Історії про повернення, стійкість і сенс: чому люди свідомо обирають жити й будувати майбутнє України під час війни.

Чому люди обирають Україну під час війни

Чому ми обираємо Україну? Про повернення, життя тут і побудову майбутнього

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Stories of resilience, return, and purpose: why people choose to live, work, and build Ukraine’s future even in times of war.

Why People Choose Ukraine During War

_Home is not where you are born - it is where your heart finds peace. That thought takes on a very particular weight when the place your heart calls home is also a country at war._

_For decades, economists and demographers have measured human migration through the lens of rational calculation: safety, income, stability. Yet what we observe in Ukraine today tells a different story._

_Since russia's full-scale invasion in February 2022, Ukraine has seen one of the largest return migration flows in the world among active conflict zones, with over 5 million people returning despite ongoing hostilities, according to the UN. Meanwhile, the World Bank has noted that Ukraine's private sector has shown remarkable resilience, with businesses continuing to operate, adapt, and grow._

![unnamed-2.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1776980749/unnamed_2_e903688ffc.png)

_What drives a person to choose a country that the world might reasonably consider a risk? Today, three remarkable voices offer their answer in the only currency that truly matters: lived personal experience._


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For me, living in Ukraine is no longer a matter of choice, but a matter of inner state and a need to live my life here and now, and to take part in shaping the future: for myself, my children, and for all of us Ukrainians.

Today, Ukraine is about complexity and strength at the same time.
Risks are high, but the level of trust is even higher. Trust is becoming the new currency nowadays and enables the creation of communities of people who are ready to take broader responsibility and act. Over these years, I have repeatedly become convinced that there is nothing impossible. We, the Ukrainians,  know how to adapt, find solutions, and move forward even in the most challenging environment, and share this resilience with the world.

In my professional life, Ukraine is a place where business makes sense.
Where every decision is not only about results, but about conscious impact on people, on the economy, and on the country.

At Raiffeisen Bank, we have been proving this by our actions throughout 34 years, and especially since the start of the full-scale war. The bank has not stopped supporting the economy for a single moment, continuing to finance the key sectors: agriculture, logistics, retail, pharmaceuticals, and energy. Today, Ukraine is confronted with challenges, but it also offers opportunities. Entrepreneurship, and especially small and medium-sized business, is becoming the foundation of economic growth: businesses created by women, veterans, and everyone who is ready to engage in creation and embrace responsibility.

The education sector also needs support from us, the business community. This is how we shape a new generation — leaders and professionals who will rebuild the country. At the same time, Ukraine is integrating ever more deeply into Europe, opening up new directions and attracting  interest from international partners.

On a personal level, Ukraine is my home. A place where you wake up with a sense of purpose. 
Confidence comes from people: our defenders, for whom I feel deep respect and boundless gratitude — thanks to them, I live, dream, and act; our teams, clients, and everyone who stands with the country every day.

This is the source of energy to keep moving forward.
And it also gives a very clear inner feeling: I am exactly where I am meant to be today.


![unnamed-4.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1776980749/unnamed_4_5274d6d72e.png)

When I explain to various people that I am a Ukrainian American who has chosen to live in Kyiv throughout the war, I get a variety of reactions. Some colleagues are amazed that my family and I have made a conscious decision to move to Ukraine at all. Some are genuinely grateful to know how deeply I appreciate this wonderful country of my ancestors, and that I have chosen to make my life here.

This is the third time I am living in Ukraine. I first came here in March 1991 when I was the head of the Press Office of the Ukrainian Greek Catholic Church, and Patriarch Myroslav Ivan Cardinal Lubachivsky returned to a church and faithful who were newly legal and coming out of the underground. The USSR was still in existence and Ukraine was months away from declaring independence.

It was a historic and exciting time. My husband and I wanted to be witnesses to the changes. Ukrainians unilaterally clamored for independence. There was great hope and a sense of possibility.

My family initially stayed in Ukraine until 1999. I began a career in 1996 with The Coca-Cola Company that year which lasted a wonderful 20 years, and I managed to climb the ranks to an executive role as senior vice president of public affairs and communications. I had a chance to live in many cities, and travel to many more. But in truth, my heart was always in Ukraine, and I tried to return at every opportunity.

Having been born in the United States to parents who immigrated from Ukraine, I was a member of the US diaspora and was raised on the dream of a free and independent Ukraine. I had started a good career as a journalist and then as a communications professional in my hometown, Pittsburgh, Pennsylvania. But I also longed to see life in other countries, and I leaped at the opportunity in 1989 to live and work in Rome – even if working for the Ukrainian Greek Catholic Church effectively meant halving the salary I was
making at that time. From Rome I came to Lviv and found myself wishing I could stay forever.

But why? What is it about Ukraine that makes those of us who are not citizens of this incredible country choose to live here? I don’t think it is to do with one’s DNA. I am indeed Ukrainian by heritage, but I am a product of American society. And I know many, many people who are nationals of other countries with no connection to Ukraine, who have made the conscious decision to move and live here. I also know many Ukrainians who have been born here but have chosen to leave and build their lives in other countries. I think it is a personal choice above all and indeed, we all should live where we feel most comfortable if we have the opportunity.

I can only speak for myself. From the moment I first arrived here, I was struck by the incredible possibilities for progress and innovation in Ukraine. The “can do” attitude of Ukrainians is not something that is evident in many other societies. Generally, there is a great commitment to excellence and something that I can only explain as a “why not?” attitude. It is infectious. Even though Ukraine as a country can trace its history over many centuries, I find that Ukrainians – regardless of their age - look at the world with fresh, young eyes.

I have been fortunate to live here three separate times, from 1991-1999; then from 2006-2009 and since 2018 to the present day. The changes I witnessed throughout those intervals were tremendous. What Ukrainians have achieved in nearly 35 years of independence is breathtaking. The impression is of an impatient society that is embracing its capabilities with courage, decisiveness, and confidence. It is intoxicating. I can tell you, it is not a feeling that citizens of many other countries have.

Of course, the last years of war have created the widely believed image of the highly educated, resilient, resourceful, and fearless Ukrainian standing against all odds - and winning. But it is not a myth. It is who Ukrainians are, and that is perhaps the greatest secret to the country’s survival and its enchantment to the world. Who wouldn’t want to live in a country where everyone believes anything is possible?

I lived and worked in pursuit of the American dream and was largely able to achieve success in my career and happiness in my life because of those opportunities. But the Ukrainian dream is the new nirvana. It is born of a people who don’t know what it means to give up. Who know what they are fighting for and why. For me, I am just so happy to be here, and to see and feel the possibilities. I believe Ukraine is now seen as it has long deserved to be seen - it is a leading country of the world, made up of a people who demonstrate their greatness not through words, but through deeds. Yes, there have been mistakes. 

Where are there not?

I plan to take Ukrainian citizenship this year because I want to be a part of the Ukrainian
dream. I can’t think of a better way to demonstrate my faith in this wonderful country. It is indeed my nirvana.


![unnamed-5.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1776980748/unnamed_5_2435a71545.png)

I have spent 2 years in Stockholm, Sweden. I was quite happy professionally, while being with PWC Sweden as a senior tax policy counsel. My son has been attending a very nice international public school. Yet we both were deeply homesick. This feeling - one might call it irrational - has prevailed. In 2025, we came back home. And it totally made sense for us.

I don’t live in a context of constant assessment of risks. I accepted a ”Ukraine at war” reality as it is, with all the risks attached as a cost of my decision of coming back home. I do feel Ukraine is a land of opportunity, it’s a place where something very important to us all is being fought for and built. I am so happy to see that the culture and creativity is thriving, and that the Ukrainian businesses despite all the challenges, keep calm and carry on! 

Ukraine plays a huge role innny professional life too. I am a lawyer by my background, and in that sense I am attached to the soil. Although I am an international tax law practitioner and my skills are relevant in many places beyond Ukraine, I like it here! I want to be a part of this land business history too.

The war offered me lots of insights, among them being a realization how much I value like minded people, business partners and friends. It is my own private circle of friends who I rely on for motivation. I like the sense of being with my people all along the way, and that’s why I am here at the end of the day.

I do hope the war ends with a fair peace and Ukraine thrives! Слава Україні!

_The philosopher Albert Camus wrote that the act of choosing one's struggle is itself the source of human dignity. In Ukraine today, that choice is being made daily, with full awareness of the circumstances and full commitment to what comes next._

_Ukraine's future will be shaped in boardrooms, courtrooms, classrooms, and communities by people who decided that now is precisely the moment to be here. As these three voices make clear, the question **"Why Ukraine?"** ultimately answers itself: because something worth building is being built, and some people simply cannot be anywhere else while that is happening._

Why Do We Choose Ukraine? On staying, returning, and building the future 

Як ESG трансформується у фактор довгострокової цінності, впливаючи на інвестиції, управління та відновлення України.

Переосмислення ESG 2026: сталий розвиток і цінність

ESG у 2026 році: новий погляд на сталість і довгострокову цінність

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How ESG is evolving into a rigorous, value-driven framework shaping investment, governance, and Ukraine’s path to reconstruction and global capital.

Rethinking ESG in 2026: Sustainability & Value

_The debate over ESG is louder than ever, but the numbers tell a more nuanced story. The global ESG investing market was valued at approximately $35 trillion in 2025 and is projected to surpass $42 trillion in 2026 Precedence Research, even as political resistance intensifies across major economies. Nearly 70% of surveyed industry respondents say they remain committed to sustainability's long-term future despite political headwinds US SIF, with investors increasingly demanding that ESG commitments be backed by data, governance rigour and measurable outcomes._

_For Ukrainian businesses and boards, this global recalibration is not a distant conversation. As Ukraine moves toward reconstruction and deeper European integration, alignment with international sustainability standards is becoming a precondition for accessing capital and rebuilding credibility with foreign investors. This article brings together two practitioners who examine what that means in practice: **Alina Sokolenko**, a sustainability expert tracking how global capital markets are reorienting around long-term value, and **Nina Dombrowska**, board member and co-founder of Women on Boards Ukraine, whose governance perspective is shaped by the realities of operating in a wartime environment._



Although ESG is increasingly questioned in public debate, investor behaviour suggests not retreat, but a shift toward more rigorous and outcome-oriented sustainability practices. What is losing momentum is not sustainability itself, but an over-simplified and politicised interpretation of ESG that often struggled to connect environmental and social ambition with financial discipline. What is emerging instead is a more mature understanding of sustainability as a long-term value, resilience and risk framework.

