisa
da kontrolis uflebebis matarebel organoTa urTierTgadafarva da
qaoturi regulireba. amave dros aRsaniSnavia isic rom Tavad
sakorporacio samarTlebriv urTierTobebis ganviTarebis dinamika ukve
iTxovs Sesabamis sakanonmdeblo regulirebas, kanoni unda miyvebodes
korporaciul urTierTobaTa ganviTarebaTa temps da mzad Sexvdes
yvela im gamowvevas, romelic SeiZleba ekonomikurma ganviTarebam
moitanos. Sesabamisad, mniSvnelovania xelmZRvanelobisa da kontrolis
meqanizmebis problemebis kvleva da misi sakanonmdeblo daxvewa.
swored zemoaRniSnulidan gamomdinare aqtualuria am sakiTxis
Seswavla, im pirobebSi roca ganviTarebuli samarTlis sistemebma
Zalian didi progresi ganicades am sakiTxis mowesrigebis kuTxiT
10
Goergen M, What do we know about different systems of corporate governance? gv. 1
11
EASD – Corporate Governance – Principles andRecommendations.
4
saqarTveloc aucieleblad unda ayves am temps da fexi aubas yvela im
cvlilebas rac msoflioSi xdeba. garda amisa, sakiTxis kvleva
saWiroa imis gamoc, rom xelmZRvanelobisa da kontrolis uflebaTa
swori regulireba avtomaturad xels Seuwyobs marTebuli
korporaciuli menejmentis damkvidrebasAkorporaciebSi, rac Tavis
mxriv qveynis ekonomikuri ganviTarebis winapirobaa. qarTul
kanonmdeblobaSi arsebuli problemebis gamokvleva da aRmofxvra ki
amisTvis aucilebel saWiroebas warmoadgens. sakiTxis aqtualoba
sakmaod didia saerTaSoris masStabzec, razec metyvelebs is faqti,
rom msoflios masStabiT daaxloebiT 40 qveyanam Seqmna axali
korporaciuli marTvis sistema da miRebuli iqna 100 ze meti
korporaciuli marTvis kodeqsi. 12
naSromi fokusirebuli iqneba saqarTvelos kanonmdeblobis - kerZod

ki mewarmeTa Sesaxeb kanonis kvlevaze, problemebis aRmoCenaze da maTi
gadaWris gzebis Ziebaze. kvlevis procesSi gamoyenebuli iqneba
sxvadasxva meTodebi, romlebic dagvexmareba sakiTxis ukeT
gaanalizebaSi da dasaxuli miznis miRwevaSi. naSromSi SevecdebiT rom
ganvixiloT saerTaSoriso samarTlebrivi praqtika, movaxdinoT
SedarebiT samarTlebrivi analizi, rameTu arsebobs Zalian bevri
qveyana da samarTlebrivi sistema, romelmac am sakiTxSi ganviTarebis
maRal dones miaRwia da maTi magaliTi bevr rameSi sasargeblo iqneba
saqarTvelosTvis. agreTve moxdeba qarTuli sasamarTlo praqtikis
analizi. kvlevis mizania qarTul kanonmdeblobaSi arsebuli
xarvezebis aRmoCena da misi daxvewa, misi gadaWris gzebis Zieba,
qarTuli da saerTaSoriso praqtikis da kanonmdeblobis
gaTvaliswinebiT rac xels Seuwyobs qarTuli dogmatikis
Camoyalibebas sakorporacio samarTlis prizmaSi.
12
korporaciuli marTvis saxelmZRvanelo, gv. 18.
5
2. korporaciuli marTvis sistemaTa saxeebi
2.1 erTsafexuriani sistema
Tanamedrove samarTlebriv sistemebSi korporaciuli marTvis

sxvadasxva meTodebi aris Camoyalibebuli. maT Soris ZiriTadi
gansxvavebebi efuZneba xelmZRvanelobisa da kontrolis funqciebs
Soris urTierTmimarTebas da maT gadanawilebas sxvadasxva organoebs
Soris. erTmaneTisgan radikalurad gansxvavebulia saerTo samarTlisa
da kontinentur evropuli samarTlis sistemebi. `germania da didi
britaneTi warmoadgens im sxvadasxva sistemaTa paradigmebs romelSic
mmarTveli direqtorebis kontrolis uflebamosileba Tavmoyrilia an
gancalkevebulad mdgomi sameTvalyureo sabWos xelSi, an aris
direqtorTa sabWos damatebiTi amocana.”13 frankfurtisa da londonis
safondo birJebze ganTavsebuli umsxvilesi korporaciebis finansuri
moRvaweoba bolo 400 wlis manZilze mkveTrad adasturebs rom orive
sistema warmatebulad funqcionirebs. SeuZlebelia romelime sistemas
upiratesoba mianiWo.14
korporaciuli marTvis erTerTi cnobili forma aris erTsafexuriani

sistema, romelsac aseve xSirad moixsenieben rogorc unitarul, an
kidev monistur sistemad. erTsafexuriani sistemis yvelaze naTeli
magaliTi aris didi britaneTis da aSS-s sakorporacio samarTali. am
sistemis mTavari damaxasiaTebeli niSani mdgomareobs imaSi rom
xelmZRvanelobisa da kontrolis funqciebi Tavmoyrilia erTi
organos xelSi.15 anu korporaciuli marTvis ori erTmaneTisgan
gansxvavebuli elementi xelmZRvaneloba da kontroli
ganxorcielebulia erTi organos – direqtorTa sabWos mier.
aRsaniSnavia, rom aSS-s kanonmdeblobis mixedviT (romelic aseve
erTsafexurian models ganekuTvneba) direqtorTa sabWo – anu bordi,
aris erTaderTi savaldebulo organo, romelic unda hqondes
korporacias. igi ar ganasxvavebs erTmaneTisgan bordsa da
sameTvalyureo sabWos. 16
did britaneTSi arsebobs mxolod bordi romelic moicavs

aRmasrulebel da araaRmasrulebel direqtorebs da irCeva
17
partniorTa krebis mier. partniorebs aseve aqvT ufleba gadaayenon
maT mier arCeuli direqtori.18 korporaciis yoveldRiur saqmianobas
bordi warmarTavs da is iRebs gadawyvetilebas mmarTvelobis
reorganizebis Sesaxeb, partniorebs da kreditorebs ki gaaCniaT Zalian
SezRuduli uflebebi rom gavlena moaxdinon bordis
gadawyvetilebebze da isic gansakuTrebul rTul finansur situaciaSi
13
Jungmann C. The Effectiveness of Corporate Governance in One-tier and Two-tier Board Systems; gv. 426 gv
14
iqve, gv.426
15
Hopt K, Leyens P, Board Models in Europe, Working Paper N°18/2004, gv.11
16
Wanturia l. korporaciuli marTva,gv 115
17
Jungmann C. The Effectiveness of Corporate Governance in One-tier and Two-tier Board Systems;gv. 435
18
UK, Companies Act, Art. 303.
6
rodesac aSkaraa rom bordis gadawyvetilebebi amZimebs korporaciis
viTarebas.19 aSS-s sakorporacio samarTalSi bordi ar miiCneva
aqcionerTa warmomadgenlad, igi damoukidebeli organoa, romelic ar
emorCileba aqcionerTa miTiTebebs. bordis muSaobiT ukmayofileba ar
aZlevs aqcionerebs misTvis miTiTebis uflebas.20
bordis SemadgenlobaSi Tavis mxriv gamoiyofa ori tipis direqtorebi,

esenia – Sida direqtorebi da mowveuli direqtorebi, romlebic ar
arian korporaciis TanamSromlebi (Inside directors, Outside directors).21 did
britaneTSi mas moixsenieben rogorc aRmasrulebel da ara
aRmasrulebel direqtorebs (Executive and Non-executive directors). 22 Sida
dirqtorebi Tavidan bolomde CarTulebi arian korporaciis
yoveldRiur marTvaSi da amave dros arian finansurad damokidebulni
korporaciaze, isini arian korporaciis TanamSromlebi romelsac
xelfass uxdis korporacia. ris gamoc isini valdebulni arian mTeli
dro miuZRvnan korporacias.23 xolo gare direqtorebi warmoadgenen
mowveul pirebs, romlebic korporaciasTan finansur damokidebulebaSi
ar imyofebian. araaRmasrulebeli direqtorebi ar miiCnevian
korporaciis TanamSromlebad da dakavebulni arian korporaciis
ZiriTadi strategiisa da mniSvnelovani gadawyvetilebebis
monitoringiT.24 britaneTis korporaciuli marTvis kodeqsis mixedviT
araaRmasrulebeli direqtorebis mTavari funqciaa detalurad
gaakontrolos aRmasrulebel direqtorTa moqmedebebi, Seafasos
riskebi da monitoringi gauwios yoveldRiur menejments, amave dros
isini wyveten aRmasrulebel direqtorTa saTanado anazRaurebis
sakiTxs da agreTve aqvT gadamwyveti mniSvneloba aRmasrulebel
direqtorTa daniSvnisa da gaTavisuflebis sakiTxSi.25 did britaneTSi
mimdinareobda msjelobebi araaRmasrulebel direqtorTa zust
funqciebze, konkretulad ki imaze Tu riT gansxvavdeba aRmasrulebeli
da araaRmasrulebeli direqtorebis saqmianoba? britaneTis
korporaciuli marTvis gaerTianebuli kodeqsi ambobs, rom ara
aRmasrulebeli direqtorebi konstruqciulad unda ekamaTon
aRmasrulebel direqtorebs da daexmaron maT xelsayreli strategiis
CamoyalibebaSi... maT guldasmiT unda gaakritikon menejmentis
moqmedebebi da monitoringi gauwion mas. 26 sabolood SegviZlia
gamovyoT araaRmasrulebel direqtorTa ori ZiriTadi funqcia
korporaciebSi, esenia: aRmasrulebeli direqtorebis kontroli da
19
Jungmann C. The Effectiveness of Corporate Governance in One-tier and Two-tier Board Systems; gv. 435
20
Wanturia l. korporaciuli marTva, gv.111
21
iqve, gv 115
22
UK Combined Code of Corporate Governance, Sec A.
23
Wanturia l. korporaciuli marTva, gv 116
24
Jungmann C. The Effectiveness of Corporate Governance in One-tier and Two-tier Board Systems; gv. 436.
25
UK Combined Code of Corporate Governance, art. B.2.1 D.2.1.,
26 iqve. Sec, A.1
7
amave dros korporaciisTvis yvelaze mniSvnelovan gadawyvetilebebSi
monawileobis miReba da daxmareba.27
sainteresoa aSS-s sakorporacio samarTali agreTve icnobs

ègreTwodebul” gare direqtorebs romlebic biznes da finansur
damokidebulebaSi imyofebian korporaciasTan, masSi moiazrebian
investorebi, konsultantebi, iuristebi da momxmareblebi.28 direqtori
romelic garedanaa mowveuli da araa finansur kavSirSi
korporaciasTan, ZiriTadad warmoadgenen saxelganTqmul profesorebs,
avtoritetul da gamocdil mmarTvelebs.29 maTi daintereseba
mdgomareobs imaSi rom prestiJulad miiCneva did korporaciebSi
araaRmasulebel direqtirad muSaoba, Tundac anazRaurebis gareSe.30
niu-iorkis safondo birJaze daSvebul korporaciaTa
saxelmZRvaneloSi miTiTebulia, rom `direqtori ar miiCneva
damoukideblad manamde vidre direqtorTa sabWo dazustebiT ar
daamtkicebs rom direqtors ar aqvs araviTari materialuri
urTierToba korporaciasTan” 31 qvemoT, ki dakonkretebulia, rom
materialuri urTierToba SeiZleba gulisxmobdes komerciul,
industriul, sabanko, sakonsultacio, samarTlebriv, sabuRaltro,
saqvelmoqmedo da ojaxur urTierTobebs.32 sainteresoa is faqti, rom
niu iorkis safondo birJa mowveul direqtorTa damoukideblobisTvis
xelisSemSlel faqtorad ar miiCnevs Tavad am korporaciaSi aqciebis
flobas, imdenad ramdenadac mTavari yuradReba eniWeba menejmentisgan
damoukideblobas da ara korporaciisgan damoukideblobas.33 did
britaneTSi ki araaRmasrlebeli direqtoris damoukideblobis
Semaferxebel gaemoebebad miiCneva iseTi faqtorebi rogoricaa 5
wliani samuSao kontraqti korporaciasTan, axlo saojaxo kavSirebi
aqcionerebTan, direqtoroba korporaciis gasuli 9 wlis manZilze da
a.S.34
kidev erTi Tavisebureba, rac monistur models axasiaTebs aris is,

rom bordi sakuTari uflebamosilebis delegirebis mizniT qmnis
menejerTa specialur organos romlebic uSualod arian
pasuxismgebelni bordis mier miRebuli gadawyvetilebis aRsrulebaze.
delaveris sakorporacio samarTlis mixedviT bords SeuZlia Seqmnas
erTi an meti komiteti, romelSic Seva minimum erTi direqtori.
komitetebma SeiZleb ganaxorcielon direqtorebis uflebamosileba im
doniT ra doniTac mas amis uflebamosilebas mianiWebs Tavad
direqtori.35 erTaderTi risi delegirebac komitetebze aris
27
Jungmann C. The Effectiveness of Corporate Governance in One-tier and Two-tier Board Systems; gv. 436.
28
Journal of Financial and Strategic Decisions, gv.2
29
iqve gv.2
30 iqve, gv2
31
New Yourk Stock Exchange Listed Company Manual, 2004, Sec. 303, A.02. (a)
32
iqve Sec. 303, A.02. (a)
33 iqve Sec. 303, A.02. (a)
34
35
Delawera General Corporate Law, subchapter IV, § 141,c (2)
8
akrZaluli warmoadgens aqcionerebis winaSe sxvadasxva dokumentebis
damtkicebas an korporaciis normatiul aqtebSi cvlilebis Setana.36
rogorc wesi menejerTa saTaveSi dgas ufrosi aRmasrulebeli
oficeri (Chief Executive officer).37 menejerebi xelmZRvaneloben korporaciis
yoveldRiur saqmianobas, maT akisriaT igive movaleobebi rac bordis
wevrebs.38 es niSani erTerTi ganmasxvavebelia orsafexuriani
dualisturi sistemisgan, sadac gamgeobasa da sameTvalyureo sabWos
ekrZaleba sakuTari uflebamosilebebis delegireba.39 amave dros es
niSani gvaZlevs kidev erT gansxvavebas aRmasrulebel da
araaRmasrulebel direqtorebs Soris, rameTu mxolod aRmasrulebel
direqtorebs hyavT mmarTveli menejerebi romlebsac aqvT
delegirebuli maTi funqciebi, araaRmasrulebeli direqtorebis
funqciebis delegireba ki ar xdeba.40 ufro metic didi britaneTis
korporaciuli marTvis kodeqsi savaldebulod miiCnevs rom
werilobiTi formiT mkveTrad unda iyos gayofili pasuxismgebloba
direqtorTa sabWosa da aRmasrulebel oficrebs Soris.41 amave dros
dauSvebelia direqtorTa sabWosa da aRmasrulebel oficrebSi erTi
da igive pirovnebis arseboba, ufro metic mTavari aRmasrulebel
oficers mxolod gansakuTrebul SemTxvevaSi aqvs ufleba
gadainacvlos direqtorTa sabWos Tavmjdomaris Tanamdebobaze.
(msxvil aqcionerTa Tanxmobis SemTxvevaSi.)42
2.2 orsafexuriani sistema

