The Corporate Governance Code has been successfully implemented at the largest state-owned enterprises

On March 12, 2020, the Code of Corporate Governance and its key requirements and recommendations were approved by the Resolution №118 of the National Securities and Stock Market Commission.

The Code was developed in cooperation with Ukrainian and international experts and applies the best world’s practices and developments in corporate governance. It complies with the Corporate Governance Guidelines of the Organization for Economic Cooperation and Development (OECD), current Ukrainian legislation and generally accepted standards of ethical conduct.

In January of this year, the Ministry of Finance of Ukraine, as the subject of management, approved the Code of Corporate Governance of NPC “Ukrenergo”, which became the first example of implementation of corporate practices in Ukraine.

The purpose of implementing the Code at the company is to increase transparency and odecision-making speed, its strategic development and efficiency of investment, protection of economic interests of the state as a shareholder.

In particular, the document defines:

– principles of NPC “Ukrenergo” management;

– mechanisms of external audit, internal control and risk management systems;

– corporate ethics requirements to which the officials are obliged to adhere;

– information disclosure policy and principles of interaction with stakeholders.

«A civilized and modern capital market provides for the introduction of effective corporate governance, which is the in the key to success to the company and contributes to the creation of reliability in the interests of shareholders, employees and other stakeholders. Ukrainian companies are just getting on this corporate path. But we hope that the Corporate Governance Code developed by the NSSMC is a benchmark and a standard that will be gradually adapted to the realities of Ukrainian companies», –Ruslan Mahomedov, Chairman of the NSSMC, said

Now other Ukrainian state-owned enterprises are already working on the development of their own corporate governance code on the basis of the national “Corporate Governance Code: Key Requirements and Recommendations”.

You can find the Corporate Governance Code at: https://www.nssmc.gov.ua/document/?id=10687172

NPC “Ukrenergo” Corporate Governance Code: https://ua.energy/pro_kompaniyu/statut/kodeksy-ta-polityky/