**As Alina Sokolenko explains,** the backlash surrounding BlackRock reflects a broader ESG recalibration. As ESG visibility outpaced methodological rigour, sustainability was often communicated through labels and scores rather than demonstrable impacts on risk management and portfolio outcomes, fuelling scepticism about its implementation. This shift is now visible in investment decisions: Netherlands-based pension fund manager PME Pensioenfonds ended BlackRock’s equity mandate following an ESG-focused review, after PFZW withdrew approximately €14 billion as part of a move toward a more sustainability-driven investment policy. Taken together, these decisions signal not a retreat from sustainability, but rising expectations that ESG commitments translate into fiduciary discipline and measurable outcomes.

**Board perspective by Nina Dombrowska:** For boards, this shift confirms that ESG is no longer about positioning or communication. It is about governance quality, capital allocation and long-term risk oversight. If sustainability claims cannot be defended with data, controls and clear impact on performance and resilience, they will not survive serious investor scrutiny. In Ukraine, where resilience is a daily reality for companies, this also means boards must treat sustainability as part of business continuity and not as a separate agenda.

**As Alina Sokolenko notes,** this pattern is not confined to Europe. In China, ESG is moving rapidly from voluntary disclosure to mandatory compliance. In 2025, regulators shifted decisively from framework-building to implementation, embedding standardized sustainability reporting, expanded carbon markets and stricter monitoring into core corporate governance. ESG data is increasingly treated as management-grade, auditable information with direct cost and operational implications.

**Board perspective by Nina Dombrowska:** When sustainability data becomes auditable and affects costs, financing and operations, it becomes a core board responsibility, comparable to financial reporting or risk management. For Ukrainian companies, this is also about building credibility with international investors and partners in a high-risk environment.

**Globally, as Alina Sokolenko writes,** large asset owners are reassessing sustainability claims against real performance, governance quality and risk integration. Sustainability investing is being refocused on fundamentals rather than branding. Climate mitigation is increasingly complemented by adaptation, biodiversity protection and nature-based solutions. Supply-chain resilience, labour standards and governance quality are treated as integral to sustainable value creation, not as secondary considerations.

**In practice, as Alina Sokolenko underlines,** sustainability is no longer approached as a standalone overlay. It is being embedded into capital allocation, stewardship and engagement, with greater emphasis on real-economy outcomes such as emissions reduction, asset and community resilience, and responsible governance across value chains.

**Board perspective by Nina Dombrowska:** For boards, this means sustainability can no longer sit in a separate report or committee. Strategy, risk and capital allocation now have to be tested against climate, social and governance stress — especially in countries like Ukraine, where multiple shocks are already shaping business reality.

At the same time, **as Alina Sokolenko points out,** underlying sustainability risks are intensifying. The Global Risks Report 2026 identifies environmental risks — including extreme weather events, biodiversity loss and systemic changes to Earth systems — as dominant long-term threats. These risks are no longer abstract. They directly affect infrastructure resilience, food systems, insurance markets, labour productivity and public finances, shaping long-term investment performance. Crucially, the report identifies inequality as the most interconnected global risk. Climate impacts are unevenly distributed, and transition costs are not socially neutral. Sustainability strategies that overlook affordability, employment and regional disparities risk losing political and social legitimacy, ultimately undermining climate action itself. From a sustainability perspective, environmental and social objectives are inseparable.

**Board perspective by Nina Dombrowska:** For boards, especially in countries facing war and reconstruction, the social dimension of sustainability is inseparable from economic stability. Ignoring inequality or social impact is not only a reputational risk, but a strategic one as society is highly sensitive on the social implications of a lack of sustainability.

The contrast with the ESG backlash is instructive. **As Alina Sokolenko explains,** highly visible, politicised narratives created resistance. What is taking shape instead is a quieter but more durable model: less emphasis on labels, more focus on outcomes; fewer slogans, stronger governance. For banks, asset managers and policymakers, the implications are clear: climate risk and biodiversity loss are financial risks; social cohesion is essential to a just and durable transition; and governance quality determines whether sustainability commitments translate into real impact.

Finally, **as Alina Sokolenko observes,** a similar evolution is visible in the relationship between sustainability, security and defence. In the EU context, energy security, resilient infrastructure, critical raw materials and defence readiness are increasingly understood as sustainability issues. Defence and security investments that ignore climate risk, environmental limits, labour conditions or governance vulnerabilities are now recognised as strategic liabilities rather than assets. As geopolitics evolve, sustainability is expanding to encompass resilience, security and strategic autonomy — reinforcing its role not as a trend or communications strategy, but as a long-term operating condition for the global economy.

**Board perspective by Nina Dombrowska:** For boards, this confirms that resilience, security and sustainability are now one strategic agenda. Treating ESG as a side topic is no longer compatible with a board’s fiduciary duty or long-term value creation.
In 2026, as Alina Sokolenko concludes, sustainability is no longer a narrative choice, but an operating condition for long-term economic resilience and investment performance.


_Sustainability is increasingly a driver of long-term value creation, and, as this article argues, a precondition for the kind of governance quality that international investors now expect._

_For Ukraine, that distinction matters. Access to reconstruction capital will depend not only on project pipelines and political stability, but on whether Ukrainian boards can demonstrate the rigour, transparency and long-term thinking that sustainable investment requires._

Rethinking ESG in 2026: What Sustainability Really Means for Long-Term Value

Попри війну, 85% бізнесів працюють. Лідери діляться, що дає їм силу розвиватися та будувати майбутнє України.

Бізнес України під час війни: сила та розвиток

Чотири роки війни: як Україна будує майбутнє в умовах постійної небезпеки

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Despite war losses, 85% of Ukrainian businesses operate. Leaders share what drives resilience, growth, and confidence in Ukraine’s future.

Ukraine’s Wartime Economy: Businesses Keep Building

### **What gives business leaders the confidence to keep going**

_Every single day of this war costs Ukraine an average of $172 million. Over 14% of housing in the country has been damaged or destroyed, and a fifth of Ukraine’s land remains under occupation. By the end of 2025, Ukraine’s real GDP stood at roughly 79% of its pre-war level._

_And yet Ukrainian business continues to operate. About 85% of Ukrainian businesses remain operational today, and surveys show that 90% of companies are fully operational even after four years of war, while 61% plan to expand their business in Ukraine in 2026._

_This is the paradox of wartime Ukraine: a country absorbing devastation at industrial scale, while simultaneously building something new inside it._

_Four years is a long time to sustain anything under fire — a marriage, a belief, a business. It is nearly as long as World War I lasted. It is long enough for emergency responses to harden into systems, for improvised solutions to become industries, for survival instincts to sharpen into strategy._

_We asked four Ukrainian business leaders, across banking, defense manufacturing, law, and organizational development — one question: What gives you confidence to keep building?_

_Here is what they told us._

![photo_2026-03-20 19.08.38.jpeg](https://res.cloudinary.com/dbptgsulj/image/upload/v1774030143/photo_2026_03_20_19_08_38_d8eae89e49.jpg)

Four years of full-scale war have fundamentally changed the philosophy of Ukrainian business in the defense sector. My confidence in the future stems from the fact that we have transitioned from emergency repairs and volunteer solutions to scaling a sustainable industrial system. Today, the Ukrainian defense industry is no longer just an "adjunct to the war," but a distinct innovation economy and a powerful magnet for talent.

Our confidence is tempered by the experience of surviving in extreme conditions. We continued to work from the first days of the full-scale invasion to ensure the independence and very existence of our country. Some companies resumed operations as early as two weeks after the start of the war, despite many employees being under occupation. The path was not easy. Supply chains that had already begun fracturing during COVID collapsed entirely, the conscription of workers created acute shortages, and funding was never guaranteed. But this period became a time of natural selection. Not all companies survived, and those that did emerged stronger, more adaptive, and closer to the real needs of the battlefield.

The armored vehicle segment alone grew up to ten times its pre-war volumes, at a scale so significant that even our component suppliers were often unprepared for the orders we placed. Meanwhile, modern warfare kept introducing technologies that had no precedent, requiring immediate response. Our advantage is that we adapt directly from frontline feedback, in real time. That competence, earned in active combat conditions, is something most countries in the world simply do not have. We are already receiving international requests for consultation on countering modern threats, and that demand will only grow.

Yet serious risks remain. International financing, which actively supported the industry in 2023 and 2024, is now substantially below the real capacity of our production base. Depending on a single customer, the state, is a structural vulnerability: the absence of orders for even one or two months can permanently erode production competence. Opening controlled exports, now finally being discussed at the official level, is not just a business opportunity. It is a strategic necessity that would allow the industry to diversify, generate foreign exchange earnings, and sustain its potential through the long term.

Looking forward, the next stage of development lies in moving from isolated products to a platform approach: deep modularity, unified components, and substantially lower lifecycle costs. The Ukrainian defense industry today is building not just weapons, but a global security standard grounded in the real experience of victories. Our resilience is the result of transforming challenges into opportunities, and that is what gives us the confidence to keep building.

![photo_2026-03-20 19.08.32.jpeg](https://res.cloudinary.com/dbptgsulj/image/upload/v1774030143/photo_2026_03_20_19_08_32_dc2585dae1.jpg)

If we talk about what gives me the strength and motivation to continue developing a business during the war, I would honestly say that it’s not really about confidence. It’s more about love for my country and the feeling that this is exactly where I belong.

I chose my profession — banking and finance — many years ago. Most of my ideas and professional ambitions are connected to this field. And Ukraine is the place where I want to realize them. I enjoy working with people here, creating products for them, and solving real problems together. I love Ukraine, and I love Ukrainians. I feel comfortable living and working here.

Of course, war changes life. There are nights when missiles or drones fly over the city. People often say that we’ve already gotten used to it. But that’s not really true. You can never truly get used to war — people simply learn how to live and work despite this reality.

That’s why it’s very important from time to time to step away from the environment of war, even if only for a short period. Many psychologists say that even a short trip abroad once every six months helps people reset and restore their internal balance. I can’t always manage to do that myself, but I understand how important it is.

War also changes the rhythm of life. Often there is almost no time left for meeting friends. But simple things start to gain much more value. For example, spending time with animals. When my dog is nearby, or when my cat comes and sits next to me, there is a very simple and sincere feeling of calm in that.