dualisturi igive orsafexuriani sistema Camoyalibda da ganviTarda
germaniaSi. misTvis damaxasiaTebelia xelmZRvanelobisa da kontrolis
organoTa mkveTri gamijvna. Sesabamisad gamijnulia is organoebi
romlebic am funqciebs axorcieleben. amave dros am organoebs Soris
ar arsebobs ierarqiuli damokidebuleba anu isini Tanabari donis
organoebi arian.43 evropasa da germaniaSi am aucilebel fundamentur
amocanaTa ganawilebas or organos Soris as welze meti xnis
istoria.44 germaniis garda am sistemas miekuTvneba iaponiac.45
sainteresoa rom 1980 wlidan moyolebuli, gansakuTrebiT 1990-iani
wlebis pirvel naxevarSi germania da iaponia iyvnen miCneuli
samagaliTo ekonomikuri mowyobis qveynebad, rameTu am qveynebSi
36
iqve, subchapter IV, § 141,c (2)
37
38
iqve, gv.119
39
iqve, gv.114
40
41
UK Combined Code of Corporate Governance, art. A2
42
iqve, art.A 3.1
43
Wanturia l. korporaciuli marTva,gv 126
44
samarTali
45
Global Debate on the Superiority of Corporate Governance Systems,gv.408
9
msxvili finansuri korporaciebis mmarTveloba iyo stabiluri rac
SesaZlebels xdida xangrZlivvadian investiciebs 46. dResdReobiT ki
mdgomareoba Seicvala da aSS da didi britaneTi miiCneva warmatebuli
ekonomikuri mowyobis qveynebad.47
orsafexuriani sistemis yvelaze naTeli magaliTia germania. germanuli

sakorporporacio sistema tradiciulad detalurad aris
reglamentirebuli kanoniT.48 germaniis saaqcio sazogadoebebis Sesaxeb
aqtSi naTqvamia, rom yvela saaqcio sazogadoeba valdebulia hyavdes
ori organo. mmarTveli (Vorstand) da sameTvalyureo (Aufsichtsrat) 49
sameTvalyureo sabWos da direqtorTa sabWos uflebebis mkveTrad aris
gamijnuli kanonmdeblobiT. sameTvalyureo sabWos bevri funqcia
ekisreba Tumca maT Soris mTavaria direqtorTa sabWos
zedamxedveloba da kontroli. sameTvalyureo sabWom zedamxedveloba
unda gauwios direqtorTa sabWos. agreTve SeuZlia Seamowmos
finansuri da buRaltruli wignebi.50 menejmentis uflebamosileba ar
SeiZleba gadaeces sameTvalyureo sabWos.51 bolo wlebis sasamarTlo
praqtika aCvenebs rom sameTvalyureo sabWos yvelaze mniSvnelovan
funqciad rCeba kontroli.52 mniSvnelovania isic rom germaniis
korporaciuli marTvis kodeqsi naTlad ambobs rom sameTvalyureo
sabWos amocanaa rom regularulad urCioss direqtorTa sabWos
mniSvnelovani gadawyvetilebebis miRebisas,53 xolo korporaciisTvis
fundamenturi gadawyvetilebis miRebisas isini savaldebulo wesiT
unda iyvnen CarTulni. anu konsultireba erT erTi mniSvnelovani
funqciaa sameTvalyureo sabWosi. gansakuTrebiT mniSvnelovania
sameTvlyureo sabWos ufleba rom daicvan korporaciis interesebi
sasamarTloSi direqtorTa winaaRmdeg sarCelis Setanis da saqmis
warmoebis gziT.54
sameTvalyureo sabWos funqciaa rom daniSnos korporaciis pirveli

direqtorTa sabWo55, agreTve moaxdinos direqtorTa sabWos Semdgomi
kompleqtacia daniSvna da gaTavisufleba.56 mniSvnelovani
Taviseburebaa is rom gamgeobis wevri imavdroulad ar SeiZleba iyos
sameTvalyuro sabWos wevri da piriqiT.57 Tumca germaniaSi
damkvidrebuli tradiciis mixedviT yofili direqtorebi
uflebamosilebis vadis amowurvis Semdeg ikaveben adgils
46
Goergen M, What do we know about different systems of corporate governance? gv. 3
47
iqve, gv. 3
48
49
Jungmann C. The Effectiveness of Corporate Governance in One-tier and Two-tier Board Systems; gv. 432,
50
German Stock Corporation Act §.111.1.2
51
iqve, §.111.1.2
52
53
German Code of Corporate Governance, Art. 3.2
54
German Stock corporation act. §112.1
55 iqve, §30, 1.
56 iqve §84.1 .84.3
57 iqve, §105.1
10
sameTvalyureo sabWoSi.58 sameTvalyureo sabWos dakompleqtebis
sakiTxic detaluradaa gawerili kanonmdeblobiT. kerZod ki igi
kompleqtdeba aqcionerebis pirdapiri warmomadgenlebisgan da
sxvadasxva SemTxvevebSi korporaciis TanamSromelTa
warmomadgenlebisgan.59 es ukanaskneli wesi damaxasiaTebelia
germanuli samarTlisTvis da gulisxmobs Tanamonawileobis princips
(Co-determination).60 muSa-mosamsaxureTa gavlena sameTvalyureo sabWoSi
gamoixateba maTi warmomadgnelis gagzavniT romelsac aqvs xmis
ufleba.61 angloamerikul sivrceSi muSa-mosamsaxureTa mxridan
Tanamonawileobis ufleba praqtikis, da, gansakuTrebiT, ekonomikuri
Teoriis mxridan uaryofil iqna.62 sameTvalyureo sabWos funqciebze
saubrisas bolo dros gamoikveTa tendencia am organos `rbil”
funqciebzec, magaliTad gundurobis SenarCuneba organoebs Soris,
gansakuTrebulad rTul da problemur situaciebSi viTarebis
ganmuxtva da dabalanseba.63
direqtorTa sabWo aris mTavari aRmasrulebeli organo romelic

pirdapir pasuxismgebelia korporaciis yoveldRiur menejmentze. 64 igi
aris sazogadoebis umaRlesi warmomadgeneli mesame pirebTan
65
urTierTobaSi. kanoni pirdapir ambobs rom ar SeiZleba SeizRudos
direqtorTa warmomadgenlobiTi uflebamosileba.66 direqtorTa sabWo
gamoscems normatiul aqtebs romliTac aregulirebs urTieTobebs
korporaciis SigniT.67 direqtorTa sabWosa da sameTvalyureo sabWos
Soris ar arsebobs ierarqiuli damokidebuleba, igi ar aris
valdebuli rom daemorCilos aqcionerTa an sameTvalyureo sabWos
wevrTa miTiTebebs. igi moqmedebs sakuTari pasuxismgeblobis
farglebSi.68 miuxedavad imisa rom samTvalyureo sabWo axorcielebs
mis kontrols da zedamxedvelobas, gamgeoba mainc damoukidebelia. 69
gamgeoba uflebamosilia ar daemorCilos arc aqconerebis da arc
sameTvalyureo sabwos wevrebis miTiTebebs gadawyvetilebis miRebisas.70
ra Tqma unda arsebobs sakiTxebi romelic SeiZleba gadawydes mxolod
sameTvalyureo sabWos TanxmobiT magram umravles sakiTxebze
pasuxismgebloba akisria gamgeobas.71 miuxedavad imisa rom
58
59
German Stock corporation act. §96
60
61
samarTali, gv.233
62
iqve, gv 233
63
64
German Stock corporation act §.76.1
65 iqve, §. 78.1
66 iqve, §. 82.1
67 iqve, §. 77.2
68
69
Wanturia l. korporaciuli marTva,gv.127
70
iqve, gv 127
71
11
sameTvalyuro sabWo niSnavs da iwvevs gamgeobis wevrebs mas ar aqvs
sakiTxis damoukideblad inicirebis ufleba.72 Aaqve raTqma unda
aRsaniSnavia rom sameTvalyureo sabWos ufleba aqvs periodulobiT
gamoiTxovos informacia, rasac upirispirdeba gamgeobis valdebuleba
rom gasces es informacia.73
Tavis mxrivs Cemi azriT sainteresoa is sakiTxi Tu ramdenad

mizanSewonilia roca sameTvalyureo sabWo niSnavs da aTavisuflebs
gamgeobis wevrebs. orsafexurian sistemaSi es ufleba aqcionerTa
saerTo krebisgan delegirebuli aqvs swored sameTvalyureo sabWos.74
Cemi azriT arsebobs SesaZlebloba rom sameTvalyureo sabWo
metnaklebad subieqturi iyos Tavis mier daniSnul da SerCeul
direqtorebTan. Sesabamisad ufro meti gamWvirvaloba iqneba miRweuli
Tuki sameTvalyureo sabWo aqcionerebis krebis mier daniSnul
direqtorebs gaakontrolebs. romelTa mimarTac subieqturi
damokidebuleba minimumamde iqneba dayvanili.
2.3 Sereuli sistema
Cven zemo TavebSi ganvixileT korporaciuli marTvis ori

gansxvavebuli sistema – monisturi da dualisturi da aRvniSneT rom
am or midgomas Soris gansxvavebas gansazRvravs marTvisa da
kontrolis funqciaTa gadanawileba da dabalanseba. monisturi
sistemisTvis damaxasiaTebelia am ori funqciis Tavmoyra erTi
organos xelSi xolo dualisturi sistema am funqciebs Soris mkveTr
gamijvnas akeTebs. sainteresoa is faqti rom arsebobs kidev ramdenime
sxvadasxva sistema, yvela qveyanas Taviseburi specifika axasiaTebs
romelmac zemoT ganxilulisgan gansxvavebuli modeli Seqmna,
gansakuTrebiT sainteresoa italiisa da safrangeTis modeli.
safrangeTSi, 1966 wlidan moyolebuli korporaciebs hqondaT

SesaZlebloba Tavad aerCiaT maTTvis sasurveli modeli, erT-
safexuriani (conseil d’administration) an orsafexuriani (conseil de surveillance)
Tumca germanul models Zalian mcire nawili ayva korporaciebisa.75
istoriulad safrangeTSi sakorporacio Zalaufleba Tavmoyrili iyo
mTavari aRmasrulebeli oficris xelSi romelic amave dros
direqtorTa sabWos Tavmjdomarec aris.76 2001 wels ganxorcielebuli
sakanonmdeblo cvlilebebis Sedegad Seiqmna e.w. mesame modeli,
romelic nawilobriv efuZneba tradiciul erTsafexurian sistemas,
magram amave dros awesebs Zalauflebis savaldebulo koncentracias
72
Wanturia l. korporaciuli marTva,gv. 131
73
iqve, gv. 131
74 iqve, gv.130
75
Desender K. Board Characteristics and audit fees: why ownership structure matters? gv.15
76
Enriques L. and Volpin P, Corporate Governance Reforms in Continental Europe, gv.128
12
prezidentis xelSi, romelic erTdroulad aris direqtorTa sabWos
Tavmjdomarec da mTavari aRmasrulebeli oficeric.(CEO) 77 mTavari
koncefcia reformisa efuZneba funqciur gayofas marTvasa da
controls Soris imis miuxedavad es funqciebi erTi pirovnebis
xelSia Tavmoyrili Tu gadanawilebulia.78 direqtorTa sabWo aris
pasuxismgebeli biznesstrategiis Seqmnaze da mis Sesrulebaze, aseve
kompaniis aqtivebis kontrolze da monitorngze.79 magram ingliseli
direqtorebisgan gansxvavebiT frang direqtorebs ar gaaCniaT
universaluri uflebamosileba,zog SemTxvevaSi ki SezRudulni arian
sagareo warmomadgenlobis uflebamosilebiT. franguli modelis
mixedviT direqtorTa sabWoSi damoukidebel direqtorTa minimum 50%-
iani warmomadgenloba savaldebuloa, 80 iseve rogorc auditis
komitetSi sadac 2/3 unda iyos damoukidebeli direqtorebi.81
germanuli sistemis msgavsad safrangeTis savaWro kodeqsi
iTvaliswinebs korporaciis TanamSromelTa CarTulobas marTvaSi,
kerZod ki TanamSromelTa 2 warmomadgeneli eswreba yovelTvis
direqtorTa sabWos sxdomas, xolo Tu ki dasaqmebulebs gaaCniaT
korporaciis aqciaTa 3%-ze meti, maSin savaldebulo wesiT
dasaqmebulTa 3 warmomadgeneli unda dainiSnos korporaciis
direqtorad.82
italiaSi tradiciulad susti iyo direqtorTa sabWos kontroli

meqanizmebi.83 1998 wels ganxorcielebuli reformebis Sedegad Seiqmna
specialuri wesebi korporacibisTvis, korporaciis mTavar mmarTvel
organod rCeba direqtorTa sabWo, xolo sameTvalyureo sabWo
romelic savaldebulo wesiT arsebobs, ZiriTadad imoqmedebs rogorc
Sida audituri servisi.84 axleburi midgoma mdgomareobs imaSi, rom
gazrdilia sameTvalyureo sabWos uflebebi da igi moicavs
korporaciis qmedebebis Sesabamisobis dadgenas korporaciis
wesdebasTan, agreTve finansur da auditorul kontrols.85 gazrdili
funqciebi garkveuwilad aaxloebs germanul sistemasTan, Tumca
aRsaniSnavia rom italiur sameTvalyureo sabWos ar aqvs mZlavri
sakonsultacio funqcia da arc biznes strategiis SemuSavebaSi
monawileobs.86 Tumca italiur sameTvalyureo sabWos ufleba aqvs
gamosces normatiuli aqtebi da misces miTiTebebi sxva
TanamSromlebs.87 sameTvalyureo sabWos da direqtorTa sabWos
77
78
iqve, gv.19
79
Code de Commerce (Commercial Code) Art. L 233-6
80
81
iqve, gv.17
82
Code de Commerce (Commercial Code) Arts. L.225-22 et seq. and L.225-27 et seq.
83
Enriques L. and Volpin P, Corporate Governance Reforms in Continental Europe, gv. 128
84
85
Testo Unico Art. 149.
86
87
Testo Unico Art. 151 (2).
13
erTdrouli wevroba dauSvebelia,88 germanuli modelisgan gansxvavebiT
ki korporaciaSi dasaqmebul pirebs ar aqvT ufleba iyvnen CarTulni
korporaciis mmarTvel organoebSi.89 italiis safondo birJis mier
gamocemuli qcevis wesebi (Codici di Autodisciplina) iZleva rekomendacias
rom direqtorTa sabWoSi adekvatur raodenobas warmoadgendnen ara-
aRmasrulebeli direqtorebi da Tavad kompaniam unda gadawyvitos maTi
raodenoba.90 2004 wels italiaSi kidev erTi reforma ganxorcielda,
romlis mixedviTac korporaciebs eZlevaT SesaZoebloba Tavad airCion
3 sxvadasxva modelisgan, maT Soris 1-li kvlavac darCa 1998 wels
Camoyalibebuli sistema, meore aris mkveTrad germanul modeli
(sameTvalyureo sabWo da direqtorTa sabWo) da mesame erTsafexuriani
sistema romelim inglisur models efuZneba.91 zogadad evropul
qveynebSi SemCneva tendencia rom kanonmdeblobam ufro meti
Tavisufali sivrce dautovos korporaciebs, maTTvis sasurveli
mmarTvelobis modelis asarCevad, risi naTeli magaliTic aris
franguli da italiuri sistema.92 rac Seexeba ingliss, britaneTis
sakorporacio samarTlis mimoxilvis saxelmwifo jgufma aRniSna, rom
britaneTSi mmarTvelobis orsafexuriani modelis SemoReba
SesaZlebelia, oRond Zalian xelovnuri gzebiT da igi ver iqneba
warmatebuli.93 germaniaSi Deutsche Bank- Si momxdari cvlilebebi
romlis Sedegadac direqtorTa sabWoSi Seiqmna menejerTa komiteti,
Sefasda rogorc naTeli mcdeloba britanul-amerikuli sistemisken
gadaxraze.94
rac Seexeba qarTul realobas, qarTuli kanonmdeblobis mier

