Oleksiy Chernyshov: Corporate Governance Reform Bill is crucial to attract investment and run state enterprises effectively

The Ukrainian Parliament has approved a new Corporate Governance Reform Bill that aligns Ukrainian legislation with OECD standards. The bill was passed with 262 votes in favor on February 22.

"We welcome the adoption of this bill, which is critically important not only for the efficient operation of state enterprises, but also for the country as a whole. I am confident that its adoption will help Ukraine implement quality approaches to the corporate governance of state companies, attract investment, and significantly boost economic development," commented Naftogaz CEO Oleksiy Chernyshov.

In line with OECD principles, the law:

  • clearly defines the mechanism for selecting members of supervisory boards
  • defines the procedure for independent assessment of supervisory board work
  • empowers supervisory boards to approve strategic, financial, and investment plans, appoint and dismiss management 
  • enhances the accountability of supervisory boards 
  • regulates dividend payments

The law takes into account Ukraine's wartime needs and fulfills several international commitments that will play a key role in maintaining support for the country.

Ukraine has been waiting for this law for eight years. Naftogaz Group officials contributed to its development, and we take pride in being part of this significant initiative," added Chernyshov.

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