Another great source of strength is the team. I’ve been working with many people for years, and over time professional relationships often turn into real partnerships and friendships. These are people who love challenges and enjoy building things. When you come to work and see people full of ideas and energy, it’s very inspiring.

And of course it’s very inspiring to see that clients like the product we are creating. When you receive positive feedback and see that people actively use what we build, it gives you a huge amount of energy. And when thousands of new clients join the product every day, that’s probably the best proof that we are moving in the right direction.

It’s also important for me to find time to recharge. Sport helps a lot. Recently we moved to a new office, and there is a gym there. We have group classes, and many colleagues actively attend them. There is tennis, yoga, and stretching. I also train regularly after work, and the fact that everything is in one place saves a lot of time.

I also started taking dance classes. I can’t say I’ve reached a high level yet, but I hope that will change with time.

On weekends I try to maintain my foreign language skills — just to keep them in shape.

But probably the greatest source of strength is belief. Belief in Ukraine and in the people who live here. Our soldiers have been holding the front line for many years. And when you think about what they go through on the front line, you realize that the least we can do in civilian life is to continue working, building, and supporting the country.

I truly believe that Ukraine will come out of this war stronger — economically, technologically, and culturally.

And this belief is what helps us move forward.
Because even during war, the future continues to be built.
And we are building it together.

![photo_2026-03-20 19.08.34.jpeg](https://res.cloudinary.com/dbptgsulj/image/upload/v1774030143/photo_2026_03_20_19_08_34_f03afd0a20.jpg)

Four years into the full-scale war — what gives you confidence to continue developing your business?

This has been four years of full scale war in our country. Nearly as long as WWI lasted. People and businesses are going through tremendous hardships, especially in this past winter – the harshest winter of Ukraine’s independence, and this war.

It’s the fifth year that we learn to do more with less – on personal and on business sides. My confidence in continuing developing business in Ukraine is in our unique people. With limited resources (of all kinds), running on generators, with unpredictably disrupted supply chains, Ukrainian companies keep embedding AI into their business processes, learning & developing programs are booming engaging ever more employees – activities one could only imagine in peace and abundance times. Most importantly nowadays – our Army and DefenseTech keep setting up the bar very high, on a global scale, for Defense technology.  

Ukrainians are unstoppable, peace on Ukrainian terms is inevitable – this alone prompts for business development and assures the country's prosperity, very soon.

![photo_2026-03-20 19.08.36.jpeg](https://res.cloudinary.com/dbptgsulj/image/upload/v1774030143/photo_2026_03_20_19_08_36_dd72609b0b.jpg)

Four years into the full-scale war, I remain in Ukraine and continue to build a business here. My partners and I founded the firm during the war; I also began teaching law students and continue to take an active part in civic initiatives. 

What gives me confidence is a sense of the path: even when you pass through darkness, you are still moving upward if you do not betray your principles. This is a marathon, not a sprint as we are running for the long distance.

It is also experience, perhaps the most important and most difficult of my life. Leading, working, teaching and building with care every day is how I move through the war. 

Choosing to develop, rather than to pause and hide, is, for me, an act of confidence.

_Four voices, four industries,four distinct experiences of the same four years. And yet something runs through all of them that resists easy summarizing._

_It is not blind optimism. Everyone here has named the difficulties plainly: broken supply chains, funding gaps, the weight of operating while others are fighting. Confidence, as these leaders describe it, has been earned through the kind of conditions that either break organizations or fundamentally harden them._

_What strikes most is the absence of passivity. No one is waiting for the war to end before building the next thing. The future is not a destination these leaders are preserving themselves for. It is something they are actively constructing, right now, under fire._

_That may be the most important business insight Ukraine has produced in four years. Not a framework or a methodology, but a demonstrated proof: that meaningful, strategic, long-term work is possible in conditions most business literature has never had to account for. Ukraine is writing that chapter in real time. These are some of the people writing it._

Four Years In: Building Ukraine's Future Under Fire

Гендерна різноманітність у наглядових радах: як змінюється український корпоративний ландшафт – результати дослідження

Гендерна різноманітність у наглядових радах

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Research on gender diversity in Ukraine’s supervisory boards: key trends, barriers, and its impact on governance, resilience, and economic recovery.

Gender Diversity on Supervisory Boards in Ukraine: Research


Amid the ongoing war and workforce shortages, Ukraine is increasingly facing the need to use its human capital more effectively. Women make up **51%** of the country’s working-age population, yet their participation in the labor market remains lower than that of men — **46% compared to 62%**. At the same time, around one-third of economically inactive women could potentially return to the workforce but are not actively seeking employment or lack information about available opportunities. 

In the context of the war and Ukraine’s future reconstruction, this untapped potential represents an important resource for both the economy and businesses. The same applies to corporate governance: the role of supervisory boards in shaping companies’ strategic development is growing, and diversity of experience and perspectives within these bodies directly influences the quality of decision-making. 

However, the potential of women in corporate governance in Ukraine remains underutilized. 
NGO Women on Boards Ukraine and Deloitte Ukraine presented the second edition of their research on gender diversity and inclusion on the supervisory boards of Ukrainian companies and institutions. The findings were presented at **The Diversity Advantage Forum 2026**, held in partnership with **Mastercard** and **PUMB**, with the support of the **Embassy of Canada in Ukraine.**
 
The research examines gender diversity as one of the key drivers of effective corporate governance — particularly in the context of war, talent shortages, and the country’s future reconstruction.  
Members of supervisory boards of Ukrainian private and state-owned companies, as well as representatives of the public sector, participated in the survey. Data was collected through a digital survey and a series of interviews. 

_“Ukraine faces a major economic recovery challenge that will require the most effective use of human capital. The potential for women’s participation in both the labor market and corporate governance remains largely untapped. Strengthening gender diversity is a strategic tool for Ukrainian companies to enhance resilience and efficiency, and it can become an important driver of economic growth both during the war and throughout the country’s reconstruction,”_ says **Olena Boichenko**, **Head of Consulting at Deloitte Ukraine.**

**Women on supervisory boards in Ukraine: what has changed over the past year**

The research results indicate relative stability in gender representation on supervisory boards of Ukrainian companies.  

In 2026, **81%** of supervisory boards have at least one female member, compared with **87%** in 2025. The overall share of seats held by women remains unchanged at 31%, the same level as the previous year.  

![1.jpg](https://res.cloudinary.com/dbptgsulj/image/upload/v1773243049/1_21cc9dfee4.jpg)
 
Over the past year, 20% of companies reported an increase in the number of women on supervisory boards, while **72%** reported no change, and 9% noted a decline in female representation.

**Stereotypes remain a barrier**

Despite strong recognition of women’s competence in corporate governance, gender stereotypes continue to affect career opportunities. 

All respondents (**100%**) agreed that women are as effective leaders as men, while **98%** believe that gender diversity improves the effectiveness of supervisory boards.  

However, stereotypical perceptions of women in business remain widespread. 
Specifically, **42%** of women and **22%** of men believe that the role of a supervisory board member in Ukrainian society is still perceived as “traditionally male.” Women are also far more likely to feel the need to prove their professional competence: **68%** of women believe they have to do so more often, compared with **22%** of men. In addition, **45%** of women believe that mistakes made by female leaders are judged more harshly, while only **4%** of men share this view.  

![2.jpg](https://res.cloudinary.com/dbptgsulj/image/upload/v1773243080/2_cffc5c8240.jpg)
 
**Are companies doing enough to address discrimination?**

Despite growing attention to diversity, most companies have yet to implement systematic mechanisms to support it. 

Only **33%** of the companies surveyed have a formal Diversity, Equity & Inclusion (DEI) policy in place. Among those that have introduced such policies, **94%** consider DEI principles an integral part of their corporate culture. However, tools for measuring progress remain limited: only **7%** of companies regularly track gender balance, **9%** integrate DEI considerations into their strategy implementation, and just **6%** have introduced minimum representation targets for women on supervisory boards. 

_“Gender balance directly affects the quality of strategic decision-making: it deepens discussions and enables the development of truly inclusive and innovative solutions. Supporting women is an integral part of Mastercard’s strategy. Since 2020, we have provided business development tools to 37 million women entrepreneurs worldwide. Expanding women’s participation on supervisory boards is an investment in corporate governance and an important component of Ukraine’s continued economic development,”_ says **Inga Andreieva, Country Manager, Ukraine and Moldova, Mastercard.**  

_“Global practice shows that companies with greater gender diversity in leadership tend to achieve stronger financial results. Diverse teams make better decisions because strategic discussions benefit from a wider range of perspectives, more critical analysis, and alternative scenarios. At FUIB, we are systematically working to build a strong leadership team: today, gender balance has effectively been achieved on the bank’s Supervisory Board and Management Board. We believe that combining different leadership styles and professional experience helps improve decision-making and ensures stable financial performance,”_ says **Serhiy Chernenko, Chairman of the Management Board of FUIB.**

**EU regulations and challenges for Ukraine**

The European Union actively promotes gender equality through legislative instruments, including directives on gender balance on corporate boards, pay transparency, and work–life balance. 
In Ukraine, however, regulatory mechanisms remain limited. Legislation in the field of gender equality is still largely based on strategic documents and recommendations, rather than binding instruments such as gender quotas or mandatory reporting on the gender pay gap. 

In the context of European integration and post-war reconstruction, accelerating progress in this area is becoming increasingly important. 

_“At WoBua, we are proud to conduct this important research for the second year in a row, highlighting the significant potential for increasing the number of women on supervisory boards. We believe that diversity at this level makes companies stronger and their decisions more balanced and economically sound. For Ukraine today, it is also an important factor in business resilience and future economic growth. That is why this year, together with our partners, we launched The Diversity Advantage Forum to raise awareness of this issue and engage a broader audience in the discussion,”_ say the **founders of Women on Boards Ukraine.**

**Full report:** https://drive.google.com/file/d/1QkRFJJlD7Yu7JwiLOJcIkbESZL7TmKsw/view?usp=sharing


Gender diversity on supervisory boards: how Ukraine’s corporate landscape is evolving — research findings 

Як Бельгія просуває гендерну рівність через законодавство, управління та представництво жінок у радах директорів.