Seqmnili modeli ar ganekuTvneba calsaxad arc monisturs da arc
dualisturs. `mewarmeTa Sesaxeb” kanonSi 2008 wels ganxorcielebuli
cvlilebebis Sedegad saaqcio sazogadoebas evaleba rom
sameTvalyureo sabWo daakompleqtos mxolod im SemTxvevaSi Tu ki
`saaqcio sazogadoeba „fasiani qaRaldebis bazris Sesaxeb“
saqarTvelos kanonis mixedviT aris angariSvaldebuli sawarmo,
romlis fasiani qaRaldebi savaWrod aris daSvebuli fasiani
qaRaldebis birJaze, an saaqcio sazogadoeba saqarTvelos erovnuli
bankis mier aris licenzirebuli, an saaqcio sazogadoebis aqcionerTa
raodenoba aRemateba 100-s, savaldebuloa sameTvalyureo sabWos Seqmna
aranakleb 3 da ara umetes 21 wevrisagan. yvela sxva SemTxvevaSi
sameTvalyureo sabWos Seqmna ar aris savaldebulo.’’95 cvlilebebamde
kanonmdeblobiT dadgenili iyo orsafexuriani sistema rameTu saaqcio
sazogadoebisTvis savaldebulo iyo sameTvalyureo sabWos arseboba.
88
Testo Unico Art. 149 (3).
89
Testo Unico Art. 148.
90
Codici di Autodisciplina, par. 3
91
92
iqve, gv.18
93
Company Law Review Steering Group, par. 5.1.33
94
95
mewarmeTa Sesaxeb kanoni, muxli 55.1.
14
hibriduli korporaciuli marTvis modeli, niSnavs mxolod imas rom
kanonmdebloba korporacias utovebs arCevans rom daawesos marTvis
erTsafexuriani an orsafexuriani stili. is rac mSk-m daadgina
garkveulwilad aris hibriduli modeli, 96 magram amave dros Tavad
SigniT bevri xarvezi gvxvdeba razec Semdeg TavebSi gveqneba saubari.
3. xelmZRvaneloba da kontroli, rogorc korporatiuli martvis

sistemis Semadgeneli elementi.
3.1 direqtor(at)i, rogorc xelmZRvanelobaze uflebamosili piri

(organo).
rogorc SesavalSi aRvniSneT korporaciuli marTvis araerTi

97
ganmarteba arsebobs . amave dros ar arsebobs misi sayovelTaod
aRiarebuli da dadgenili definicia. Tumca yvela met-naklebad
Tanxmdeba imaze rom korporaciuli marTvas aqvs ori mTavari elementi:
marTva (xelmZvaneloba, aRsruleba) da kontroli (zedamxedveloba,
meTvalyureoba).98 mocemuli Tavi daeTmoba erTerTi elementis –
xelmZRvanelobis da misi ganmaxorcielelbeli organos – direqtorTa
sabWos funqciebis ganxilvas sxvadasxva modelebis mixedviT. rogorc
cnobilia direqtorTa sabWos funqciebi gansxvavebulad aris
warmodgenili sxvadasxva qveynebSi. zemoT Cven sakamrisad ganvixileT
direqtorTa sabWos funqciebi amitom mocemul TavSi Cemi azriT
umjobesi iqneba yuradReba gavamaxviloT uSualod im problemur
sakiTxebze rac dakavSirebulia direqtorTa sabWo
uflebamosilebebTan.
saerTo samarTlis qveynebSi direqtorati warmoadgens korporaciis

mTavar mmarTvel organos, romelic irCeva aqcionerebis mier
aqcionerTa krebaze. direqtorebi pasuxismgeblebi arian korporaciis
yoveldRiur marTvaze da axdenen uflebamosilebaTa delegirebas
oficrebze.99 korporaciis wesdebiT SeiZleba dawesdes SezRudvebi
imasTan dakavSirebiT Tu vin SeiZleba iyo direqtori. agreTve wesdeba
gansazRvravs direqtoris moxsnis pirobebsac.100 direqtorTa sabWo
pasuxismgebelia menejmentze, oficrebis saqmianobis monitoringze da
mniSvnelovani biznes gadawyvetilebebis miRebaze.101
kontinenturi evropis qveynebSi gamgeoba korporaciis xelmZRvaneli
organoa romelic uZRveba korporaciis yoveldaRiur saqmianobas da
96
sba - korporaciuli marTvis kodeqsi, muxli 2.`v”
97
Wanturia l. korporaciuli marTva, gv 11.
98
sba - korporaciuli marTvis kodeqsi, gv.2
99
Bevans N.R, Business organizations and Corporate law, gv .220
100 iqve, gv .221
101 iqve, gv .222
15
aris misi umaRlesi warmomadgeneli mesame pirebTan urTierTobaSi.102
rogorc zemoT araerTxel aRvniSneT orsafexuriani sistemis
direqtorta sabWo gansxvavebuli uflebamosilebebis matarebelia.
kontinentur evropaSi bordi rogorc wesi ar aris imdenad mZlavri
uflebamosilebebiT aRWurvili rogorc es saerTo samarTlis
qveynebSi xdeba. Tu ki davubrundebiT korporaciuli marTvis 2
ZiriTad elements xelmZRvanelobas da kontrols – evropuli bordi
aris xelmZRvanelobis ganmaxorcielebeli organo, romelic mTlianad
aris Camocilebuli kontrolis uflebamosilebisagan. germaniis
saaqcio sazogadoebaTa Sesaxeb kanoni iTvaliswinebs sameTvalyureo
sabWos arsebobas romelic gancalkevebulad aris pasuxismgebeli
gamgeobis saqmianobis monitoringze.103
aSS-Si, aqcionerebs Zalian mcire gavlena gaaCniaT direqtorebze,
erTaderTi berketi riTac maT SeuZliaT gavlena moaxdinon
direqtorebze (garda imisa rom maTi arCevis an gadarCevis ufleba
aqvT) aris korporaciis Sida normatiuli aqtebis miRebis ufleba
riTac isini aiZuleben direqtorebs daemorCilon maT nebas.104
sainteresoa miTiTebis uflebis sakiTxi. aSS-Si direqtorebs wesdebiT

aqvT miniWebuli uflebamosileba rom korporaciis yvelaze
mniSvnelovani gadawyvetilebebi miiRon mxolod sakuTari
pasuxismgeblobis farglebSi da ar daemorCilos Tundac aqcionerTa
miTiTebas.105 Tu ki direqtorebi ar moqmedebeni ise rogorc
aqcionerebi Tvlian umjobesad, maSin aqcionerebs SeuZliaT rom es
direqtori gadairCios da daniSnos axali, gavlenis moxdenis sxva
samarTlebrivi berketi ar arsebobs.106 igivenairad xdeba germaniaSic,
gamgeobas evaleba rom sakuTari pasuxismgeblobis farglebSi gauZRves
korporaciis saqmianobas, rac imas niSnavs rom mas ar evaleba
daemorCiolos aqcionerTa an Tundac sameTvalyureo sabWos
miTiTebebs. 107 ase rom bordi aris absoluturad damoukidebeli
gadawyvetilebis miRebaSi, bordis gadawyvetilebis namdvilobis
erTaderTi winapirobaa sxdomis Catarebis formaluri procedurebis
dacva.108 D
saerTo samarTlis qveynebSi, daxurul korporaciebSi rogorc wesi
gadawyvetilebis miRebas da aRsrulebas axdens Tavad bordi,109 Tumca
Ria korporaciebSi rogorc wesi iqmneba komitetebi romelbzec xdeba
uflebamosilebaTa delegireba. wesdebiT direqtorebs ufleba eZlevaT
rom Seqmnan komitetebi da maTze moaxdinon delegireba
uflebamosilebebis. direqtorebs pirdapir ar evalebaT rom
102
103
German Stock Corporation act, §. 111, 1
104
Delawera General Corporate Law, subchapter IV , § 5 141(a)
105
Schneeman A. The law of corporations and other business organizations, gv.338
106
iqve, gv.338
107
German Stock Corporation act, §. 76, 1
108
109
iqve, gv.114
16
yoveldRiur menejmentSi iyvnen CarTulebi.110 statistikis mixedviT
tipiuri direqtorebi msxvili korporaciebisa uTmoben 17 saaTs TveSi
korporaciis marTvas. 111 direqtorebs komitetebis xelmZRvanelebisadmi
(oficrebisadmi) aqvT miTiTebis ufleba, gansxvavebiT aqcionerebisgan
romlebsac ar aqvT direqtorTa mimarT miTiTebis gacemis ufleba.112
Tumca direqtorebs ar aqvT ufleba rom moaxdinon pasuxismgeblobaTa
delegireba sxvebze, maT mudmivad unda moaxdinon korporaciis marTvis
monitoringi. garda amisa biznes korporaciebis modeluri kanoni
adgens sakiTxebs romelTa delegireba ar SeiZleba, esenia: ZiriTadi
biznes gegmebi, korporaciis Sida kontrolis efeqturoba, finansuri
deklaraciebi, bordis wevrTa Sromis anazRaureba da a.S. 113
direqtorebs Tavis mxriv yvela gadawyvetilebis damoukideblad miReba
ar SeuZliaT, da zogierT SemTxvevaSi saWiroa aqcionerTa Tanxmoba,
magaliTad iseT sakiTxebze romelic exeba, wesdebaSi cvlilebis
Setanas, korporaciis likvidacias, Sewymas an SeerTebas. 114
orsafexuriani sistemis mimdevar qveynebSi ki gamgeobas da
sameTvalyureo sabWos ekrZaleba uflebamosilebaTa delegireba115.
direqtorebi gansakuTrebiT sando reputaciis pirovnebebi unda iyvnen

