Implementation of global corporate governance standards, taking into account the recommendations of the Organisation for Economic Co-operation and Development (OECD), at Ukraine’s key energy enterprises is one of the core objectives of the Ministry of Energy of Ukraine.
Corporate governance ensures the efficient operation of state-owned enterprises managed by the Ministry of Energy, minimises corruption risks, and reduces political influence over the decision-making process within companies.
The essence of corporate governance lies in establishing mechanisms that prevent direct interference by public authorities in a company’s operations. One such mechanism is the supervisory board. Members of supervisory boards are selected based on candidates’ professional expertise through an independent competitive process.
The appointment of professional supervisory boards for state-owned companies guarantees their transparent and stable operation, supports the successful integration of Ukraine’s energy markets with European ones, and forms part of Ukraine’s overall European integration process.
Currently, the Ministry of Energy’s efforts in managing the state’s corporate rights in the share capital of joint-stock companies under its control are focused on providing regulatory and methodological support for building a sustainable corporate governance model in line with OECD principles; implementing amendments introduced to the Commercial Code of Ukraine, the Laws of Ukraine “On Joint-Stock Companies” and “On the Management of State-Owned Assets” following the adoption of the Law of Ukraine No. 3587-IX of 22 February 2024 “On Amendments to Certain Legislative Acts of Ukraine to Improve Corporate Governance”; and aligning the charters and internal regulations of joint-stock companies with the requirements of these conceptual legislative changes.