Гендерна рівність та інклюзивне лідерство: досвід Бельгії

Гендерна рівність: Стратегічний пріоритет для стійких демократій та сильного бізнесу

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How Belgium advances gender equality through law, governance, and women on boards—strengthening democratic resilience and business performance.

Gender Equality & Inclusive Leadership: The Belgian Model

Constructive dialogue is often the starting point for meaningful change. It creates space to
exchange experience, reflect on progress, and identify practical steps that can turn shared
values into concrete action.

This publication grew out of such a dialogue, following a meeting at the Embassy of Belgium
that brought together representatives of the public and private sectors to discuss diversity,
gender equality, and the role that institutions, businesses, and professional communities can
play in advancing inclusive leadership. 

The conversation highlighted how different countries and organizations approach these
challenges, while also revealing a common understanding: strengthening gender equality is
essential for resilient democratic institutions and sustainable economic development.
Inspired by these exchanges, and on the occasion of **International Women’s Day**, we are
pleased to share reflections on the Belgian experience in advancing gender equality and
promoting women’s representation in leadership. These insights contribute to a broader
conversation about how inclusive leadership strengthens governance, enhances credibility,
and helps build institutions and companies that better reflect and serve the societies in
which they operate.

At a time of geopolitical instability, economic transformation, and increasing pressure on democratic institutions, gender equality is no longer solely a matter of principle. It is a strategic imperative.
Inclusive leadership strengthens institutional resilience. Diverse decision-making improves governance quality. And representative boards enhance credibility in the eyes of citizens, investors, and global partners.

For Belgium, advancing gender equality has never been symbolic. It has been structural, legal, and strategic.

### From Constitutional Commitment to Structural Reform

Belgium began embedding equal opportunities into its public and private sectors in the early 1980s. 

•	**In 2002**, equality between women and men was enshrined in Article 10 of the Constitution. 
•	**In 2007**, the Gender Mainstreaming Law created a federal framework to integrate gender perspectives across all public policies and prohibit discrimination based on gender, gender identity or expression, pregnancy, childbirth, and motherhood.

These steps were not taken in isolation. They formed part of a deliberate ecosystem designed to translate principles into measurable progress.

### An Institutional Ecosystem that Delivers

To ensure implementation, Belgium built a robust institutional framework.
The Institute for the Equality of Women and Men, founded in 2002, plays a central role in promoting equality and combating discrimination. Federal coordination mechanisms bring together expertise across administrations, while advisory bodies provide research, recommendations, and policy oversight. Importantly, women’s organisations and feminist associations are systematically consulted, particularly in the development and monitoring of national action plans to combat gender-based violence.
This whole-of-society approach ensures accountability and results.
 
### The Business Case: Women on Boards

One of Belgium’s most impactful measures has been the 2011 federal quota law requiring listed companies and autonomous public enterprises to include at least one-third women on their boards.
The results have been transformative. Women’s representation on boards increased from 8.3% in 2008 to 34.1% in 2020. Belgium moved from below the European average to becoming one of the leading EU Member States in gender-balanced corporate governance.

It is a success story for governance.

Diverse boards are associated with stronger decision-making, improved risk management, broader innovation capacity, and enhanced long-term performance. In an environment where investors increasingly assess governance quality, ESG performance, and leadership credibility, gender-balanced boards signal maturity, stability, and forward-looking stewardship.

Behind every percentage point are women whose expertise, leadership, and judgment now shape strategic decisions at the highest level.

Belgium continues to align its legislation with the EU Women on Boards Directive adopted in 2022, which requires large EU-listed companies to achieve at least 40% female non-executive directors or 33% female representation across all board positions by 30 June 2026.

Today, Belgium ranks among Europe’s top performers in gender-balanced corporate governance and is widely regarded as one of the most successful EU Member States in implementing the Directive.

 
![WoB&Belgium_table.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1772966404/Wo_B_and_Belgium_table_70ee3a4e98.png)

### Why This Matters Now

The global environment demands institutions capable of navigating complexity. Climate transition, digital transformation, supply chain reconfiguration, and geopolitical volatility all require leadership that reflects the diversity of the societies and markets they serve.

Gender-balanced leadership is not a “soft” objective. It is a governance standard.
The partnership between the Belgian Embassy and Women on Board reflects this shared conviction: progress accelerates when public institutions and business leaders move forward together. It demonstrates how public-private cooperation can translate values into measurable outcomes.

For companies, the message is clear:

- Diversity strengthens governance.
- Inclusive leadership drives performance.
- Equality enhances credibility.
- And representation shapes the future.

Gender-balanced leadership is not just about fairness. It is about unlocking talent, fostering innovation, and building institutions that reflect the societies they serve.

The Belgian experience shows that when political commitment, institutional design, and corporate responsibility converge, transformation becomes not only possible but sustainable.

The next chapter of resilient democracies and competitive economies will be written by inclusive leadership. The question is no longer whether we can afford to advance gender equality, but whether we can afford not to.


Gender Equality: A Strategic Imperative for Resilient Democracies and Stronger Businesses

Gradus проводить соціологічні дослідження з 2019 року, відстежуючи зміни в суспільних настроях, безпеці, міграції, медіаспоживанні та довірі в Україні.

Стратегічні орієнтири 2026:

Стратегічні орієнтири 2026: Соціологічний портрет українського суспільства

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Gradus has conducted sociological research since 2019, tracking shifts in Ukrainian public sentiment, security, migration, media use, and institutional trust.

Ukrainians Between Fatigue and Resilience

_Gradus has been conducting sociological research since 2019 — both in the pre-war period and throughout all years of the full-scale invasion. This continuity allows us to capture not only current public sentiment, but also shifts in how Ukrainians perceive life in the country, security, migration choices, media consumption, and trust in institutions. These insights matter for business, government, and employers alike: they enable more accurate communication, help mitigate social risks, and support decisions aligned with the real state of society._

#### 2025: Adaptation, Fatigue, and Pragmatism
The year 2025 marked a renewed focus on personal resilience and individual capacity. Ukrainians have adapted to prolonged stress, yet this adaptation has clear limits: over 90% rate their level of tension as high, manifesting in fatigue, anxiety, and reduced concentration. At the same time, public sentiment shows less panic and fear, increasingly replaced by pragmatism and a desire for stability.

The need for psychological support has grown, while actual readiness to seek help remains low: only one in six of those who feel such a need reach a professional. In everyday life, people build “islands of stability” through routines, rituals, and small pleasures, alongside consumer pragmatism — prioritising quality and avoiding impulsive spending.

At the level of strategic expectations, Ukrainians are increasingly less likely to anticipate a swift end to the war. More than half consider a pause in active hostilities acceptable only with long-term security guarantees. There remains strong demand for an effective state, coupled with the value of personal freedom and non-interference in private life. At the same time, most Ukrainians who stay in the country — even under russia’s energy terror — do not plan to relocate unless the situation becomes critical. 

Among those abroad, the desire to return is growing, yet timelines remain uncertain, with quality of life and professional opportunities as decisive factors.

#### Key Expectations and Resilience Strategies for 2026

Trends from 2025 outline a clear framework for 2026. Ukrainians enter the new year without illusions of quick fixes, instead seeking predictability, long-term development trajectories, and clear rules.

A strategy of “measured enjoyment of consumption” will strengthen: care for physical and emotional well-being will go hand in hand with financial caution. People will continue searching for balance between quality of life today and preserving resources for the future.

2026 will also bring demand for a mature, substantive conversation about security. Society expects systemic vision rather than situational decisions — clarity on defence, the economy, institutions, and the social contract. In this context, the balance between a strong state and individual freedom will take shape, with public support for institutions increasingly dependent on transparency and respect for citizens.

Human capital will become the central challenge for both government and business. Competition for talent will increasingly hinge on working conditions, organisational culture, and opportunities for self-realisation. With people operating under depleted reserves, the ability to retain and develop teams turns into a strategic advantage.
Regarding migration, the most significant triggers for potential departure remain direct threats to life or health, risk of occupation, loss of housing, or lack of basic living conditions. Even severe deterioration in quality of life would prompt relocation for only about a third of respondents, typically on a short-term basis. Ukrainians who have chosen to stay are generally not inclined to revise that decision due to everyday hardships.

In the information space, 2026 will usher in a new wave of competition for attention. People will seek to stay informed while actively protecting themselves from overload. Trust will accrue to those who communicate concisely, honestly, and respectfully — offering not only news, but also clarity and a sense of grounding. Among younger audiences, especially abroad, demand is growing for a clear and credible vision of Ukraine’s future that translates into a realistic plan of action.

#### New Social Priorities

Ukrainian society is entering 2026 in a state that combines resilience, fatigue, and pragmatism — without expectations of quick solutions, but with a clear demand for predictability, security, and respect for the individual. For the state, business, and institutions, this means the need to shift from reactive actions to long-term strategies centered on human capital, trust, and the quality of interaction. These factors will determine not only society’s ability to withstand ongoing crises but also its capacity for recovery, growth, and the formation of a new social contract.


Ukrainians Between Fatigue and Resilience: What Shapes the 2026 Agenda

Уроки, за які платимо високою ціною: що війна оголила в корпоративному управлінні

Коли система оголюється: уроки для українського управління

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Learning the Hard Way: Corporate Governance Lessons We Can No Longer Ignore

When Governance Is Exposed: Lessons Ukraine Must Face

_This editorial draws on insights from governance experts, including **Olena Malynska**, WOBua Co-founder, Supervisory and Advisory Boards, and **Svitlana Panaiotidi,** WoBua Member, Chairwoman of the SB Charity Foundation “Lawyer’s move”, Co-Founder at Zviropolis Veterinary Clinics._


War has a way of revealing truths that peacetime allows us to ignore. Over the past months, Ukraine’s corporate governance architecture has been forced into its most unforgiving test: one where every procedural gap becomes a vulnerability, every unclear line of authority becomes a point of tension, and every opaque decision becomes a potential crisis. 

Strategic SOEs are no longer navigating pressure. They are navigating exposure.



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The recent Energoatom scandal has delivered a painful but crystal-clear lesson: _in a full-scale war, the greatest existential threat to a strategic state-owned enterprise is not a lengthy strategic debate in a supervisory board room - it is opaque, untransparent decision-making._

In peacetime, independent supervisory boards rightly spend approximately 70% of their time on long-term strategy and only 30% on compliance and risk control. In wartime, this ratio must be reversed. For Energoatom, Ukrenergo, Naftogaz and every other critical SOE, the new sacred priority has to be transparent, bullet-proof audit trails and zero tolerance for non-transparent procedures. Strategy must be simplified and delegated to professional executive management.