rameTu maTze aris mindobili uamravi aqcioneris qoneba. Sesabamisad
xSirad rodesac saxezea didi finansuri skandalebi an direqtorTa
mier arakeTilsindisieri saqcieli problema mdgomareobs ara
romelime sistemis an meTodis naklSi, an arasrulyofilebaSi, aramed
korporaciis mmarTvel pirovnebaTa arakeTilsindisierebaSi. problema
aris is rom adamianebis xSirad iqcevian arakeTilsindisierad,
miTumetes roca amis cduneba didia. yvela direqtori an
makontrolebeli Tanamdebobis piri rom bolomde keTilsindisierad
asrulebdes Tavis movaleobebs, da ar arRvevdes koporaciis
erTgulebis movaleobas maSin korporaciuli marTva saerTod ar
iqneboda problemuri sakiTxi da amdeni Teoriis arsebobas ar iqneboda
saWiro. magram saqme isaa rom adamianebi ar arian idealurni da xSirad
aris cduneba rom Tavis pirad interesebs mianiWon upiratesoba vidre
korporaciis interesebs. miTumetes roca saqme exeba did finansur
korporaciebs romelTa brunvac miliardobiT dolars Seadgens, didi
Sansia imisa rom adamianebi romlebic ganageben am didi finansebis
beds moiqcnen arakeTilsindisierad da maqinaciebis gziT daazaralon
kompania. swored amitom rom cduneba didia absoluturad yvela
qveynis kanonmdebloba korporaciis maRali Tanamdebobis pirebs
akisrebs e.w. fiduciarul valdebulebebs.116 fiduciaruli
110
iqve, gv.114
111
112
113
114
Schneeman A. The law of corporations and other business organizations, gv.340.
115
German Stock Corporation act, § 111. 5
116
mewarmeTa Sesaxeb kanoni, muxli 56.4
17
movaleobebi direqtorebs korporaciis mimarT akisrebs 3 ZiriTadi
movaleobas:
 gulmodgineobis
 erTgulebis
 keTilsindisierebis.
gulmodgineobis movaleoba gulisxmobs imas rom direqtorma unda
gamoiCinos sakmarisi yuradReba korporaciis saqmeebisadmi.is Tu ra
igulisxmeba sakmaris yuradRebaSi unda dadgindes yovel konkretul
SemTxvevaSi.117 modeluri kanonis mixedviT ganmartebulia rom
direqtori unda uTmobdes imden yuradRebas korporaciis saqmeebs
ramdensac analogiur poziciaSi myofi saSualo monacemebis mqone
adamiani dauTmobda. teqnikuri TvalsazrisiT, direqtorebis es
movaleoba izomeba Semdegi kriteriumebiT: eswreba Tu ara direqtori
bordisa da komitetis Sexvedrebs, iTxovs Tu ara Sesabamisi
komitetebidan saTanado informacias rac saWiroa gadawyvetilebis
misaRebad, iRebs Tu ara monawileobas ganxilvebSi, axorcielebs Tu
ara delegirebuli uflebamosilebebis Sesrulebis monitorings.118
erTgulebis movaleoba direqtorebs avalebs rom yovel konkretul
SemTxvevaSi, gadawyvetilebis miRebisas imoqmedon korporaciis
interesebis saukeTesod. gansakuTrebiT im SemTxvevebSi roca saxezea
potenciuri interesTa konfliqti direqtors ekrZaleba
gadawyvetilebis miRebis procesSi CarTva, garda amisa igi valdebulia
winaswarve ganacxados yvela SesaZlo kavSiris Sesaxeb ramac
SeiZleba gamoiwvios interesTa konfliqti. 119
keTilsindisierebis movaleoba moiTxovs maqsimalur patiosnebas
movaleobebis Sesrulebisas. direqtori yoveli gadawyvetilebis
miRebisas unda iyos maqsimalurad keTilsindisieri korporaciis
interesebis winaSe. Arasdros man ar unda daayenos piradi interesebis
korporaciis interesebze win. 120 SesaZlebelia rom korporaciisTvis
wamgebiani gadawyvetileba miRebuli iqnes keTilsindisierad, Tu ki
direqtorma sakiTxi safuZvlianad Seiswavla, yvela SesaZlo zoma
miiRo da Rrmad swamda gadawyvetilebis sisworeSi maSin Tundac es
gadawyvetileba wamgebiani aRmoCndes, direqtoris pasuxismgebloba main
c ar dgeba. 121
aRniSnuli sakiTxi dakavSirebuli e.w “samewarmeo gansjis wesTan”
romelic aris iuridiuli standarti rac icavs direqtorebs piradi
pasuxismgeblobisagan im SemTxvevaSi Tu ki saTanado kriteriumebis
dacviT miiRes biznes gadawyvetileba romelic SemdegSi warumatebeli
aRmoCnda. Biznes saqmianoba Tavis Tavsi did risks Seicavs rom ama Tu
im midgomam SeiZleba ar gaamarTlos, ris gamoc usamarTlo iqneboda
direqtorTaTvis pasuxismgeblobis dakisreba.122 xelmZRvanels, rogorc
117
ALI. Principles of Corporate Governance, § 4.01.
118 iqve § 4.01.
119 iqve § 4.03.
120 iqve § 4.04.
121 iqve § 4.01.
122
maisuraze d. Tsu-s samarTlis Jurnali,N1-2, 2012,gv .111
18
samewarmeo sazogadoebis erT-erT mTavar moqmed pirs, unda hqondes
sazogadoebis saxeliT da sazogadoebis sasargeblod garkveul
saqmianobaTa ganxorcielebis Tavisufleba, Tumca ara es Tavisufleba,
aramed am moqmedebaTa ganxorcielebis wesi garkveul standartebs
unda akmayofilebdes.123 biznesis warmoebis dros mniSvnelovania rom
pirma gariskos, ris gareSec warmateba ver modis, amitom gonivruli
riskisTvis piris dasja araswori iqneboda.124 samewarmeo gansjis wesi
vrceldeba mxolod bordis mier miRebul gadawyvetilebebze, igi
eqskluziurad direqtorebs icavs. 125
germaniis saaqcio sazogadoebebis Sesaxeb aqtSi miTiTebulia rom
`movaleobis darRveva ar arsebobs, Tu gamgeobis wevrs samewarmeo
gadawyvetilebis miRebisas gonivrulad SeeZlo evarauda, rom igi
saTanado informaciis safuZvelze sazogadoebis sakeTildReod
moqmedebda.126
qarTul kanonmdeblobaSi gamoyofili ar aris direqtorTa
fiduciaruli movaleobebis sakiTxi Tumca konkretul muxlebSi masze
saubaria. kerZod ki `mewarmeTa Sesaxeb~ kanonis me-9 muxlis Tanaxmad,
`direqtorebi da sameTvalyureo sabWos wevrebi sazogadoebis saqmeebs
unda gauZRvnen keTilsindisierad; kerZod, zrunavdnen ise, rogorc
zrunavs analogiur Tanamdebobaze da analogiur pirobebSi myofi
Cveulebrivi, saRad moazrovne piri da moqmedebdnen im rwmeniT, rom
maTi es moqmedeba yvelaze xelsayrelia sazogadoebisaTvis”127 aseve
sainteresoa kanoni 56-e muxlic, romlis mixedviTac “direqtorebma
keTilsindisierad da gulmodgined unda Seasrulon dakisrebuli
amocanebi~128 kanoni am movaleobebs mxolod saaqcio sazogadoebis
direqtorebs uwesebs da arafers ambobs Sps-s direqtorebze, upriani
iqneboda Tu ki kanoni msgavs tipis movaleobebs dauwesebda yvela sxva
tipis sazogadoebebs.129 saqarTvelos kanoni fasiani qaRaldebis bazris
Sesaxeb aseve exeba direqtorTa movaleobebis sakiTxs da ambobs rom
direqtorebi unda moqmedebdnen keTilsindisierad, zrunavdnen ise,
rogorc zrunavs analogiur Tanamdebobaze da analogiur pirobebSi
myofi Cveulebrivi, saRad moazrovne piri, moqmedebdnen im rwmeniT, rom
maTi es moqmedeba yvelaze ukeTesia sawarmosa da misi fasiani
qaRaldebis mflobelTa interesebisaTvis.130 iseve rogorc mewarmeTa
Sesaxeb kanoni, es kanonic am moTxovnas uwesebs mxolod im
sazogadoebebs romelTa aqciebic ganTavsebulia safondo birJebze.131
samewarmeo gansjis wesi rogorc aseTi ar arsebobs qarTul
sakorporacio samarTalSi. mSk - mxolod saubrobs
123
124 iqve gv .108
125 iqve gv .108
126
127
128
mewarmeTa Sesaxeb kanoni, muxli 56
129
130
fasiani qaRaldebis bazris Sesaxeb kanoni muxli 16.1.
131
19
keTilsindisierebis movaleobaze ise rom ar gamoyofs erTmaneTisgan
gulmodginebisa da erTgulebis movaleobas. imisaTvis raTa samewarmeo
gadawyvetilebis wesi kargad ganviTardes CvenTan saWiroa rom kanonSi
zustad iqnes Camoyalibebuli misi ganmarteba da moqmedebis pirobebi.
132 aRsaniSnavia saqarTvelos uzenaesi sasamarTlo erTerT saqmeSi
saubrobs direqtorTa mier sazogadoebis marTvis Sesaxeb da ambobs
rom direqtorebs unda hqondeT maTze dakisrebuli pasuxismgeblobebis
adeqvaturi uflebamosilebebi.133
3.1.1. xelmZRvanelobis Sida korporaciuli meqanizmebi.
Cven zemoT TavebSi araerTxel mimovixileT korporaciul marTvaSi

xelmZRvanelobisa da kontrolis funqciebs Soris gamijvnis sakiTxi.
Tavis mxriv korporaciul marTvis ori saxeoba arsebobs Tanamedrove
iuridiul literaturaSi, esaa Sida korporaciuli da gare
korporaciuli marTva. (Inside control and outside control). Sida korporaciul
marTvas axorcieleben Sida korporaciuli organoebi, rogoricaa
gamgeoba da sameTvalyureo sabWo, xolo gare sakorporacio marTvaze
Semdeg TavSi gveqneba saubari. Sida korporaciul marTvaze saubrisas
xSirad axseneben agreTve korporaciis TanamSromelTa monawileobas
kompaniis marTvaSi. rameTu daxvewili korporaciuil marTva Sedis
aramarto aqcionerTa interesebSi aramed korporaciis TanamSromelTa
interesebSi.134
Sida korporaciuli marTvis yvelaze mniSvnelovani organoebia ra
Tqma unda gamgeoba da sameTvalyureo sabWo, romlebzec zemoT ukve
gvqonda saubari amitom aq am sakiTxze aRar SevCerdebi.
sainteresoa muSa mosamsaxureTa CarTulobis roli korporaciis

marTvaSi. maT aqvT garkveuli gavlena sawarmos funqcionirebaze,
samuSao bazris da Sida sazogadoebrivi warmoebis meSveobiT. es
gavlena gansakuTrebul mniSvnelobas iZens maSin roca mas Sida
kontrolisa da marTvis organoebze SeuZlia imoqmedos.135 muSa
mosamsaxureTa marTvaSi monawileobis magaliTi aris roca maT hyavT
wargzavnili sakuTari warmomadgeneli sameTvalyureo sabWoSi xmis
uflebiT. es modeli jer kidev moqmedebs germaniasa da holandiaSi,
aseve evropis ramdenime qveyanaSi. angloamerikuli samarTlis sistemam
ki igi mTlianad uaryo da muSa mosamsaxureebis marTvaSi monawileobis
132
maisuraZe d. Tsu-s samarTlis Jurnali,N1-2, 2012,gv .112
133 saqarTvelos uzenaesi sasamarTlos gadawyvetilebani samoqalaqo, samewarmeo da
gakotrebis saqmeebze, #3k/259-01, Tb., 30 marti, 2001, 715.
134
samarTali, gv 18.
135
iqve, gv 24
20
yvelanairi forma ugulebelyofilia. Tumca am sakiTxze uTanxmoeba
ukve germaniis samecniero wreebSic ki arsebobs.136
rac Seexeba qarTul samarTalSi Sida da gare korporaciuli marTvis

sakiTxs, igi sakmaod vrclad exeba gamgeobisa da sameTvalyureo
sabWos sakiTxs razec zemoT TavebSi ukve gvqonda saubari. rac Seexeba
muSa mosamsaxureTa monawileobas korporaciis marTvaSi, arc erTi
sakanonmdeblo aqti amis Sesaxeb arafers ambobs. es sakiTxi mTlianad
sawesdebo avtonomiis farglebSia moqceuli. Tumca arcerTi
korporaciis SemTxvevaSi aseTi ra ar gvxvdeba praqtikaSi. Cemi azriT
ar iqneboda upriani sakanonmdeblo ZaliT muSa-mosamsaxureTaTvis
sawarmos marTvaSi monawileobis uflebis miniWeba. muSebsa
daxelmZRvanelebs Soris urTierToba calke regulirdeba Sromis
kodeqsiT da sruliad zedmeti iqneboda msgavsi praqtikis danergva
saqarTveloSi. miTumetes rom evropuli tendencia am praqtikis
gauqmebisken midis, aSS ki saerTod ar icnobs aseT SemTxvevebs.
3.1.2. xelmZRvanelobis gare korporaciuli meqanizmebi.
gare korporaciul marTvas ganekuTvneba iseti faqtorebi rogoricaa

didi bankebis zegavlena did korporaciebze, safondo birJebi da
kapitalis bazari, aseve sxva iseTi faqtorebi romelic garedan
zemoqedebs korporaciis Sida samzareuloze. Tavis mxriv gare
korporaciuli faqtorebis gavlena imdenad didia ramdenadac Tu ki
korporacias ar aqvs saTanado doneze gamarTuli Sida sistema is ver
miaRwevs ekonomikur warmatebas swored am gare faqtorebis
gaTvaliswinebiT. Bankebis gavlena korporaciebze Zalian didia yvela
qveyanaSi, garda imisa rom bankebi Tavad arian korporaciebis erTerTi
mTavari damfinanseblebi, amave dros isini Tavadac korporaciebs
warmoadgnene da did rols TamaSoben korporaciuli sistemis SeqmnaSi.
dResDreobiT evropis ramodenime qveyanaSi bankebi warmodgenilni arian
korporaciebis sameTvalyureo sabWoSi xmis uflebiT da pirdapir
iReben monawileobas mis marTvaSi, Tumca evropuli tendencia
mimarTulia iqeTken rom bankebis msgavsi CarTuloba gauqmdes da
sameTvalyureo sabWoSi bankebis aseTi Tanamonawileoba uaryofili
iqnes.137 Safondo birJisa da kapitalis roli korporaciaze didia
imdenad ramdenadac Sida korporaciuli marTvis warmatebuloba
aisaxeba imaze Tu ramdenad warmatebulad SeiZleba gaiyidos birJaze
korporaciis aqciebi. sawarmo kargi korporaciuli marTvis pirobebSi
136 iqve, gv 25.

137
iqve, gv. 26
21
farTod cnobili makinsis swavlebis Sedegebis mixedviT 20% iT ufro
met fasad iyideba.138
sajarooba da auditoruli kontroli korporaciisTvis udides rols

TamaSobs. sawarmoos finansuri informaciis gamWvirvaloba da
auditoriuli kontroli mniSvnelovania imdenad ramdenadac igi
aqciaTa SeZenis msurvels awvdis informacias korporaciis Taobaze.
kargi korporaciuli marTva aris garanti imisa, rom investoris
139
uflebebis iqneba saTanadod daculi . germaniis samarTlis 1998 wlis
reformis mixedviT sameTvalyureo sabWoebSi aucilebelia
damoukidebeli auditoris monawileoba. sayovelTaod cnobili
finansuri skandalebis Semdeg (ènroni” da ùorldkomi”) aSS-Si
kanonmdebelma swrafi reagireba moaxdina da miiRo cnobili Sarbanes
oqslis aqti, romliTac dadginda damoukidebeli auditorebis
arsebobis savaldbulooba da agreTve maTi damoukideblobis
winapirobebi.140 ase rom damoukidebeli auditoris instituti
gansakuTrebiT did rols TamaSobs korporaciul marTvaSi da TiTqmis
yvela qveyana iTvaliswinebs maT arsebobas. am kuTxiT sainteresoa
mosamarTleTa rekomendaciebi mewarmeTa Sesaxeb kanonTan dakavSirebiT,
sadac aRniSnulia rom gare auditis Catareba aucilebelia
kompaniisTvis, `gare auditi aris garedan danaxuli kompaniis
saqmianoba imis Sesaxeb Tu ramdenad sworad aris direqtoratisa da

sameTvalyureo sabWos mier warmodgenili informacia finansuri
operaciebis Sesaxeb da ramdenad Seesabameba es sinamdviles”141
Sida da gare korporaciuli marTvis sakiTxi uSualo kavSirSia im

problemasTan mimarTebiT romelzec zemo TavebSi gvqonda saubari. Cven
araerTxel aRvniSneT rom kargi korporaciuli marTva ganapirobebs
korporaciis warmatebas rogorc Sida menejmentis TvalsazrisiT aseve
gare ekonomikuri saqmianobisa da biznes TvalsazrisiT. anu Tavis
mxriv is sakiTxi Tu ramdenad gamijnulia erTmaneTisgan marTvisa da
kontrolis funqciebi asaxvas poulobs korporaciis ekonomikur da
biznes saqmianobaze. meores mxriv gare kontrolis berketebi aiZulebs
korporacias rom iqonios gamarTuli menejmentis sistema raTa
gauZlos sabazro konkurencias.
rac Seexeba gare korporaciuli marTvis elementebs qarTul

sakorporacio samarTalSi, samwuxarod imis gamo rom ar aris qveyanaSi
saTanado doneze ganviTarebuli korporaciuli urTierTobebi,
safondo birJebs kapitalis bazars da a.S ar aqvT saTanado gavlena
korporaciebze. Tumca albaT korporaciuli urTierTobebis da
safondo birJebis ganviTarebasTan erTad es gavlena gaZlierdeba. Rac
Seexeba gare auditorul kontrols sainteresoa rom bolo
138 iqve, gv. 27

