G7 Ambassadors praise Ukraine’s recently adopted law on corporate governance reform

07.03.2024 03:25

Ukrinform

Ambassadors of the Group of Seven (G7) countries positively noted the law on improving corporate governance in Ukraine, which had recently been endorsed by the Verkhovna Rada and signed by Ukrainian President Volodymyr Zelensky.

The relevant statement was made by the Italian Presidency of the G7 Ambassadors’ Support Group in Ukraine on the social media platform X, an Ukrinform correspondent reports.

“This is a critical step to ensure that state-owned enterprises operate in line with OECD principles, reducing opportunities for corruption and ensuring accountability of CEOs by supervisory boards selected according to international standards,” the report states.

A reminder that, on February 22, 2024, the Verkhovna Rada of Ukraine endorsed in the second reading the draft bill improving corporate governance in state-owned companies.

On March 5, 2024, Ukrainian President Volodymyr Zelensky signed the Law ‘On Amendments to Certain Legislative Acts of Ukraine on Improving Corporate Governance of Legal Entities in Which the State Is a Shareholder (Founder, Participant)’.

The Ukrainian Economy Ministry emphasized earlier that the adoption of that law had been part of the European integration process and the IMF programme.