We also have to confront an uncomfortable truth: during full-scale war, it is neither possible nor desirable for state-owned companies to be fully insulated from their shareholder - the Ukrainian state. Pretending otherwise, or maintaining the fiction of complete independence through passive or disengaged supervisory boards, only exposes the reform to attacks and discredit.

For years, Ukraine over-idealised corporate governance, presenting it as a universal remedy for corruption, inefficiency and political interference. But governance is not a magic pill; it is an instrument. It cannot replace political will, strong institutions or wartime stewardship that is swift, accountable and transparent.

If the reform is to survive, supervisory boards must urgently refocus. Their main task today is not the comfortable “helicopter view” of strategy but relentless oversight of transparency, compliance and audit processes. Only this shift deprives reform opponents of their strongest arguments.


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One of the deeper vulnerabilities exposed in recent months is the distance - sometimes literal, sometimes conceptual -  between supervisory boards and the realities of wartime operations. For too long, there was _“an overly strong focus on foreign independent supervisory board members who were far removed from being in the trenches.”_

This is not an argument against international expertise; it is an argument for legitimacy and balance. _“We absolutely need to have at least one independent Ukrainian member on the board. Otherwise, the reform remains vulnerable to the populist attack of ‘what, are our own people worse than foreigners?’”_

But composition is only part of the issue. Physical presence matters. Supervisory boards should spend at least half of their meeting time in Ukraine - seeing operations firsthand, understanding constraints, and engaging directly with the government or, when necessary, parliament. _“True independence in wartime cannot mean comfortable remoteness; it must mean informed, involved, and accountable presence.”_

This expectation is not only internal. Many strategic SOEs are now financed through international partners. These partners have a legitimate interest in understanding how their funds are used - and that interest requires independent boards that are not simply nominal but fully engaged.

Finally, the system cannot mature without genuine dialogue. Not formalistic exchanges that satisfy the process, but _“genuine, substantive dialogue between all stakeholders - one that delivers value and fosters mutual growth rather than merely existing on paper.”_


![insights_desember2-04 (1).png](https://res.cloudinary.com/dbptgsulj/image/upload/v1765967371/insights_desember2_04_1_ebcaadcee2.png)

A second structural lesson becomes clear when examining why governance failures persist even within advanced frameworks: the effectiveness of an SOE in wartime depends on a precise and functioning distribution of authority, especially between the Supervisory Board and the CEO.

Modern governance frameworks grant Supervisory Boards responsibility for CEO appointments, evaluations, KPIs and - when required - dismissal. When these powers exist only on paper, oversight becomes nominal. Legacy practices, political pressure and procedural ambiguity often limit boards’ ability to exercise their core functions.
The new corporate governance law provides a strong blueprint aligned with international standards, yet several implementation mechanisms - especially those related to CEO accountability - remain incomplete. Governance that appears sound on paper may not function in practice. Partial implementation, in wartime, is enough to compromise an entire enterprise.

Equally essential is the shareholder’s role. _“No Supervisory Board can fulfil its mandate if the state does not engage consistently, communicate expectations, and make timely decisions.”_ Irregular or politically driven involvement leads to stalled CEO appointments, delayed evaluations and suspended strategies - vulnerabilities Ukraine cannot afford.

For SOEs to remain resilient under the pressure of war, two conditions must function simultaneously:

- an empowered Supervisory Board with fully operational CEO-related authority, and
- a shareholder that exercises structured, transparent, and timely oversight.

Without both, governance reform risks becoming exactly what its critics claim: a well-written document rather than a system capable of protecting the state’s strategic assets.


![insights_desember2-05 (1).png](https://res.cloudinary.com/dbptgsulj/image/upload/v1765967370/insights_desember2_05_1_d94860f17b.png)

War compresses time. It accelerates consequences. It eliminates the shadows in which weak institutions can hide. What remains visible is the quality of oversight, the courage to take responsibility and the willingness to act when the system hesitates.

Good governance, in such moments, becomes less about documents and more about the people who embody its principles. The next stage of reform will depend on who steps into that responsibility - and whether the country is ready to widen that circle.

Only then will Ukraine’s corporate governance shift from a defended ideal to a lived practice capable of withstanding the hardest conditions war can impose.


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Один рік може принести зміни – і настав час оцінити, якого прогресу вже досягнуто.

Підбиваємо підсумки року змін.

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One year can bring change — and now it’s time to measure the progress. 

One year brings change — time to measure progress.

Last year, Women on Boards Ukraine, together with Deloitte Ukraine, released the first comprehensive dataset on women’s representation in supervisory boards across the country. It set a clear benchmark for understanding gender diversity in corporate governance.

Today, we’re launching the second phase of the survey to track how this landscape has evolved and what these changes mean for corporate governance in Ukraine.

This year, the study will take a deeper look at:
- Changes in supervisory board representation, highlighting where progress has been made and where challenges remain
Differences across industries, ownership types, and organizational structures
- Updated, comparable indicators that support long-term monitoring
- Insights from board members, regulators, and subject-matter experts to interpret emerging trends
- A focused analysis of the financial sector, one of the most influential and highly regulated areas of the economy

By applying a consistent methodology, we can identify real trends and deliver reliable insights — not assumptions.

As Ukraine continues to align with European governance standards, transparent and reliable data becomes essential for building trust, enhancing resilience, and supporting effective decision-making.

We look forward to sharing the findings and engaging stakeholders in this important dialogue.


Чому наглядовим радам потрібна цифрова експертиза для стратегії, інновацій і довгострокової конкурентоспроможності.

Цифрова компетентність на рівні наглядових рад

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Why supervisory boards need digital expertise to drive strategy, innovation, and long-term competitiveness across industries.

Digital Expertise on the Supervisory Board Level

Having served as an independent non-executive director (NED) with a strong focus on digital transformation for almost eight years at Moldova’s largest bank, MAIB, and nearly four years at Bank Lviv in Ukraine, I want to share some reflections on why digital expertise matters at the supervisory board level, what functions such digital board members perform, and how their involvement can reshape a company’s trajectory.

It is no longer surprising when companies, alongside traditional competencies such as HR, business development, risk management, or finance, openly recognize the need for digital expertise. This is already common practice for executive management, especially in technology-driven industries such as fintech, telecommunications, e-commerce, or logistics. 

Yet in more conservative sectors, such as healthcare, manufacturing, or energy, IT and digital functions often remain below the CEO-1 level, perceived as operational rather than strategic. This is a mistake, time is running out for companies that continue to treat digital as a support function rather than a strategic enabler. For such organizations, underestimating the role of IT & Digital will not only slow growth, it will disable their ability to compete. Boards that lack digital fluency have an evident risk to miss not only operational efficiencies but also entirely new emerging business models in their industries. 

#### What a digitally competent board member brings

A board member with digital expertise does more than review IT budgets or comment on cybersecurity. They bring a mindset — an understanding of how data, AI, automation, and customer experience seamlessly intersect with business models. They convert technology into strategic advantage and ensure that digital transformation is not a one-off project but a cultural shift.

For example:

- **In banking**, a digital NED might challenge management on how AI-driven scoring improves risk models or how digital onboarding reduces customer acquisition costs.
- **In healthcare**, they might ask whether electronic health records are used merely for compliance or as a foundation for predictive, personalized care.
- **In logistics or retail**, they might highlight how automation can open new revenue streams and partnerships and, again, provide individualized offers.

The same as a risk committee benefits from members who understand credit and operational risk in depth, a supervisory board benefits from someone who sees how digital ecosystems can amplify or threaten the company’s long-term strategy.

#### Building effective collaboration across the board

For digital expertise to deliver real value, communication must be deliberate. The digital board member’s role is not to “teach technology” but to connect technical capabilities with business strategy.

- **With executive management:** focus on impact and feasibility. A good digital NED asks not “what technology are you using?” but “how does this initiative change margins, business growth speed, or customer experience?”
- **With fellow board members:** the goal is to demystify digital topics, helping others see them through a business lens. Complex concepts like AI governance or cloud migration should be translated into business language familiar to all.
- **Within the board culture:** a digital board member should foster curiosity, challenge assumptions, and support a culture where experimentation and learning are encouraged.

When this works well, digital expertise doesn’t sit in isolation, it proactively enhances the collective decision-making of the entire board.

#### How digital expertise reshapes a company’s trajectory
 
**When digital thinking becomes part of the boardroom DNA, companies move from reactive modernization to proactive innovation — shaping not just their operations but their entire market positioning, overpassing the competition with less digital mindset.**

They make better strategic bets, accelerate transformation, and align technology decisions with long-term business value. Transformation costs are switched from expenses to investments into the future.

Thus ultimately, digital board members help companies recognize technology not as a cost center, but as a core driver of resilience, growth, and competitive differentiation.

Менторство — спадок “чоловічих клубів” чи новий рубіж лідерства?

Менторство: спадок «клубів» чи новий рубіж лідерства?

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Mentorship — the Replica of the Old Boys’ Club Ideology, or the Real Next Frontier of Leadership?

Mentorship and the Future of Leadership

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For decades, mentorship has been praised as the quiet engine of leadership, yet too often it simply mirrored the structures it was meant to change.


In boardrooms, politics, and academia alike, mentorship historically functioned as the soft power of the old boys’ club: selective, closed, and self-perpetuating. Access disguised as advice. Sponsorship disguised as support.


Women were often invited into this system only to replicate its logic — to mentor the way men do. But as leadership evolves, so does the idea of mentorship itself. Across the world, women are redesigning it from the ground less about loyalty, more about learning.


At American universities, mentorship now begins not with structure but with community. It grows through alumni networks, informal exchanges, and a shared sense of purpose that blurs the line between teacher and learner. It is not transactional — it is cultural.


That’s the lesson worth importing into our boardrooms.


This edition of **Insights by Women on Boards Ukraine** brings together three remarkable women who have lived mentorship in all its forms — as mentors, as mentees, and as changemakers reshaping what leadership means today.