139
mosamarTleTa rekomendaciebi kanonze „mewarmeTa Sesaxeb“, gv 11.
140
Wanturia l. korporaciuli marTva,gv 123.
141
22
cvlilebebma moqmed kanonmdeblobaSi gare auditis Catareba mxolod
kompamniaTa mcire SemTxvevaSi darCa savaldebulod, kerZod
angariSvaldebuli sawarmos SemTxvevaSi, rodesac partniorTa
raodenoba asze metia da kompania finansuri zedamxedvelobis
saagentos mier aris licenzirebuli. yvela sxva SemTxvevaSi TviTon
kompania wyvets surs Tu ara gare auditis Catareba142. agreTve
aRsaniSnavia sba-s korporaciuli marTvis kodeqsi romelic
iTavliswinebs auditoruli komisiis arsebobas Sida kontrolis
meqanizmad.143 kerZod ki: `sameTvalyureo sabWoSi bankebi qmnian , sul
mcire auditisa da riskebis marTvis komitets.”144 xolo 6.4 muxlis
mixedviT: `Sereuli sameTvalyureo sabWos SemTxvevaSi, auditis
komitetis wevrebi unda iyvnen sabWos mxolod araaRmasrulebeli
wevrebi”145
3.2. zedamxedvelobaze (kontrolze) uflebamosili organo.
3.2.1. sameTvalyureo sabWo - orsafexuriani sistema
orsafexuriani modelis mimdevar qveynebSi sameTvalyureo sabWos

ZiriTadi funqciaa gamgeobis wevrTa daniSvna da ganTavisufleba. am
bolo dros mas daemata garkveuli rbili funqciebi rogoricaa
interesTa dabalanseba direqtorTa da aqcionerebs Soris,
komunikaciaSi daxmareba maT Soris da savaraudo interesTa
konfliqtis Tavidan acileba.146 sameTvalyureo sabWo monitorings
uwevs menejments, mas ar SeuZlia pirdapir CaerTos korporaciis
menejmentSi YTumca mas SeuZlia konkretuli aqtebis gamocema da
agreTve wesdebis mixedviT SeiZleba gansazRvruli iqnes sakiTxebi
romlebis saWiroeben sameTvalyureo sabWos wevrTa Tanxmobas147.
sameTvalyureo sabWos realuri roli korporaciaSi Zalian didad
aris damokidebuli Tavad korporaciis zomaze. erTerTi mniSvnelovani
ufleba sameTvalyureo sabWosi aris is rom mas Seaqvs sarCeli
direqtorTa winaaRmdeg sasamarTloSi.
sameTvalyureo sabWos nebismier dros SeuZlia moiTxovos gamgeobisgan
informacia korporaciis finansuri mdgomareobis Sesaxeb. sainteresoa
rom Tu ki gamgeoba Tvlis rom sameTvalyureo sabWos romelime wevri
ar akmayofilebs saTanado kriteriumebs mas SeuZlia korporaciis
JurnalSi gamoaqveynos amis Sesaxeb. da agreTve unda miuTiTos is
kruteriumebi da dasabuTeba misi azrisa.148 germaniis kanoni pirdapir
142
iqve, gv 17
143
sba - korporaciuli marTvis kodeqsi, muxli 6.3.
144
145
iqve, muxli 6.4
146
147
iqve gv.5
148
German stock Corporation Act, § 97.
23
krZalavs sameTvalyureo sabWoSi im piris arCevas vinc ukve aris amave
korporaciis gamgeobis wevri.149 agreTve akrZalulia gamgeobis wevris
moadgileobac ki da sxva qvemdgomi Tanamdebobebis dakaveba.150
sainteresoa qarTuli kanonmdeblobis realoba am kuTxiT.

saqarTvelos kanonSi mewarmeTa Sesaxeb araerTi saintereso da
SeiZleba xarveziani regulirebac ki aris amitom sayuradReboa maTi
ganxilva. kanoni mewarmeTa Sesaxeb adgens, rom Tu ki korporaciaSi ar
iarsebebs sameTvalyureo sabWo maSin misi uflebamosilebebi unda
gadanawildes sxvadasxva organoebze.151 es muxli dasaSvebad miiCnevs im
faqts rom korporacias sameTvalyureo sabWo ar yavdes. am SemTxevavSi
kanonmdebloba farTo sawesdebo avtonomias awesebs da SesaZleblobas
aZlevs korporacias rom Tavad gadawyvitos Tu rogor moxdeba
sameTvalyureo sabWos funqciaTa aRsruleba.
erTi saintereso detali aris dadgenili qarTuli kanonmdeblobiT,

romelic Seexeba sameTvalyureo sabWos dakompompleqtebas. kerZod ki
Tu ki sameTvalyureo sabWos wevri gadis nebayoflobiT wevrobidan
maSin mis adgilze axals niSnavs sasamarTlo gasvlidan 6 Tvis vadaSi,
erTerTi aqcioneris, sameTvalyureo sabWos wevris an direqtoris
gancxadebis safuZvelze.152 es erTob saintereso da amave dros
sakamaTo detalia, igi SeiZleba ganxiluli iqnes rogorc marTvisa da
kontrolis uflebaTa aRreva da eWvqveS daayenos direqtoris
gancxadebiT daniSnuli sameTvalyureo sabWos wevris damoukidebloba
direqtorTa saqmianobis kontrolisas.
kidev erTi sakamaTo sakiTxi rac kanonSi gvxvdeba aris, is faqti rom
kanoni dasaSvebad miiCnevs sameTvalyureo sabWos wevrad direqtoris
daniSvnas, Tumca iqve miuTiTebs rom sameTvalyureo sabWos wevrTa
umravlesoba ar SeiZleba iyos direqtorebi153 riTac TiTqos
abalansebs mdgomareobas.
kidev erTi Tavisebureba rac kanons axasiaTebs aris is rom

direqtorTa sabWos uflebamosilebebi SeiZleba gadacemuli iqnes
sameTvalyureo sabWosTvis.154
149 iqve, §100

150 iqve, §105
151
mewarmeTa Sesaxeb kanoni, muxli muxli 55.11
152 iqve, muxli 55.12
153
iqve, muxli 55.2
154
iqve, muxli 55.72
24
3.2.2. erTsafexuriani sistema - partniorTa kreba (direqtorTa sabWos
uflebamosilebebTan mimarTebaSi)
partniorTa kreba erTsafexuriani sistemis mimdevar qveynebSi aris

direqtorTa sabWos mTavari makontrolebeli organo. partniorebs
direqtorTa sabWosTan mimarTebaSi gaaCniaT ramdenime ZiriTadi
ufleba, esaa: direqtorTa arCeva/gadarCevis ufleba, korporaciis
normatiuli aqtebis miRebis ufleba da direqtorTa winaaRmdeg
sarCelis Setanis ufleba korporaciis interesebis dasacavad. iqedan
gamomdinare rom aqcionerebi Zalian daSorebulni arian korporaciis
yoveldRiuri menejmentisagan maT Zalian mcire berketi aqvT saimisod
rom gavlena moaxdinon marTvaze da rogorme TavianTi neba
savaldebulo gaxadon direqtorebisTvis romlebic uSualod marTaven
korporacias. am kuTxiT ki erTerTi yvelaze mZlavri berketi maT
xelSi aris normatiuli aqtebis miRebis uflebamosileba. delaveris
sakorporacio samarTalSi aqcionerebs miniWebuli aqvT
uflebamosileba rom miiRon iseTi normatiuli aqtic romelic exeba
korporaciis yoveldRiur saqmianobas, direqtorTa an sxva
dasaqmebulTa uflebebs. 155
aSS-Si dRemde kidev mimdinareobs debatebi imasTan dakavSirebiT Tu

romeli organo aris ufro metad mZlavri korporaciaSi. 156 zemoT
araerTxel aRvniSneT, rom aqcionerebs ar gaaCniaT direqtorebisadmi
miTiTebis micemic ufleba,rameTu direqtorebi moqmedeben sakuTari
pasuxismgeblobis farglebSi. direqtorTa sabWosa da partniorTa
krebas Soris ar arsebobs subordinaciuli damokidebuleba, oriveni
Tanabar ierarqiul doneze imyofebian. Cemi azriT Tu ki sakiTxi
dadgeba imdagvarad Tu romeli organo ufro Zlieria, maSin ra Tqma
unda Tavisi uflebamosilebebiT partniorTa kreba ufro Zlieria
rameTu isini iReben korporaciisTvis fundamentur gadawyvetilebebs,
magaliTad iseTs rogoricaa direqtorTa sabWos arCeva. partniorebis
wyveten Tu vis xelSi unda imarTebodes korporacia. partniorebi arian
korporaciis wilis mflobelebi da amitom gasakviri arc aric maTi
gansakuTrebuli uflebamosileba. meores mxriv ra Tqma unda
partniorTa es uflebamosileba ar zRudavs TavianT qmedebebSi
direqtorebs, romlebsac uzarmazari pasuxismgebloba gaaCniaT da
Tavian qmedebebSi arian Tavisufalni da Sesabamisad pasuxismgebelnic.
direqtorTa uflebamosileba aseve gadamwyveti mniSvnelobisaa rameTu
isini gansazRvraven korporaciis beds, da warmatebas, amave dros
direqtorebs ar gaaCniaT direqtorebze momentaluri gavlenis
moxdenis berketi im SemTxvevisTvis rodesac direqtorTa
gadawyvetileba kategoriulad miuRebelia partniorebisTvis.
saqarTvelos kanoni mewarmeTa Sesaxeb gansxvavebulad awesrigebs

partniorTa uflebebs direqtorTa mimarT. rac Seexeba direqtorTa
155
Delawera General Corporate Law, § 109.
156
Bruner C.M, Shareholder Bylaws and the Delaware Corporation, gv.69
25
arCeva an gadarCevis sakiTxs, rogorc zemoT ukve vTqviT, es ufleba
calsaxad ar arsebobs rameTu zog SemTxvevaSi kanoni iTavliswinebs
sameTvalyureo sabWos savaldebulo wesiT arsebobas, da am
SemTxvevaSi sameTvalyureo sabWo niSnavs da aTavisuflebs
direqtorebs. xolo Tavad partniorTa kreba ki uflebamosilia
airCios an gadairCios sameTvalyureo sabWos wevri. 157 ase rom am
SemTxvevaSi partniorTa krebis gavlena direqtorebze iribia, da igi
xorcieldeba sameTvalyureo sabWos SuamavlobiT. am dros aqcionerebs
ar aqvT ufleba rom Tavidan moicilon arasasurvli direqtori,
rameTu direqtorTa sabWos Semadgenlobis cvlileba mxolod
sameTvalyureo sabWos kompetenciaa. 158 am SemTxvevaSi partniorebi
ufro sust mdgomareobaSi imyofebian vidre es aSS-Si xdeba, Tan Tu
gaviTvaliswinebT imasac rom Cveni kanoni dasaSvebad miiCnevs
direqtorebis Tandroul wevrobas sameTvalyureo sabWoSi da kidev
direqtorebis gancxadebiT sameTvalyureo sabWos wevris daniSvnas,
maSin Zneli warmosadgenia ramdenad SeZleben partniorebi maTTvis
arasasurveli direqtorebis Tavidan mocilebas.
rac Seexeba iseT SemTxvevebs roca sameTvalyureo sabWos arseboba

savaldebulo ar aris maSin rTuli gasarkvevia Tu rogor unda moxdes
direqtorTa sabWos dakompleqteba. amaze kanoni ar saubrobs.
savaraudod aseTi SemTxvevebi wesdebam unda daareguliros.
kidev erTi mniSvnelovani ufleba aqcionerTa aris, normatiuli

aqtebis miReba. mSk aqcionerTa krebis uflebebze saubrisas pirdapir
miuTiTebs, rom aqcionerebs ufleba aqvT miiRon cvlilebebis
wesdebaSi.159 kanoni arafers ambobs wesdebidan gamomdinare miRebul
normatiul aqtebze, Sesabamisad ivaraudeba rom es sakiTxi unda
daregulirdes Tavad wesdebiT ase rom es ufleba qarTul samarTalSi
garantirebulia aqcionerTvis.
sainteresoa aqcionerTa ufleba direqtorebis winaaRmdeg

sasamarTloSi sarCelis Setanis TvalsazrisiT. qarTuli
kanonmdebloba amaze pirdapir arafers ambobs. kanonis 54-e muxli, me-6
nawilis `k” punqtis Tanaxmad, aqcionerTa kreba uflebamosilia
`მიიღოს გადაწყვეტილებები სამეთვალყურეო საბჭოსა და დირექტორების
წინააღმდეგ სასამართლო პროცესში მონაწილეობის შესახებ, ამ პროცესისათვის
წარმომადგენლის დანიშვნის ჩათვლით”.160 sainteresoa rom am muxlSi
kanoni pirdapir ar amaxvilebs yuradRebas calke aRebuli aqcioneris
uflebaze rom iCivlos sasamarTloSi. bevri rame swored imazea
damokidebuli Tu rogor movaxdenT am muxlis interpretacias. Cemi
157
mewarmeTa Sesaxeb kanoni, muxli muxli 54. 6
158
iqve, muxli 55.7
159
iqve, muxli 54.6
160 iqve, muxli 54.6
26
azriT aq saubaria zogadad sasamarTlo procesSi monawileobis
Sesaxeb, amitom umjobesi iqneboda Tu ki kanonmdebloba calke
detalurad daaregulirebda aqcioneris uflebas rom direqtors
uCivlos sasamarTloSi. Sesabamisad mizanSewonili iqneboda
aqcionerTaTvis direqtorTa samewarmeo gadawyvetilebis uflebis
miniWebac kanonis mixedviT. 161 zemoT Cven ukve SevexeT samewarmeo
gadawyvetilebis wess da misi gaweris mniSvnelobasac qarTul
kanonmdeblobaSi. Tavis mxriv samewarmeo gadawyvetilebis wesis
arseboba iqneba direqtorTa interesebis dacvis mtkice garanti im
SemTxvevebSi roca aqcionerebi gaasaCivrebdnen maT mier miRebul
samewarmeo gadawyvetilebas.
3.3. xelmZRvanelobisa da kontrolis uflebamosilebebis gamojvna.

