The National Securities and Stock Market Commission has approved the Corporate Governance Code of Ukraine (hereinafter – the Code), which reflects the latest developments in the field of integrated environmental, social and corporate governance.
The Code applies first of all to joint stock companies whose shares are admitted to trading on the stock exchanges of Ukraine. However, it can be an important benchmark for all public and private companies seeking to build an effective management system.
Ukrainian legislation does not require companies to comply with the provisions of this Code. As in many other countries, in Ukraine it is an instrument of soft law, ie a recommendation document. The application of the Code is strongly recommended above all to companies entering the capital markets.
The drafting of the Code has been done by Ukrainian and international experts, primarily from the IFC (World Bank Group Unit), the Ukrainian Academy of Corporate Governance, the World Bank, lawyers from leading Ukrainian law firms, all of whom have supported the efforts of the NSSMC and have made significant contributions, without which the development of this Code would be impossible.
The Code’s strategy and process was managed by Richard Frederick, an independent corporate governance consultant.
We expect this Code to become the national standard of corporate governance in Ukraine. It will subsequently develop additional extensions (for state-owned companies, financial market participants, non-listed companies, etc.) and separate policies on more specialized topics (shareholders’ role in management, risk management, functioning of the supervisory board’s audit committee, nominating candidates to the supervisory board , preventing corruption, etc.).
“Good corporate governance helps increase the value of a company by increasing its competitiveness, efficiency and growth, it enhances trust in the company and promotes value for the benefit of shareholders, employees and other stakeholders”, – said Timur Khromaev, the Chairman of the NSSMC.
The development of the Corporate Governance Code of Ukraine is part of the IFC program “Investment Promotion through Integrated Environmental, Social and Governance Standards in Europe and Central Asia”, which is being implemented in partnership with the State Secretariat of the Swiss Government for Economic Affairs. The purpose of the Program is to stimulate the development of the private sector in Europe and Central Asia, including Ukraine.
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