![insights_november_02.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1763387923/insights_november_02_dcd5177e4e.png)

- **Olga Bielkova**, Senior Consultant at the Ukrainian Agri Council & Environmental Defense Fund, explores how reverse mentorship, learning from the next generation, keeps leadership vibrant, humble, and relevant.
- **Iryna Rubis**, Director of Biasless and Head of Pislyazavtra NGO, shows how structured mentorship can turn personal transformation into collective empowerment.
- **Olga Prokopovych**, Group General Counsel, ICU Group, reveals the art of mentorship as a dialogue of equals, one that nurtures authenticity, trust, and a culture where people grow together.

Their stories remind us that mentorship is not a step on the career ladder — it is the bridge that connects experience with possibility, and generations with purpose.

![insights_november_03.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1763388203/insights_november_03_59a277c577.png)

Not just in Kyiv, but across the world, it’s easy to believe that experience drives every decision — a belief that once served well but now needs refreshing as the balance between wisdom and innovation shifts. Decisions in both politics and corporate governance are increasingly influenced by skilful digital communication and social awareness. The new generation shapes how boards think, communicate, and define success. Are boards ready to embrace them as part of decision-making?

Reverse mentorship — when senior leaders or entire systems learn from younger generations — is no longer a curiosity but an essential practice reshaping how leadership works across the EU and beyond. Across the EU, young citizens, professionals, and member states alike are reshaping how leadership works. Their expectations around climate, transparency, and fairness are forcing institutions to evolve faster than any policy reform alone could achieve.

**Why Reverse Mentorship Matters for Europe** 

Europe’s biggest strength has always been its ability to listen — not only across borders but across generations. Yet for decades, listening meant turning to the eldest and most experienced voices. Now, that is no longer enough. Younger Europeans are setting new standards for what good governance means: authenticity instead of slogans, measurable sustainability instead of declarations, and openness instead of hierarchy. They are digital natives, fluent in collaboration and allergic to bureaucracy. For them, ESG is not a checkbox but a mindset.


The European Union has begun to internalize this shift — through the Green Deal, social-innovation programs, and youth dialogues that bring new energy to policymaking. Each enlargement brings in younger member states that inject realism and urgency into older systems, forcing the Union to stay relevant — just as younger voices keep any organization honest and adaptable.


A UK report for the Greater London Authority found that organizations in the UK infrastructure and construction sector are using reverse-mentoring programmes to help board-level and senior leaders learn from younger employees — on topics like digital tools and inclusion — although many of these initiatives are still in early or pilot stages.


**Lessons from Within**

Working with younger consultants and policy interns has taught me as much as any boardroom discussion. I remember one consultant who proposed using an AI model for data analysis while I was mentoring her on how to formulate the right questions and tasks for that model. The exchange became a perfect example of reverse mentorship in action — where innovation meets experience.


Reverse mentorship brings this kind of ethical and intellectual freshness. Boards should see it not as a side initiative but as a practical governance tool — a way to keep decision-making relevant and connected. It reminds senior leaders that curiosity signals strength, not weakness, and that inviting younger perspectives into board discussions helps institutions reconnect with their true mission — to serve people, not procedures.


**Conclusion**

When experience meets curiosity, governance becomes renewal, not routine. The best leaders — in business or public life — know that wisdom is cumulative, but insight is generational. Boards and policymakers who invite younger voices into the conversation gain more than diversity; they gain relevance.


Reverse mentorship is not a threat to authority. It’s a partnership of perspectives. Good governance is not about having all the answers — it’s about asking the next generation the right questions and being brave enough to act on what we hear.

![insights_november_04.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1763388202/insights_november_04_5b21160939.png)

When I first encountered mentorship in 2016 through the Vital Voices Global Fellowship — a program once founded by Hillary Clinton and Madeleine Albright — I had no idea it would fundamentally redirect my professional and personal path. At that time, I was a CEO and owner in Ukraine’s media business, and the experience of structured mentorship changed everything for me: it led to the sale of my company and eventually to my transition into the social impact and civil society sector.


My first mentors — one from the FBI, another from Bank of America — were not merely advisors. They were partners in transformation. Our conversations reached far beyond business strategy or leadership tactics; they touched the very architecture of decision-making, courage, and purpose. That experience showed me that mentorship, when built on trust and guided by methodology, can be an engine of profound change.


**From Intuition to Methodology**

What I particularly admire about the American approach to mentorship is its methodological depth. It’s not an improvisation or an informal exchange of wisdom — it’s a structured process facilitated by trained mentors who understand reflection, goal-setting, and accountability. You cannot simply “be someone’s mentor” because you are older or more experienced. You must master the discipline of mentorship — its frameworks, techniques, and ethics.


Recognizing this, I later collaborated with Odyssey to adapt their mentorship guide for Ukraine. This became the backbone of mentorship components in my women’s empowerment programs — Femunity and Progresiya — which have since reached hundreds of Ukrainian women. In these initiatives, we always start by training mentors—helping them understand their role not as co-navigators of growth.


At the early stage, when I made initial steps in mentoring approach promotion in Ukraine, I even hosted public mentorship sessions. They were open conversations between experienced leaders and emerging talents — an invitation for the business community to taste what real mentorship feels like. It wasn’t coaching, and it wasn’t consulting. It was about shared discovery — a dialogue that activates something powerful inside both participants.


**Reframing Mentorship in Ukrainian Corporate Culture**

In many Ukrainian companies, mentorship is still seen as a top-down process: the senior guides the junior, the experienced teaches the inexperienced. But true mentorship is bidirectional. It’s a relationship of equals, each bringing their own type of expertise — age, context, or technological fluency. This is why reverse mentorship is such an underrated yet potent instrument.


When a young leader mentors a board member on emerging digital ethics, or when a Gen Z employee helps a CEO understand shifting workplace values, it builds bridges across generations and rebalances corporate culture. In a governance context, such mentorships encourage empathy-based leadership, sharpen decision-making, and foster a culture of continuous learning at every level of the organization.


Mentorship — done right — creates psychological safety and collective intelligence within leadership teams. It allows truth to surface, even when it’s uncomfortable. And in times of uncertainty or transformation, it provides both grounding and momentum: a sense that someone is walking beside you, helping to untangle complexity with clarity and care.


**A Call for Mentorship Literacy**

After nearly a decade of promoting mentorship in Ukraine’s leadership and social sectors, I am convinced that mentorship literacy should become as fundamental as financial literacy. We need leaders who understand that mentorship is not charity — it’s an investment in shared competence and human capital.


For women in leadership, especially in governance roles, mentorship is not only a pathway to inclusion — it’s a means of reshaping systems from within. It enables women to claim space in decision-making, to act with confidence, and to lead with authenticity.


Those who have experienced mentorship in its truest form know that it offers something rare: an honest mirror. It reflects not who you are expected to be, but who you are becoming.

![insights_november_05.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1763388202/insights_november_05_d4658bb346.png)


I have been fortunate to encounter remarkable mentors at key moments of my professional journey — each of them shaping not only my career but also my perception of leadership and human connection.


My first experience with mentorship came early, when I joined a law firm as a young lawyer still learning the craft of corporate practice. My mentor, Volodymyr Sayenko, took me under his wing and taught me much more than the letter of the law. He revealed the spirit of the profession — the delicate balance between precision and empathy, and the art of communicating with clients as partners, not as subjects of legal advice. Our conversations often transcended work and gradually evolved into a lifelong friendship built on mutual respect and curiosity. Looking back, I realize that mentorship at its best is not hierarchical — it’s a dialogue where both grow through the exchange.


Years later, I experienced mentorship again in a very different setting — Microsoft’s Women Leaders Program. My assigned mentor was a lawyer of Brazilian origin who had lived and worked in more than ten countries. His worldview was strikingly different from mine, shaped by multicultural experiences and an unshakable sense of curiosity about people and systems. Through our conversations, I learned tolerance and patience, and — perhaps most importantly — how to build a mentoring relationship intentionally.


He taught me that mentorship works when both sides are open: the mentor to share, and the mentee to listen without defensiveness. True learning begins where ego ends. That experience also made me understand that one can seek mentorship not only formally but organically — through every meaningful encounter with people who inspire, challenge, or broaden our thinking.


Over time, I began to treat every interesting conversation as a short mentoring session — an opportunity to learn something new about leadership, decision-making, or human nature. Some of my mentors have appeared only once in my life, during a single insightful meeting that left a lasting mark. Others have walked beside me for years. But the essence remains the same: mentorship is about generosity of spirit, the courage to share experience, and the humility to learn.


In corporate governance, mentorship plays a transformative role. Boards and executives often focus on structures, processes, and compliance — yet culture is what truly sustains good governance. A culture of mentorship creates psychological safety, encourages honest feedback, and develops the next generation of leaders who make decisions with integrity and foresight.


Effective governance is not only about rules — it’s about people who understand each other’s strengths and help one another grow. A mentor on the board can help a new director navigate complex dynamics, read the unspoken cues, and find their authentic voice in the decision-making process. Likewise, a seasoned executive mentoring a younger colleague can ignite confidence, responsibility, and purpose that no manual or policy can instill.


In the end, mentorship is less about teaching and more about connecting. It reminds us that leadership is not a solo journey but a shared path — one illuminated by those who once walked before us and those who now walk beside us.

Across these stories, one truth becomes clear: _mentorship is not a gesture of generosity from the powerful. It is the architecture of shared growth._ It is where leadership learns to listen, where systems learn to evolve, and where courage quietly multiplies.


What once served as the gatekeeping ritual of the old boys’ club is now being rewritten by women who lead differently. They mentor through empathy, not authority. They pass forward wisdom without walls. They teach that leadership is not inherited but created through connection, reflection, and the willingness to grow together.


In every boardroom, team, or initiative that embraces this spirit, mentorship becomes more than a tool. It becomes a culture that replaces competition with continuity, isolation with inclusion, and hierarchy with humanity.


As Ukraine rebuilds, redefines, and reimagines its future, this approach to mentorship offers a model for leadership itself. A model built not on legacy but on learning, not on power but on partnership, not on titles but on trust.


Because the future of leadership will not be built by those who guard the gates, but by those who open them.

Ексклюзивна зустріч з Послом Японії в Україні Масаші Накаґоме

Зустріч з Послом Японії Масаші Накаґоме

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Exclusive Meeting with Ambassador Extraordinary and Plenipotentiary of Japan to Ukraine Masashi Nakagome

Exclusive Meeting with Ambassador Nakagome

On November 4, members of Women on Boards Ukraine had the privilege of meeting with H.E. Masashi Nakagome, Ambassador of Japan to Ukraine, for a discussion on: “Leadership, Governance, and the Role of Women in Driving Social Change: Ukrainian–Japanese Perspectives.”