rogorc SesavalSi aRvniSneT korporaciuli marTvis araerTi
ganmarteba arsebobs162. amave dros ar arsebobs misi sayovelTaod
aRiarebuli da dadgenili definicia. Tumca yvela met-naklebad
Tanxmdeba imaze rom korporaciuli marTvas aqvs ori mTavari elementi:
1) marTva (xelmZvaneloba, aRsruleba) da 2) kontroli
(zedamxedveloba, meTvalyureoba).163 korporaciuli marTva es aris
sistema kompaniis marTvisa da kontrolisTvis.164 mocemul TavSi
vimsjelebT im konretul detalebze da saproblemo sakiTxebze rac
dakavSirebulia marTvisa da kontrolis uflebaTa gamijvnis
mniSvnelobasTan dakavSirebiT. Aaseve SevexebiT monisturi da
dualisturi sistemebis Taviseburebebs am gamijvnasTan dakavSirebiT.
ra konkretuli dadebiTi da uaryofiTi mxare aqvs TiToeul maTgans.
Tavis mxriv arcerTi sistema ar aris bolomde uaryofiTi an bolomde

dadebiTi rasac isic adasturebs rom orive maTgani didi xnis
ganmavlobaSi funqcionireben warmatebulad sxvadasxva qveynebSi. 165 Cven
ver vityviT rom esa Tu is sistema aris bolomde idealuri, an rom is
amarTlebs bolomde yvela qveyanaSi da yvela pirobebSi. Cven mxolod
is SegviZlia vTqvaT, rom esa Tu is sistema SeiZleba iyos ufro
ukeTesi da ufro gamosadegi ama Tu im qveynis kanonmdeblobisTvis misi
tradiciebisa da praqtikis gaTvaliswinebiT.A
Cemi azriT, korporaciuli marTvis mTavari problema TavisTavad

mdgomareobs ara romelime sistemis an meTodis naklSi, an
arasrulyofilebaSi,aramed korporaciis mmarTvel pirovnebaTa
arakeTilsindisierebaSi. problema aris is rom adamianebis xSirad
161
maisuraZe d. Tsu-s samarTlis Jurnali,N1-2, 2012,gv .
162
163
sba - korporaciuli marTvis kodeqsi, gv.2
164
mosamarTleTa rekomendaciebi kanonze „mewarmeTa Sesaxeb“, gv 9
165
27
iqcevian arakeTilsindisierad, miTumetes roca amis cduneba didia.
absoluturad yvela qveynis kanonmdebloba korporaciis maRali
Tanamdebobis pirebs akisrebs e.w. fiduciarul valdebulebebs.166 yvela
direqtori an makontrolebeli Tanamdebobis piri rom bolomde
keTilsindisierad asrulebdes Tavis movaleobebs, da ar arRvevdes
koporaciis erTgulebis movaleobas maSin korporaciuli marTva
saerTod ar iqneboda problemuri sakiTxi da amdeni Teoriis
arsebobas ar iqneboda saWiro. magram saqme isaa rom adamianebi ar
arian idealurni da xSirad aris cduneba rom Tavis pirad interesebs
mianiWon upiratesoba vidre korporaciis interesebs. miTumetes roca
saqme exeba did finansur korporaciebs romelTa brunvac miliardobiT
dolars Seadgens, didi Sansia imisa rom adamianebi romlebic ganageben
am didi finansebis beds moiqcnen arakeTilsindisierad da maqinaciebis
gziT daazaralon kompania. swored aqedan gamomdinare aris aqtualuri
korporaciul marTvaSi sxvadasxva modelebis arseboba, misi mTavari
mizania rom minimumamde daiyvanos SesaZlebloba rom mmarTvelebma
SeZlon piradi ambiciebis dakmayofilebis xarjze korporaciis
interesebis ugulebelyofa. am problemis Tavidan acilebis yvelaze
kargi saSualebaa balansi sxvadasxva uflebebis ganmaxorcielebel
organoebs Soris, rac rTulad misaRwevia. arakeTilsindisieri
adamianebi mudam iarsebeben da amas veranairi modeli ver aRkveTavs
magram mTavaria rom korporaciuli marTvis sistema ar iyos
arakeTilsindisieri saqcielis xelisSemwyobi, balansi mniSvnelovania
swored imisTvis rom saSualeba ar misces mmarTvelebs rom
arakeTilsindisierad moiqcnen, an aseTis SemTxvevaSi arsebobdes
organo romlis pirdapir interesebSic Sedis am faqtis aRkveTa.
msoflios araerTi finansuri skandali (Tundac Lehman Brothers, Parmalat)
gamowveuli iyo swored imiT rom aRmasrulebeli da makontrelebeli
funqcia gaerTianebuli iyo erTi da igive pirovnebis xelSi, anu
darRveuli iyo balansi ris gamoc pirovnebebs miecaT SesaZlebloba
rom sakuTari piradi interesi wina planze wamoewiaT korporaciis
interesTa daCagvris xarjze167
monisturi da dualisturi sistema Tavis mxriv miiltvis imisken rom

daamyaros balansi xelmZRvanelobisa da kontrolis uflebamosilebebs
Soris, raTa uzrunvelyofili iqnes ukeTesi korporaciuli marTva.
erT-erTi mTavari argumenti ris gamoc monisturi sistema warmatebiT
funcqionirebs aris is rom bordis wevri araaRmasrulebeli
direqtorebi yoveldRiur urTierobaSi imyofebian aRmasrulebel
direqtorebTan da aqvT saSualeba rom yoveldRiurad akontroln
direqtorTa saqmianoba, Tvalyuri adevnon korporaciis yoveldRiur
menemjents. maT iolad miuwvdebaT xeli yvela saxis informaciaze rac
saWiroa direqtorTa saqmianobis Sesafaseblad. es faqtori ufro
aiolebs kontrols, rameTu kontrolis erTerTi mTavari winapiroba
aris swori informaciis floba. araaRmasrulebel direqtorebs garda
166
167
mosamarTleTa rekomendaciebi kanonze „mewarmeTa Sesaxeb“, gv 20
28
oficialuri informaciisa agreTve uSualo informacia gaaCniaT Tavad
direqtorTa pirad da saqmian unarCvevebze romelsac isini kompaniis
yoveldRiur menejmentSi avlenen, rac maT saSualebas aZlevs rom
ufro farTod da obieqturad Seafason maTi saqmianoba. xSirad
Sefaseba romelic efuZneba mxolod angariSebisa da dokumentebisgan
miRebul informacias SeiZleba iyos SecdomaSi Semyvani an
arasakmarisi. ramdenadac kargia es faqtori imdenadve safrTxis
Semcveli SeiZleba iyos rameTu roca araaRmasrulebeli direqtorebi
yoveldRiur urTierTobaSi imyofebian aRmasrulebel direqtorebTan
iqmneba safuZvliani riski imisa rom maT Soris piradi urTierTobebis
Camoyalibebis xarjze damalon esa Tu is mniSvnelovani informacia an
arasaTanadod Seafason mdgomareoba, Cndeba riski rom piradma
urTierTobam gadafaros kompaniis interesebi. amave dros uaryofiTi
faqtoria isic rom rodesac aRmasrulebeli direqtorebi ganicdian
yoveldRiur kontrols araaRmasrulebeli direqtorebisgan aman
SeiZleba Seamciros maTi damoukideblobis xarisxi rac cudad aisaxeba
maT mier warmatebuli biznes gadawyvetilebebi miRebaze.168 Tumca, ori
funqciis Tavmoyra erT organoSi amcirebs biurokratiul
procedurebs da gadawyvetilebis miReba xdeba ufro swrafad da
martivad.
sapirispirod, maSin roca korporaciaSi arsebobs mkveTrad gamijnuli

ori organo romelTa uflebebia calcake xelmZRvaneloba da
kontroli, pozitiuri faqtoria is rom direqtorTa sabWos aqvs
damoukideblobis ufro maRali xarisxi. ra Tqma unda arsebobs iseTi
sakiTxebi, romelic direqtorTa sabWom unda SeuTanxmos
sameTvalyureo sabWos, magram miuxedavad amisa direqtorTa faqtobrivi
damoukidebloba mainc maRalia. amave dros es ori organo
ierarqiulad Tanabar doneze imyofebian. maRali faqtobrivi
damoukideblobis pirobebSi izrdeba warmatebuli
biznesgadawyvetilebebis miRebis SesaZlebloba, Tumca aseve
paralelurad izrdeba imis Sansic rom direqtori moiqces
arakeTilsindisierad da daarRvios fiduciaruli valdebulebebi. amave
dros, rodesac sameTvalyureo sabWos wevrebi raRac periodulobiT
akontroleben direqtorebs da ara yoveldRiur reJimSi, izrdeba
subieqtivizmis gamoricxvis Sansi. meores mxriv, roca sameTvalyureo
sabWo distancirebulia direqtorTa sabWosgan maT naklebi informacia
aqvT Sida samzareulos Sesaxeb, direqtorTa piradi da saqmiani
unarCvevebis Sesaxeb, ramac SeiZleba uaryofiTi gavlena iqonios
direqtorebis Sefasebisas. amis gamo xSirad sameTvalyureo sabWos
gadawyvetilebebi efuZnebodes mxolod furclebis, angariSebisa da
dokumentebisgan miRebul informacias.
168
Journal of Financial and Strategic Decisions, gv.1
29
3.3.1. uflebamosilebaTa aRreva da Tanxvedra
is meTodi, romelic qarTulma kanonmdeblobam – mewarmeTa Sesaxeb

kanonma airCia ganekuTvneba Sereul models, rac imas niSnavs rom
kanoni saSualebas utovebs korporacias utovebs SesaZleblobas rom
an yavdes sameTvalyureo sabWo an ara da misi uflebamosilebebi
gadanawildes sxva organoebze. odnav gaugebaria is faqti, rom im
SemTxvevebSi rodesac kanoni savaldebulod miiCnevs sameTvalyureo
sabWos arsebobas saaqcio sazogadoebaSi169, kanonis normebSi SegviZlia
amovikiTxoT iseTi normebi romelic garkveulwilad aRrevas iwvevs am
or midgomas Soris.
erTerTi saintereso detali Seexeba sameTvalyureo sabWos

dakompleqteba: ` ... Tu wevris gasvlidan 6 Tvis ganmavlobaSi ar airCa
sameTvalyureo sabWos axali wevri, maSin sasamarTlos sazogadoebis
iuridiuli misamarTis mixedviT SeuZlia erT-erTi aqcioneris,
sameTvalyureo sabWos wevris an direqtoris ganacxadiT daniSnos
axali wevri, Tu wesdebiT sxva ram ar aris gaTvaliswinebuli.”170 es
sakiTxi mniSvnelovania imdenad ramdenadac kanoni dasaSvebad miiCnevs
rom garkveul SemTxevvebSi sameTvalyureo sabWos wevri daniSnuli
iqnes direqtoris gancxadebis safuZvelze, rac Cemi azriT warmoadgens
aRrevas xelmZRvanelobisa da kontrolis funqciebs Soris. rameTu
sameTvalyureo sabWos wevri romelic direqtoris gancxadebiT
iniSneba Cemi azriT ver uzrunvelyofs obieqturobis saTanado dones
direqtorebis Sefasebisas.
kidev erTi sakamaTo sakiTxi rac kanoniTaa dadgenili aris

direqtorTa CarTuloba sameTvalyureo sabWoSi. kerZod ki kanonis
mixedviT, `… sameTvalyureo sabWos wevri SeiZleba iyos nebismieri
piri. wesdebiT SeiZleba ganisazRvros, rom sameTvalyureo sabWos
wevri (wevrebi) iyos am saaqcio sazogadoebis direqtori
(direqtorebi).“ am muxlis pirveli punqtiT gansazRvrul SemTxvevebSi
sameTvalyureo sabWoSi direqtorebi ar SeiZleba warmoadgendnen
umravlesobas”171 marTalia kanoni iqve miuTiTebs rom aseTi
direqtorebi ar SeiZleba iyvnen umravlesobaSi magram amis miuxedavad
es Cemi azriT es Canaweri xarveziania da aris aRreva kontrolisa da
xelmZrvanelobis funqciebs Soris. igive SeiZleba iTqvas kanonis
Canawerze, romlis mixedviTac direqtorTa funqciebi SeiZleba
gadaeces sameTvalyureo sabWos.172 am xarvezebTan dakavSirebiT Cemi
azriT mniSvnelovania sxvadasxva rekomendaciebis GgaTvaliswineba.
magaliTad saqarTveloSi arsebobs korporaciuli marTvis kodeqsi,
romelic xelmowerili iqna 11 bankis mier. masSi mocemulia garkveuli
rkeomendaciebi korporaciebisTvis. kodeqsSi mkacrad aris
169
mewarmeTa Sesaxeb kanoni, muxli 55.1.
170
iqve 55.11
171 iqve 55.2
172 iqve 55.72
30
miTiTebuli rom msgavsi tipis aRreva sameTvalyureo sabWoSi ar aris
rekomendirebuli. igi aseve xazs usvams sameTvalyureo sabWoSi
damoukidebel wevrTa arsebobis mniSvnelobas. kodeqsis mixedviT
saWiroa, rom daculi iqnes balansi sameTvalyureo sabWoSi
aqcionerTa warmomadgenlobasa da damoukidebel wevrebs Soris. anu
kodeqsi sameTvalyureo sabWos warmatebuli muSaobisTvis saWirod
miiCnevs rom araTu direqtorebi aramed aqcionerebic ki
dabalansebulad unda iyvnen warmodgenilni sabWoSi. 173
korporaciuli marTvis es kodeqsi aseve exmianeba qarTul

kanonmdeblobas da ambobs, rom im SemTxvevaSi roca sameTvalyureo
sabWoSi warmodgenilni arian direqtorebi, mniSvnelovania rom
mkveTrad gaimijnos uflebebi direqtorebsa da damoukidebel wevrebs
Soris, da mkacrad aris naTqvami rom direqtorebma ar unda iTamaSon
gadamwyveti roli direqtorTa saqmianobis SefasebaSi174
4. saaqcio sazogadoebaTa xelmZRvaneloba da kontroli

korporaciuli marTvis kodeqsebis mixedviT.
4.1 mmarTvelobaze uflebamosili organoebi – direqtorati
korporaciuli marTvis kodqsebi Tanamedrove sakorporacio

samarTalSi Zalian did rols TamaSobs. Zalian xSirad swored
korporaciuli marTvis kodeqsi aris mniSvnelovani siaxlis
iniciatori. Sesabamisad Cveni TemisTvis korporaciuli marTvis
kodeqsi sayuradReboa imdenad ramdenadac Zalian xSirad igi aris
cvlilebebis wyaro. xSirad roca kanonmdebloba aris xaveziani da
arasaTanadod aregulirebs sakiTxs kmk aris is dokumenti romelic
zustad asaxavs bazarze moTamaSe korporaciebis interesebs. Tu ki
gadavxedavT britaneTis korporaciuli marTvis kodeqss, eTgo-s
korporaciuli marTvis principebs da saqarTvelos bankTa asociaciis
mier miRebuli korporaciuli marTvis kodeqss swored aq aris
mkveTrad gamoxatuli marTvisa da kontrolis gamijvnis problemis
sakiTxi. anu zogadad korporaciuli marTvis kodeqsis mniSvneloba
didia imdenad ramdenadac zustad asaxavs korporaciebis Sida
samzareulos da gvaZlevs suraTs Tu rogor aris ukeTesi
imarTebodes sawarmo.
erTerTi mniSvnelovani dokumenti aris amerikis iuristTa asociaciis

sakorporacio samarTlis komitetis mier SemuSavebuli biznes
korporaciebis modeluri kanoni, romelic detalurad saubrobs
173 sba - korporaciuli marTvis kodeqsi, muxli 4.3.
174 iqve, muxli 4.3
31
direqtorTa sabWos rogorc mmarTveli organos Sesaxeb. modeluri
kanoni pirdapir ambobs rom korporaciis yvela saqmes unda uZRvebodes
direqtorTa sabWo romelsac SeuZlia rom uflebamosilebebis
delegirebis mizniT Seqmnas maTdami daqvemdebarebuli komitetebi.175
rogorc vxedavT modeluri kanoni erTsafexuriani stilisken imxroba
da direqtorTa sabWos farTo uflebamosilebebs uwesebs.
direqtorebis zedamxdvelobis qveS unda moxdes biznesis marTva Tumca
maTi gansakuTrebuli yuradRebis sagani unda iyos iseTi Temebi
rogoricaa, korporaciis biznes gegmebi, ZiriTadi riskebi, korporaciis
Sida auditoruli sistema, finansuri angariSebi da a.S176 sainteresoa
rom kanoni aqcionerebs saSualebas aZlevs rom yovelgvari mizezis an
axsna ganmartebis gareSe moxsnas direqtori Tu ki korporaciis
wesdeba sxva rames ar iTvaliswinebs. 177
saqarTveloSi korporaciuli marTvis kodeqsebi ar aris myarad

