Ukraine has joined the Organization for Economic Cooperation and Development (OECD) Guidelines on Corporate Governance of State-Owned Enterprises. The country has been waiting for this decision since 2021. This was reported by the Ministry of Economy.
As noted by the ministry, on April 1, a Ukrainian session was held at the OECD headquarters in Paris, dedicated to the presentation of the updated OECD Review of Corporate Governance of State-Owned Enterprises in Ukraine. This document was the first review of the progress of the reform after 2021. During this session, the OECD decision on Ukraine’s accession to the OECD Guidelines was announced.
“We have been working towards this goal for 5 years, persistently and side by side with international partners on the reform of corporate governance of state-owned enterprises.
The OECD decision is evidence of the progress that we have already managed to achieve. But it is also a significant motivation for us not to stop and continue to bring corporate governance in Ukraine closer to the best international practices,” said Oleksiy Sobolev, Minister of Economy.
The OECD Guidelines on Corporate Governance of State-Owned Enterprises are the leading international governance standard for state-owned enterprises. Their goal is as follows:
- professionalization of the state as an owner;
- promotion of state-owned enterprises operating as efficiently, transparently, honestly and accountable as private ones;
- introduction of competitive neutrality to create a level playing field for state and private companies;
- promotion of sustainable development, stability and long-term growth of capitalization of state-owned enterprises.
As noted by independent corporate governance consultant Oleksandr Lysenko, who became one of co-authors of the OECD report, after the adoption of Law 3587, Ukraine has indeed shown noticeable progress.
At the same time, Lysenko emphasizes, the OECD decision does not mean that the corporate governance system in Ukraine is already perfect.