The conversation focused on the importance of inclusive leadership, governance models that respond to global and national challenges, and the role of women in strengthening institutional resilience and shaping long-term economic development.

The Ambassador highlighted that Japan’s demographic landscape makes the strengthening of women’s leadership not only a matter of equality, but a strategic economic priority.

In Ukraine, similar dynamics are shaped by wartime realities — women are increasingly stepping into leadership roles across security, defense, business, and public governance. Ensuring inclusive leadership is essential for resilience and long-term recovery.

We also discussed opportunities to expand Ukrainian–Japanese cooperation in reconstruction, energy, infrastructure, and technology — emphasizing the importance of long-term partnership and shared commitment to sustainable development.

We are grateful to Ambassador Nakagome and the Embassy of Japan in Ukraine for the thoughtful dialogue and continued support.

Together, we are strengthening the role of women in building a resilient and innovative future.

Штучний інтелект в радах директорів: виклик чи нові можливості?

ШІ у радах директорів

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 AI and Boards: Threats or Opportunities

In 2025, artificial intelligence is no longer a futuristic promise — it is shaping the way organizations are governed and how critical decisions are made.

According to the 2025 AI Index, 78 % of organizations now use AI in at least one function, up from 55 % just a year earlier. Still, only about 25 % of companies have fully implemented formal AI governance programs. 

In this environment, the real competitive edge lies in people who know how to interact with AI, not in AI itself. After several waves of hype, most businesses have started shifting from treating AI as a curiosity to making it a critical capability. But its central enabler remains human capital — the ability to frame questions, understand context, and steer outcomes — a fact that no enterprise level can ignore. AI relentlessly challenges the perimeter of all roles, from frontline specialists to executives and supervisory board members.

In the supervisory boardroom, this tension is especially strong. Board members are expected to approve strategic decisions in compressed meetings, relying on data and analysis prepared by management. To act with confidence, they need both transparent, high-quality information and the capacity to rapidly understand complex issues. That’s where AI can begin to play a real role — far beyond converting speech into text or generating meeting summaries.

In the discussion ahead, we will hear from **Anna Mikulitska** (Managing Director, SAP Ukraine), **Maryna Kvashnina** (founder of EdenLab and Zviropolis, board member with deep fintech & healthtech experience), and **Dmytro Shymkiv** (CEO of Delta Strategy & Ventures, investor, and supervisory board member at HELSI and Kyivstar). They will bring perspectives from leadership, governance, technology, and transformation, as we explore the challenges and opportunities AI brings into the highest levels of oversight.

![insights_october-01 (2).png](https://res.cloudinary.com/dbptgsulj/image/upload/v1760280012/insights_october_01_2_828f69d513.png)

![insights_october-04 (1).png](https://res.cloudinary.com/dbptgsulj/image/upload/v1760280479/insights_october_04_1_9b8c283554.png)

After several waves of hype around AI capabilities, little by little most businesses started to think about how to convert AI from an entertaining commodity into a powerful and performing asset. Surprisingly, the central component of this equation remains the human capital and its ability to interact with technology, while there is no special focus on one of the enterprise levels - AI relentlessly challenges the perimeter of everyone in the organization, from specialists up to owners and supervisory board members. 


Being specific, board members need to approve strategic business decisions during short meeting sessions, based on the company and market data, prepared and provided by the management. This composition requires both adequate and transparent business data processing on all levels within the organization, as well as fast and proper understanding of the matter on the level of supervisory board members. And exactly here AI could step on the scene as a contributing partner, far beyond the already trivial speech-to-text processing of boring meeting notes.


To receive the maximum payback, boards and management should be very clear and aligned on having at least one Digital & AI annual target on every level and for most of the functions, as if AI will not perform as expected in fragmented areas of business. Proper use of data and wide application of AI capabilities is the key success factor. Moreover, most corporate AI platforms, like Microsoft Office 365 Copilot, will not work without the organization already being completely in the cloud, which is a pretty heavy infrastructural project itself, including cybersecurity, GDPR and other critical topics on the radar. Thus, any AI-related projects require deep understanding, careful planning and adequate budgeting in order not to be just fancy initiatives, but to be conscious long-term commitments of the business and stakeholders. Proper application of AI as a natural element of the business model will definitely give market advantages and better results.


Across industries — from human and veterinary medicine to fintech, retail, and logistics — the trend is irreversible. The game changer is clear: the effective use of AI, combined with business data analytics, BI tools, and dashboards, consistently improves operational models by driving cost optimization, process efficiency, and practical automation.


For supervisory board members, this makes one thing crucial: to build personal, practical AI skills. This includes:


- continuous learning in AI and data, while supporting learning across the organization
- setting personal AI and data targets, while driving digital transformation
- making data-driven decisions, while demanding transparency, integrity, and literacy within the company
- acting as advocates for AI, while safeguarding the human touch in leadership and culture.

Supervisory boards are not just approving budgets or reacting to technologies — they are shaping the future. Living through the AI era requires already keeping an eye on what comes next, the post-AI world. That mindset will define proper business strategies and long-term competitiveness.


Start thinking Digital & AI now. Lead change. Shape the world.


_(No AI was harmed in the preparation of this article.)_

![insights_october-03 (2).png](https://res.cloudinary.com/dbptgsulj/image/upload/v1760280601/insights_october_03_2_30a8ca2dd0.png)


In my opinion, it’s not artificial intelligence itself that poses a threat. The real challenge comes from people who know how to use AI — for those who don’t.


AI has already become an everyday assistant. Take meeting summaries: instead of scrolling through pages of notes, it helps capture the essence of a discussion. Even when someone gives vague or evasive answers on a call, AI can highlight what’s really being said, uncovering the core message.


The same shift is happening in HR. Companies like SAP have already started integrating AI into Human Capital Management. This is not just about automating administrative routines; it’s about reshaping the way organizations understand, support, and develop their people. From identifying skill gaps to personalizing employee learning journeys and improving workforce planning, AI makes HR less about manual processes and more about unlocking human potential.


At the board level, the impact is equally transformative. By processing real-time financial, operational, and market data, AI helps boards detect inefficiencies, anticipate risks, and uncover growth opportunities. It provides deeper insights into business performance, enabling more accurate oversight and allowing directors to focus on strategy rather than routine monitoring. But this power also comes with responsibility: transparency, clear ethical frameworks, and human oversight are essential to ensure that AI complements rather than replaces judgment.


At the end of the day, AI is not here to replace us. It’s a tool that amplifies our ability to see patterns, ask sharper questions, and make better decisions. Those who embrace it and develop the right skills will be the ones shaping the rules of tomorrow.

![insights_october-02.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1760280681/insights_october_02_a0bedb1511.png)

Artificial Intelligence is no longer a side tool – it’s becoming an integral part of how I work across different roles. As an investor, member of supervisory boards, business leader, developer, and engineer, I see how AI consistently boosts my productivity.


At first, I was using it at maybe 10% of its potential. After engaging with experts and experimenting more, my reliance has grown significantly. From my perspective, AI today is not about replacing people but about accelerating orientation, decision-making, and sharpening focus.


For example:

- **Legal review.** Instead of asking AI to summarize a contract, I’ll ask: “What risks or unfavorable clauses are there for me?” This reframes the analysis and uncovers what could otherwise stay hidden.
- **Financial evaluation.** Uploading P&L and balance sheets into AI provides a rough but immediate valuation of a company. It’s not perfect, but it dramatically speeds up the first layer of assessment.
- **Role simulation.** You can instruct AI to act as a tax inspector, a regulator, or a politician of a certain type, even embedding psychological traits. This creates realistic simulations for negotiation prep, board discussions, or public debates.
- **Coaching.** AI is a powerful sparring partner. It challenges assumptions, points out mistakes, and helps prepare for high-stakes meetings or exams. In many ways, it acts as a personal business coach.
- **Analytics.** From comparing service providers to evaluating business strategies, AI offers quick structured insights.

The common thread across all these cases: it’s not about AI replacing people, but about those who master asking the right questions and setting the right context window. These are the individuals who will command the highest value in the market. 


AI brings both opportunities and challenges to supervisory boards. But if used wisely, it can shift the entire paradigm of governance, risk assessment, and strategic foresight.

AI is not a finishing line — it’s an invitation to rethink how we govern, lead, and make decisions. For supervisory boards, the promise is real: using AI to detect inefficiencies, anticipate risks, and uncover growth pathways. But promise does not equal outcome. Only boards that embrace transparency, ethical guardrails, and human judgment alongside algorithmic power will unlock sustainable advantage.


The voices of **Maryna Kvashnina**, **Anna Mikulytska**, and **Dmytro Shymkiv** underscore one core idea: the future will be shaped not by technology alone, but by those who master how to wield it. Now is the moment to build AI fluency, align strategy with digital ambition, and lead the shift from reactive governance to proactive oversight.


**For today’s supervisory boards, this is not optional — it is essential. The decisions made now will determine whether AI becomes a passing experiment or a foundation stone of long-term success.**

Україна на роздоріжжі: війна, відновлення та глобальна інтеграція

війна, відновлення та глобальна інтеграція

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Ukraine at the Crossroads: Balancing War, Recovery, and Global Integration

Balancing War, Recovery, and Global Integration

For Ukraine, resilience is not a choice — it is a necessity. More than three years into Russia’s full-scale invasion, the country continues to fight on multiple fronts: defending its sovereignty, protecting its people, and laying the groundwork for recovery. These struggles are deeply interconnected. Security, diplomacy, economic recovery, and investment are not separate challenges but threads of one fabric that will determine Ukraine’s place in the global order.

To better understand how these challenges are being met, leading figures from Ukraine’s financial and economic spheres have shared their perspectives. **Yuliia Metsher**, Member of the Supervisory Board at JSC PrivatBank, **Andriy Pyshnyy**, Governor of the National Bank of Ukraine, and **Lisa A. Kaestner**, Country Manager for Ukraine at the International Finance Corporation (IFC), each bring unique expertise on resilience, financial stability, and investment. 

![insights_september-02.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1757678960/insights_september_02_fb0796ce1f.png)

Their insights shed light on the strategies shaping Ukraine’s present and its vision for the future.