damkvidrebuli. jerjerobiT erTaderTi kmk miRebulia saqarTvelos
bankTa asociaciis mier, romelsac ukve 11 banki SeuerTda da igi
uSualod bankebis korporaciuli marTvis meqanizmebs exeba. Zalian
sainteresoa sba-s mier miRebuli korporaciuli marTvis kodeqsi,
romelic bevri kuTxiT saintereso regulaciebs gvTavazobs. sba-s
kodeqsi met-naklebad abalansebs urTierTobas yvela organos Soris.
saerTo kreba kvlavac rCeba korporaciisTvis yvelaze mniSvnelovani
gadawyvetilebis mimReb organod.178 sba- korporaciis yvelaze mTavar
aRmasrulebel organod miiCnevs direqtorTa sabWos, romelic
pasuxismgebelia bankis yoveldRiur saqmianobaze da
angariSvaldebulia sameTvalyureo sabWosa da aqcionerTa saerTo
krebis winaSe, Tumca direqtoratis wevrTa raodenobas gansazRvravs
sameTvalyureo sabWo da amtkicebs saerTo kreba. direqtoratis
wevrebs niSnavs da aTavisuflebs sameTvalyureo sabWo.179 saerTo
krebasTan erTad sameTvalyureo sabWo gansazRvravs korporaciis
ZiriTad mimarTulebebs romlis farglebSic direqtorebma unda
imoqmedon.180 sba-s kodeqsi aseve exmaureba Sereuli sameTvalyureo
sabWos models romelic saqarTveloSi moqmedebs, da saWirod miiCnevs
sameTvalyureo sabWoSi direqtorTa arsebobis SemTxvevaSi
uflebamosilebaTa mkveTra gamijvnas da mkacrad gamoricxuli unda
175
MBCA, 8.01 B.
176
iqve, C
177
MBCA. 8.08. a
178
179 iqve, 4.b.1
180 iqve, 4.b.2
32
iyos direqtoris arCeva sameTvalyureo sabWos Tavmjdomared.181 amave
dros mniSvnelovania rom sameTvalyureo sabWoSi iyos damoukidebel
wevrTa dekvaturi raodenoba, direqtorTa monawileoba sameTvalyureo
sabWos saqmianobaSi unda Semoifarglebodes korporaciis zogad
startegiasTan mimarTebaSi.182
britaneTis korporaciuli marTvis kodeqsi ZiriTad aqcents akeTebs

gamgeobaze da mas akisrebs gansakuTrebul rols korporaciis
marTvaSi.183 mkacrad unda iyos gayofili funqciebi aRmasrulebel da
araaRmasrulebel direqtorebs Soris da arc erTi maTganis xelSi ar
unda moiyaros Tavi zedmetma Zalauflebam.184 aseve Tavad gamgeoba aris
pasuxismgebeli korporaciis saqmianobis zedamxedvelobaze,
gansakuTrebiT araaRmasrulebeli direqtorebi. kodeqsi aseve xazs
usvams direqtorebsa da aqcionerebs Soris xSir dialogze da
informaciis urTierTgacvlaze.185
4.1.2 mmarTvelobaze uflebamosili organoebi – sameTvalyureo sabWo
sba-s kodeqsi sameTvalyureo sabWos akisrebs bankis ZiriTadi

startegiisa da samomavlo xedvis SemuSavebis funqcias, igi aseve
niSnavs da zedamxedvelobas uwevs direqtorats.186 kargi
korporaciuli marTva bevrwilad ganpirobebulia swored
sameTvalyureo sabWos warmatebul moqmedebaze. kodeqsis mixedviT
gansakuTrebuli mniSvneloba eniWeba sameTvalyureo sabWoSi
damoukidebeli wevrebis arsebobas, unda iyos daculi balansi
damoukidebel da aradamoukidebel wevrTa Soris.187 dauSvebelia rom
romelime aqcionerma an jgufma araadekvaturad didi gavlena
moaxdinos gadawyvetilebis miRebaze. sameTvalyureo sabWom wevrebs
SigniT Tanabrad unda gadaanawilos funqciebi da uzrunvelyos
individualuri pasuxismgebloba TiToeul wevrze. sameTvalyureo
sabWos ukeTesi funqcionirebisTvis mniSvnelovania rom TiToeul
wevrs kargad qondes gaazrebuli misi pasuxismgebloba korporaciaSi,
amitom gansakuTrebiT mniSvnelovania rom TiToeulma maTganma
obieqturad da miukerZoeblad ganaxorcielos zedamxedveloba
181 iqve, 4.g

182
4.g.2
183
UK Combined Code of Corporate Governance, art.1
184
iqve A.2
185
A.4
186
4.A
187
4.A.3
33
direqtoris saqmianobaze.188 kodeqsi aseve yuradRebas amaxvilebs
sameTvalyureo sabWos wevrTa fiduciarul movaleobebze, kerZod ki
maT:
 keTilsindisierad Seasrulos fiduciaruli valdebulebebi;

 Tavi aaridos gadawyvetilebis miRebas sakiTxebze, romlebic
Seicavs interesTa konfliqtsa da garigebebs masTan
dakavSirebul mxareebTan;
 dauTmos sakmarisi dro da mondomeba misi valdebulebebis
Sesrulebas;
 maqsimalurad aaridos Tavi bankis yoveldRiur marTvaSi
Carevas.189
sameTvalyureo sabWo wyvets gamgeobis wevrTa SerCevis sakiTxs igi

awesebs gamgeobis wevrad arCevis kriteriumebs190
sameTvalyureo sabWos swori zedmxedvelobisTvis Wirdeba sakmarisi

informacia amitomac gamgeoba valdebulia es informacia miawodos.191
aseve yovel weliwadSi erTxel gamgeoba valdebulia moaxsenos
sameTvalyureo sabWos mimdinare saqmeebi192.
mniSvnelovania rom imisaTvis raTa daculi iqnes balansi organoebs

Soris, direqtorebs ar unda hqondeT SesaZlebloba rom fundamenturi
gadawyvetilebebis sameTvalyureo sabWosgan damoukideblad miiRos.193
gamgeoba yovelTvis aris sakiTxebis iniciatori xolo sameTvalyureo
sabWo am iniciativebis ganmxilveli.194
aRsaniSnavia rom kodeqsi sameTvalyureo sabWos aniWebs vetos uflebas
gamgeobis iseT gadawyvetilebaze romelic exeba korporaciis
195
fundamentur interesebs . zogadi tendencia germaniis korporaciuli
marTvis kodeqsi maqsimalurad uzrunvelyofs sameTvalyureo sabWos
carTulobas yoveldRiur marTvaSi, dirqtorTa uflebebis SezRudvis
xarjze. agreTve sameTvalyureo sabWo adgens korporaciis ZiriTad
normatiul aqtebs.196
188
4.A.4
189
iqve. 4.a.4
190
German Code of Corporate governance- art. 1.2
191 iqve 2.1
192 iqve 2.3
193 iqve 3.1
194 iqve 3.2
195 iqve 3.4
196 iqve 4.4
34
4.2. „rbili“ samarTlis roli saaqcio sazogadoebisTvis.
4.2.1 korporaciuli marTvis kodeqsebis saerTaSoriso gamocdileba
zemoT TavebSi Cven araerTxel vaxseneT sityva korporaciuli marTvis

kodeqsi. mocemul TavSi ki visaubrebT Tu ra mniSvneloba aqvs
korporaciuli marTvis kodeqss da ra rols TamaSobs igi Tanamedrove
korporaciul samarTalSi. Aam sakiTxis mniSvnelobis xazgasasmelad
isic sakmarisia, rom ukanaskneli 10 wlis ganmavlobaSi msoflios
masStabiT 100 ze meti kodeqsi daiwera 40 sxvadasxva qveyanasa da
regionSi.197 dResdReobiT yvela ganviTarebuli samarTlis qveynebSi
miRebuli aris korporaciuli marTvis kodeqsebi. igi warmoadgens
TviTregulirebis meqanizms romlis meSveobiTac korporaciebi Tavad
adgenen qcevis wesebs da atarebs nebayoflobiT xasiaTs da efuZneba
princips `daemorCile an ganmarte”, rac niSnavs imas rom korporacias
ar evaleba rom yvela wess daemorCilos, mas SeuZlia regulirebis
sxva gza moZebnos magram am SemTxvevaSi igi valdebulia ganmartos
Tu ratom ar emorCileba kodeqsiT dadgenil wess.
kmk-s Seqmnis iniciatori anglo-amerikuli samarTlis sistema iyo da

swored iqedan igi gavrcelda mTels evropaSi. erTi SexedviT SeiZleba
vifiqroT, rom misi samarTlebrivi mniSvneloba arcTu ise didia,
rameTu igi ar atarebs savaldebulo xasiaTs. igi samarTlebrivad
arasavaldebulo masStabebs adgens. kodeqsi rogorc wesi adgens
standartuli saxis rekomendaciebs sawarmos marTvisa da
kontrolisTvis. Tumca imis mtkiceba rom am wesebs ar aqvT faqtobrivi
an sxvagvarad moqmedebis Zala usafuZvlo iqneboda. 198Tavis mxriv kmk-s
miReba da moqmedeba qveynis maRali samarTalganviTarebis doneze
metyvelebs.199
korporaciuli marTvis kodeqsi unda iyos daxvewili da rac SeiZleba

mokle, met naklebad morgebuli yvela tipis korporacias da unda
hqondes moqnilobis maRali xarisxi. 200
kmk-s mniSvnelobis xazgasasmelad kargi magaliTia avstriis

korporaciuli marTvis kodeqsi, romelsac sasamarTlo iyenebs
gamgeobis an sameTvalyureo sabWos winaaRmdeg wardgenil sarCels an
auditorTa pasuxismgeblobis sakiTxis ganxilvis dros.201 agreTve
mecnierebaSi saubaria imazec rom korporaciuli marTvis kodeqsis
Sesrulebis uaryofa iuridiulad SeiZleba ganxiluli iqnes rogorc
197
korporaciuli marTvis saxelmRvanelo, gv. 18
198
samarTali gv18.
199 iqve, gv 36
200
iqve, gv 37
201 iqve, gv 42
35
arakeTilsindisieri konkurencia da am safuZvelze sanqcia daakisros
mas.202
korporaciuli marTvis kodeqsi uzrunvelyofs korporaciis

saqmianobis gamWvirvalobas da sajaroobas.
4.2.2 korporaciuli marTvis kodeqsebi saqarTveloSi
saqarTveloSi korporaciuli marTvis kodeqsebis moqmedebis praqtika

arc Tu ise didi xnis istorias atarebs. jerjerobiT moqmedebs
mxolod erTi korporaciuli marTvis kodeqsu romelic 2009 wlis 23
seqtembers iqna miRebuli saqarTvelos sabanko asociaciis mier da
romelsac ukve 11 banki SeuerTda. Igi efuZneba princips `daemorCile an
ganmarte”203 da iTvaliswinebs eTgo-s da bazelis korporaciuli
marTvis principebs day vela mniSvnelovan sakiTxs exeba maT Soris
mmarTvel organoebs da Sida kontrolis sistemas. Yvela banki
romelic SeuerTda am kodeqss valdebulia weliwadSi erTxel
warmoadginos angariSi kodeqsis Sesrulebis Taobaze da ganmartos Tu
ratom ar eTxanxmeba mas im SemTxvevaSi roca banki gverds uvlis
kodeqsis regulirebas.
korporaciuli marTvis kodeqsis miRebiT kompania adasturebs imas rom

surs demonstraciulad warmarTos da daamkvidros korporaciuli
marTvis sanimuSo praqtika. igi kargi berketia investorTa mosazidad.204
kargad ganviTarebuli korporaciuli marTvis qveynebSi nebayoflobiT
aqvT es organo miRebuli romelic aris principebis mokle ganacxadi.
sba-s mier miRebuli korporaciuli marTvis kodeqsi sakmaod maRali
donisaa da rig sakiTxebSi uswrebs kidec kanonis regulirebas. Cemi
azriT saWiroa rom SevCerdeT bankebis korporaciuli marTvis
kodeqsze. am kodeqsma sakmaod bevri siaxle Semoitana qarTul
realobaSi, man daaregulira bevri iseTi sakiTxi rac mSk-s
regulirebis miRma iyo datovebuli. ufro konkretulad rac
xelmZRvanelobisa da kontrolis funqciaTa gamijvnas Seexeba,
magaliTad kodeqsis mixedviT dadgenilia rom `sameTvalyureo sabWoSi
warmodgenilni unda iqnan damoukidebeli wevrebic da daculi iqnas
adekvaturi balansi sameTvalyureo sabWoSi aqcionerTa
warmomadgenlebsa da sabWos damoukidebel wevrebs Soris, raTa
Tavidan iqnas acilebuli konkretuli wevris an wevrTa mcire jgufis,
aseve romelime aqcioneris an aqcionerTa jgufis mier ama Tu im
sakiTxze gadawyvetilebis miRebisas araadeqvaturad didi zegavlenis
moxdena”205 aseve kodeqsi saubrobs sameTvalyureo sabWoSi
202 iqve, gv 43
203
korporaciuli marTvis saxelmRvanelo, gv. 28
204
iqve, gv 46
205
36
direqtorTa warmomadgenlobis Taobaze, ` 2aucilebelia, bankis
wesdebiTa da Sida debulebebiT mkafiod iqnas gamijnuli
sameTvalyureo sabWos aRmasrulebel da araaRmasrulebel wevrTa
ufleba-movaleobebi da pasuxismgebloba..206
sameTvalyureo sabWos araaRmasrulebelma wevrebma mniSvnelovani

roli unda iTamaSon aRmasrulebeli organoebis saqmianobis
zedamxedvelobaSi, maTi angariSebis damtkicebasa da saqmianobis
SefasebaSi. sameTvalyureo sabWoSi warmodgenil aRmasrulebel
wevrebs SeuZliaT monawileoba miiRon bankis zogad strategiasa da
saqmianobasTan dakavSirebul proceduruli Tu sxva mniSvnelovani
sakiTxebis ganxilvaSi.” Aaq mkveTradaa dafiqsirebuli rom saWiroa am
funqciaTa swori gamijvna, da mniSvnelovania rom amaze korporaciuli
marTvis kodeqsi saubrobs riTac kidev ufro metad xazs usvams mis
mniSvnelobas. kidev erTi mniSvnelovani sakiTxi razec kodeqsi
amaxvilebs yuradRebas aris kontrolis Sida da gare meqanizmebi,
kodeqsis mixedviT naTqvamia, rom `sameTvalyureo sabWoSi bankebi
qmnian, sul mcire, auditis da riskebis marTvis komitetebs. Sereuli
sameTvalyureo sabWos SemTxvevaSi, auditis komitetis wevrebi unda
iyvnen sabWos mxolod araaRmasrulebeli wevrebi. sxva komitetebis
SemTxvevaSi, araaRmasrulebeli wevrebi unda warmoadgendnen komitetis
wevrTa umravlesobas. komitetebSi unda Sediodnen sameTvalyureo
sabWos sul mcire erTi damoukidebeli wevri. sameTvalyureo sabWos
Tavmjdomare SeiZleba iyos komitetis wevri, magram ara misi
Tavmjdomare. saWiroebis SemTxvevaSi, komitetebs SeuZliaT rCevisa da
informaciis misaRebad, damoukidebeli eqspertis mowvevac”207
Sejamebis saxiT SegviZlia vTqvaT, rom sba-s mier miRebuli

korporaciuli marTvis kodeqsi sakmaod mniSvnelovani dokumentia
romelic bevr sakiTxSi ufro Tanamedrove standartebs iTvaliswinebs
vidre kanoni da raRac sakiTxebSi avsebs kidec kanonis xarvezebs.
Winaswar rTulia imis Tqma Tu ramdenad warmatebulad gagrZeldeba am
kodeqsis moqmedeba da ramdenad gaiTvaliswineben mas bankebi da sxva
korporaciebi, Tumca imis Tqma ukve namdvilad SeiZleba rom es
kodeqsi win gadadgmuli nabijia.
5. daskvna
rogorc ukve araerTxel aRvniSneT korporaciuli marTvis idealuri

sistema ar arsebobs. Cven SegviZlia mxolod is rom SevarCioT sistema
romelic metnaklebad gamarTlebulia konkretula garemosa da
206
iqve, muxli 4.2.3.
207
iqve, muxli 6.2.3.
37
pirobebSi vidre sxva alternativa da ufro meti dadebiTi mxare aqvs
vidre uaryofiTi. naSromSi Cven SevexeT dResdReobiT msoflios
sxvadasxva qveynebSi moqmed sistemebs, romlebsac aseve gaaCniaT
Tavisi dadebiTi da uaryofiTi faqtorebi. saqarTveloSi 2008 wlis
dekemberSi mewarmeTa Sesaxeb kanonSi ganxorcielebuli cvlilebebis
Sedegad damkvidrda hibriduli sistema, da korporaciebs
SesaZlebloba miecaT rom Tavad airCion maTTvis sasurveli
modeli.naSromSi Cven ganvixileT is xarvezebi rac mSk-s axasiaTebs da
SeiZleba sxvadasxva praqtikis gaTvaliswinebiT igi aRmoifxvres.kerZod
ki aRsaniSnavia 55-e muxlis pirvel 1.2 nawili, sadac saubaria
sameTvalyureo sabWos dakompleqtebaze da daSvebulia rom
sameTvalyueo sabWos wevris arCeva moxdes direqtorTa gancxadebis
safuZvelze rac warmoadgens aRrevas marTvisa da kontrolis
funqciebs Soris. rameTu sameTvalyureo sabWos wevri romelic
direqtoris gancxadebiT iniSneba Cemi azriT ver uzrunvelyofs
obieqturobis saTanado dones direqtorebis Sefasebisas. Kkidev erTi
sakamaTo sakiTxi rac kanoniTaa dadgenili aris direqtorTa
CarTuloba sameTvalyureo sabWoSi kerZod ki kanonis 55.2. muxlis
mixedviT daSvebulia rom direqtorebi iyvnen sameTvalyureo sabWos
wevrebi Tumca dauSvebelia isini iyvnen umravlesobaSi, magram amis
miuxedavad Cemi azriT es Canaweri xarveziania da aris aRreva
kontrolisa da marTvis funqciebs Soris. igive SeiZleba iTqvas 55.7
muxlze romlis mixedviTac direqtorTa funqciebi SeiZleba gadaeces
sameTvalyureo sabWos. agreTve aRsaniSnavia rom kodeqsi ar
aregulirebs samewarmeo gadawyvetilebis miRebis dros direqtorTa
interesebis dacvas, e.w. “samewarmeo gansjis wesi” saintereso siaxle
iqneboda qarTul kanonmdeblobaSi. aRsaniSnavia isic rom qarTul
kanonmdeblobas Cemi azriT Wirdeba ufro meti dakonkreteba
korporaciis Tanamdebobis pirTa fiduciaruli movaleobebis
reglamentirebisas.
mosamarTleTa rekomendaciebSi mkveTradaa naTqvami rom kargi

korporaciuli marTvis TvalsazrisiT aucilebelia gaiyos
mmarTveloba da kontroli.208 Korporaciuli marTvis saerTaSoriso da
erovnuli kodeqsebis umetesobis rekomendaciiT sameTvalyureo sabWo
unda Sedgebodes araaRmasrulebel wevrTa umravlesobisagan,
romlebic sabWos Semateben: gare perspeqtivas da gadawyvetilebis
miukerZoeblobas, damatebiT gare gamocdilebas da codnas, da
sasargeblo kontaqtebs.209 germaniaSi sabWos araumetes ori yofili
wevri SeiZleba iyos sameTvalyureo sabWos wevri raTa uzrunvelyos
damoukidebeli zedamxedvelobis ganxorcieleba. evrokavSiris qveynebis
umravlesobaSi ara aRmasrulebeli direqtorebi rogorc wesi
208
209
korporaciuli marTvis saxelmRvanelo, gv. 66.
38
zedamxedvelobas uweven kompaniis safinanso da strategiul
gadawyvetilebebs. 210
mSk-s erTerTi Tavisebureba aris is rom igi amkvidrebs farTo

sawesdebo avtonomias bevri problemuri sakiTxi romelzec Cven
visaubreT swored imitom arsebobs rom mas mSk ar aregulirebs.
sakiTxavia ramdenas misaRebia msgavsi xarisxis sawesdebo avtonomia.
Cemi azriT im pirobebSi roca saqarTveloSi araTu korporaciuli
aramed zogadad samarTlebriv ekonomikuri kultura
ganviTarebisetapzea, upriani iqneboda saxelmwifos mxridan samarTlis
gziT odnav ufro meti regulireba. Tavisuflebis maRali xarisxi
Tavismxriv kargia magram Tu bazris moTamaseebma ar ician misi sworad
gamoyeneba maSin SeiZleba man ukuSedegi gamoiRos, Sesabamisad vfiqrob
ukeTesia iqneboda zemoT mocemuli rekomendaciebis gaTvaliswineba.
kanonmdeblobis dasaxvewad agreTve saintereso iqneba evropis kavSiris
sakorporacio samarTlebrii direqtivebis gaTvaliswineba, romelic
SeiZleba safuZveli gaxdes qarTuli sakorporacio samarTlis axali
kodifikaciisTvis.211
210
iqve, gv 67
211
Wanturia l, Tanamedrove sakorporacio samarTlis Teoriuli da praqtikuli
sakiTxebi, gv 448
39
6. gamoyenebuli Semoklebebi
 sba – saqarTvelos bankTa asociacia

 mSk - mewarmeTa Sesaxeb kanoni
 kmk – korporaciuli marTvis kodeqsi
 UK Corporate Governance Code – United Kingdom Corporate Governnce Code
 ALI - American Law Institute
 MBCA – Model Business Corporation Act
 eTgo – ekonomikuri TanamSromlobisa da ganviTarebis
organizacia
 EASD – European Association of Security Dealers
40
7. bibliografia
 korporaciuli marTvis saxelmRvanelo, saerTaSoriso safinanso

korporaciis (IFC) sakonsultacio programa evropasa da
centralur aziaSi, saqarTvelo, seqtemberi, 2010
 Wanturia lado, korporaciuli marTva da xelmZRvanelTa
pasuxismgebloba sakorporacio samarTalSi, gamomcemloba
“samarTali”, 2006.
 OECD Principles of Corporate Governance, 2004, Organization for Economic Co-
operation and Development, web-site:
http://www.oecd.org/dataoecd/32/18/31557724.pdf
 Journal of Financial and Strategic Decisions, Volume 12, Number 1, Spring 1999, The
role of nonaffiliated outside directors in monitoring the firm and effect on
shareholder wealth, Stanley Block, official wbe-site:
http://studyfinance.com/jfsd/pdffiles/v12n1/block.pdf
 mosamarTleTa rekomendaciebi da masalebi - `mewarmeTa Sesaxeb”
saqarTvelos kanonis Taobaze, mosamarTleTa samuSao Sexvedris
Sedegad miRebuli rekomendaciebi da masalebi, International Finance
Corporation.
 hopti klaus, korporaciuli marTva evropaSi: regulirebis
axali modeli da `rbili samarTali. ivane javaxiSvilis
saxelobis Tbilisis saxelmwifo universiteti, professor Klaus
i. hoptisTvis Tbilisis saxelmwifo universitetis sapatios
doqtoris wodebis miniWebis Taobaze, 2010 wlis 4-9 oqtomberi,
Tbilisi, gamomcemloba `samarTali”
 sba korporaciuli marTvis kodeqsi, saqarTvelos bankTa
asociaciis mier miRebuli korporaciuli marTvis kodeqsi
komerciuli bankebisTvis 2009, saqarTvelos bankTa asociaciis
oficialuri veb-gverdi: http://abg.org.ge/Admin1280837677.php
 samarTlis Jurnali #1, 2009, ivane javaxiSvilis saxelobis
Tbilisis saxelmwifo universiteti iuridiuli fakulteti,
samarTlis Jurnali NM#1, 2009, Tbilisi
 samarTlis Jurnali #2, 2009, ivane javaxiSvilis saxelobis
 samarTlis Jurnali #1-2, 2012, ivane javaxiSvilis saxelobis
41
 The UK Corporate Governance Code, Financial Reporting Council (FRC), June 2010,
FRC official web-site: http://www.frc.org.uk/corporate/ukcgcode.cfm
 Wanturia l., Tanamedrove sakorporacio samarTlis Teoriuli da
praqtikuli sakiTxebi, TinaTin wereTlis saxelmwifosa da
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44

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ivane javaxiSvilis saxelobis

Tbilisis saxelmwifo universitetis iuridiuli fakulteti

kerZo samarTlis samagistro programis magistrantis

`xelmZRvanelobisa da kontrolis uflebamosilebebi saaqcio

naSromi warmodgenilia magistris akademiuri xarisxis mosapoveblad

xelmZRvaneli - irakli burduli, samarTlis doqtori,

„korporaciuli marTva“ msoflio samarTlebriv sivrceSi axlad

naSromis kvlevis sagans warmoadgens qarTuli kanonmdeblobis

saqarTvelos sakorporacio kanonmdebloba, konkretulad ki kanoni

naSromi fokusirebuli iqneba saqarTvelos kanonmdeblobis - kerZod

Tanamedrove samarTlebriv sistemebSi korporaciuli marTvis

korporaciuli marTvis erTerTi cnobili forma aris erTsafexuriani

did britaneTSi arsebobs mxolod bordi romelic moicavs

bordis SemadgenlobaSi Tavis mxriv gamoiyofa ori tipis direqtorebi,

sainteresoa aSS-s sakorporacio samarTali agreTve icnobs

kidev erTi Tavisebureba, rac monistur models axasiaTebs aris is,

2.2 orsafexuriani sistema

orsafexuriani sistemis yvelaze naTeli magaliTia germania. germanuli

sameTvalyureo sabWos funqciaa rom daniSnos korporaciis pirveli

direqtorTa sabWo aris mTavari aRmasrulebeli organo romelic

Tavis mxrivs Cemi azriT sainteresoa is sakiTxi Tu ramdenad

2.3 Sereuli sistema

Cven zemo TavebSi ganvixileT korporaciuli marTvis ori

safrangeTSi, 1966 wlidan moyolebuli korporaciebs hqondaT

italiaSi tradiciulad susti iyo direqtorTa sabWos kontroli

rac Seexeba qarTul realobas, qarTuli kanonmdeblobis mier

3. xelmZRvaneloba da kontroli, rogorc korporatiuli martvis

3.1 direqtor(at)i, rogorc xelmZRvanelobaze uflebamosili piri

rogorc SesavalSi aRvniSneT korporaciuli marTvis araerTi

saerTo samarTlis qveynebSi direqtorati warmoadgens korporaciis

sainteresoa miTiTebis uflebis sakiTxi. aSS-Si direqtorebs wesdebiT

direqtorebi gansakuTrebiT sando reputaciis pirovnebebi unda iyvnen

3.1.1. xelmZRvanelobis Sida korporaciuli meqanizmebi.

Cven zemoT TavebSi araerTxel mimovixileT korporaciul marTvaSi

sainteresoa muSa mosamsaxureTa CarTulobis roli korporaciis

rac Seexeba qarTul samarTalSi Sida da gare korporaciuli marTvis

3.1.2. xelmZRvanelobis gare korporaciuli meqanizmebi.

gare korporaciul marTvas ganekuTvneba iseti faqtorebi rogoricaa

136 iqve, gv 25.

sajarooba da auditoruli kontroli korporaciisTvis udides rols

saqmianoba imis Sesaxeb Tu ramdenad sworad aris direqtoratisa da

Sida da gare korporaciuli marTvis sakiTxi uSualo kavSirSia im

rac Seexeba gare korporaciuli marTvis elementebs qarTul

138 iqve, gv. 27

3.2. zedamxedvelobaze (kontrolze) uflebamosili organo.

3.2.1. sameTvalyureo sabWo - orsafexuriani sistema

orsafexuriani modelis mimdevar qveynebSi sameTvalyureo sabWos

sainteresoa qarTuli kanonmdeblobis realoba am kuTxiT.

erTi saintereso detali aris dadgenili qarTuli kanonmdeblobiT,

kidev erTi Tavisebureba rac kanons axasiaTebs aris is rom

149 iqve, §100

partniorTa kreba erTsafexuriani sistemis mimdevar qveynebSi aris

aSS-Si dRemde kidev mimdinareobs debatebi imasTan dakavSirebiT Tu

saqarTvelos kanoni mewarmeTa Sesaxeb gansxvavebulad awesrigebs

rac Seexeba iseT SemTxvevebs roca sameTvalyureo sabWos arseboba

kidev erTi mniSvnelovani ufleba aqcionerTa aris, normatiuli

sainteresoa aqcionerTa ufleba direqtorebis winaaRmdeg

3.3. xelmZRvanelobisa da kontrolis uflebamosilebebis gamojvna.

Tavis mxriv arcerTi sistema ar aris bolomde uaryofiTi an bolomde

Cemi azriT, korporaciuli marTvis mTavari problema TavisTavad

monisturi da dualisturi sistema Tavis mxriv miiltvis imisken rom

sapirispirod, maSin roca korporaciaSi arsebobs mkveTrad gamijnuli

is meTodi, romelic qarTulma kanonmdeblobam – mewarmeTa Sesaxeb

erTerTi saintereso detali Seexeba sameTvalyureo sabWos

kidev erTi sakamaTo sakiTxi rac kanoniTaa dadgenili aris