### Investment and Global Partnerships: Competing for the Future

![insights_september-03.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1757679020/insights_september_03_5e721c1022.png)

Having spent much of the past two years in Kyiv, experiencing attacks firsthand and following international discussions closely, I often reflect on the profound implications of Russia’s aggression for geopolitics and human values — not only for Ukraine but for the global system and the future world my children will live in.

As an economist working at an international financial institution, however, I tend to think most about Ukraine’s economic challenges. While less existential than the geopolitical struggle, Ukraine’s economic success will also determine the well-being of its people and its place in the world economy.

One of the greatest challenges is securing the [$500 billion](https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099022025114040022) needed for reconstruction over the next decade. While Ukraine receives substantial public support, this will not be enough. I work for IFC, and our recent [research](https://www.ifc.org/en/insights-reports/2023/private-sector-opportunities-for-a-green-and-resilient-reconstruction-in-ukraine) shows that roughly one-third of this amount — about $170 billion — could be financed by the private sector, provided the right reforms and mechanisms are in place.  

As an advocate for investment in Ukraine, I was excited to see that our report about private sector opportunities for financing Ukraine was included in an upbeat [article](https://www.ft.com/content/1fa70f04-7844-4b5f-8573-eb6a7ca1970e) in the Financial Times on August 28. Encouragingly, the author finds that over 100 companies are considering opportunities in Ukraine.  But the challenge is moving from ‘eyeing’ to ‘investing.’  Ukraine must compete globally for financing, as international companies can choose where to invest. 

So far, most investments have come from existing players expanding their operations. One notable exception was NJJ, a large French telecom holding company, which joined the merger that created Datagroup-Volia-lifecell in 2024. This shows the potential of foreign direct investment (FDI), which not only brings capital but also market access, value chain integration, technology, and know-how.

Yet, attracting FDI is particularly difficult at a time when global FDI flows are at their lowest since 2005. To stand out, Ukraine must emphasize its comparative advantages: skilled labor, agricultural resources, and the prospect of EU accession. With ‘friendshoring’ reshaping global investment flows, Ukraine may also benefit from being aligned with Western economies.

The World Bank Group is supporting Ukraine in developing a strategy to attract investment to competitive sectors. Success will require a credible plan to improve the investment climate, reduce risks, and show flexibility. Immediate priority actions should send strong signals to investors, while longer-term reforms build confidence.

Ultimately, FDI is not only an economic tool but also part of Ukraine’s broader security. By embedding itself deeper into the global economy, Ukraine will strengthen international stakes in its sovereignty — and make it harder for the world to look away in the face of aggression.

### Financial Stability and European Integration

![insights_september-04.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1757679018/insights_september_04_1d2df36f54.png)

As long as the full-scale war continues, it remains the defining challenge for Ukraine — including for our economy and financial sector. russian aggression threatens to cause a protracted decline in our economic potential through the loss of people, territory, and production facilities.

That makes it our task to do everything in our power to keep rallying the free world around Ukraine, particularly in mobilizing financing. Continued cooperation with the International Monetary Fund will play a crucial role in this effort.

Another significant challenge — and opportunity — for Ukraine is European integration. We are moving forward as rapidly as possible. According to the latest assessment by external consultants, our banking sector’s regulatory equivalence has already reached 75–77%, up from about 50% at the beginning of 2022. However, to move further, we need political will from EU member states to support Ukraine’s accession sooner rather than later.

At the National Bank of Ukraine, we face challenges every single day, especially since February 24, 2022. But we know how to deal with them effectively, and we are constantly making efforts to meet them head-on.

### Economy and Institutional Resilience: Building Under Pressure

![insights_september-05.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1757679019/insights_september_05_be7a26a5ea.png)

Any war is a tragedy, inhuman in its scope. Nothing could have prepared Ukraine for the complex challenges we have faced on the world stage during more than three and a half years of full-scale russian invasion. Yet, Ukraine continues to demonstrate resilience.

As a member of the Supervisory Board of PrivatBank — Ukraine's largest state-owned bank, which serves millions of customers and supports public finances — I see how economic issues are deeply intertwined with security, diplomacy, and investment.

The key challenges for Ukraine include: securing sustained international support, attracting foreign investment, addressing labor shortages caused by population displacement and mobilization, rebuilding and sustaining large-scale infrastructure, mitigating economic decline, ensuring food security amid disrupted supply chains, and addressing corruption risks during the recovery period.

Undoubtedly, the greatest challenge for Ukraine is to end the ongoing war with russia on fair terms. The war has caused immense destruction, mass displacement, severe economic problems, and a social and psychological crisis for its people. Achieving peace is impossible without constant and reliable financial, military, and diplomatic support from international partners. Ukraine’s top leaders, alongside foreign allies, are making huge efforts to secure a sustainable and reliable peace — one that ensures sovereignty, territorial integrity, and strong security guarantees. EU and NATO accession must be part of those guarantees.

Another major challenge is attracting international assistance to rebuild the economy. According to the latest World Bank estimates, recovery over the next decade will require approximately $524 billion. The destruction of cities, infrastructure, and businesses demands long-term, complex restoration.

PrivatBank contributes by maintaining stability, delivering strong profits, and supporting the economy. In 2024, the bank’s pre-tax profit reached UAH 81 billion, an 11% increase from 2023. In the first half of 2025, net income after a 25% tax amounted to UAH 34.9 billion, with income tax payments of UAH 11.1 billion. Despite the ongoing war, businesses and households continue to adapt, and the productivity of many sectors is growing. With a net loan portfolio exceeding UAH 130 billion as of mid-2025, PrivatBank acts as a reliable partner for both the state and private enterprises.

For me personally, the greatest source of pride is our dedicated team, guided by the values we live by: putting clients at the center, building trust through transparency, strengthening teamwork, caring for the country’s future, and driving innovation.

Another priority for Ukraine is attracting foreign direct investment (FDI) and developing critical supply chains. Investment attractiveness is closely tied to business security, which today can only partially be addressed through war risk insurance. PrivatBank actively works with international financial organizations—including the EBRD, BGK, the European Commission, the World Bank, and others — to provide Ukrainian clients access to international resources and instruments.

At the same time, Ukraine faces severe labor shortages. Millions have been displaced, with 6.9 million still abroad according to the OECD. Without people, there is no economy. The government is launching special programs to bring Ukrainians back, offering housing, jobs, social support, and even a multiple citizenship mechanism. Like many employers, PrivatBank is also dealing with a shortage of personnel, while attracting foreign specialists remains difficult due to security risks.

In my view, Ukraine faces extraordinary challenges, but also has extraordinary potential. Success depends on the strength of our army, the dynamism of our economy, and the effectiveness of our diplomacy. Above all, investment and reform are the keys to a sustainable future.

Ukraine’s challenges are immense, but so is its determination. Security, diplomacy, economy, and investment are not separate battles but one shared struggle for sovereignty, renewal, and growth.

The war has tested every part of our society. It has displaced millions, damaged industries, and shaken daily life. Yet it has also revealed resilience — people adapting, institutions reforming, and partners standing with us in solidarity.

The road ahead will not be easy. Recovery requires more than endurance. It calls for trust from international allies, bold reforms at home, and the confidence of investors who see Ukraine not just as a risk but as a future hub of opportunity.

Step by step, Ukraine is moving toward that future. By strengthening its institutions, deepening ties with Europe, and building a dynamic economy, the country can turn survival into renewal.

This is not only Ukraine’s fight — it is a test of how the world responds when freedom and sovereignty are under threat. And Ukraine is determined to show that even in the face of immense challenges, hope and progress remain possible.

Конференція з відновлення України засвідчила зміну підходів. 

Конференція з відновлення України — зміна підходів.

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The Ukraine Recovery Conference this year marked a significant turning point — not just in tone, but in substance. 

Ukraine Recovery Conference marked a major shift.

The Ukraine Recovery Conference this year marked a significant turning point — not just in tone, but in substance. This was a conference where the focus shifted from support to strategy, from pledges to partnerships.

With strong emphasis on defense industry investments, resilient energy infrastructure, human capital, and dual-use production, the conference reflected Ukraine’s active role in shaping its own recovery.
We’re glad to share reflections from our members — a closer look at what stood out, what shifted, and what’s next. Swipe through to explore their insights from хештег#URC2025.

![carrousel_URC 2025_2-2.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1753346115/carrousel_URC_2025_2_2_f38696e9af.png)

![carrousel_URC 2025_2-3.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1753346147/carrousel_URC_2025_2_3_de16f9b7df.png)

![carrousel_URC 2025_2-4.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1753346178/carrousel_URC_2025_2_4_36f0fbcdd1.png)

![carrousel_URC 2025_2-5.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1753346212/carrousel_URC_2025_2_5_79ccad924d.png)

![carrousel_URC 2025_2-6.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1753346238/carrousel_URC_2025_2_6_16a178d721.png)

Жіноче лідерство має значення — особливо у часи відновлення

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Women’s Leadership Matters — Especially in Times of Recovery

During URC2025 in Rome, Women on Boards Ukraine hosted a closed-door lunch with Marta Kos, European Commissioner for Enlargement. In an atmosphere of warmth and trust, our community members came together for a meaningful conversation.

📌 We spoke openly about gender equality, career barriers, glass ceilings, and the promotion of women into leadership roles. It was a space for sharing personal journeys, challenges, and visions for change. Marta also shared her own path toward a successful career in diplomacy and public service — openly and sincerely. 

🌍 We also explored Ukraine’s current challenges and its path forward. Commissioner Kos shared insights into the EU’s priorities, support mechanisms, and her personal commitment to both Ukraine’s future and women’s place in shaping it.

A truly inspiring dialogue — rooted in empathy, leadership, and action.


Women on Boards Ukraine: разом на URC2025 у Римі

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Women on Boards Ukraine: Together at URC2025 in Rome

Last week, members of Women on Boards Ukraine proudly joined over 6,000 participants at the Ukraine Recovery Conference 2025 in Rome — a pivotal gathering focused not just on what Ukraine needs, but on how we will rebuild it. And at the heart of that “how” is people — both women and men.

🤝 As a community, Women on Boards Ukraine stands strong in supporting one another — amplifying our voices, creating space for leadership, and showing the world what Ukrainian women are capable of. Being in Rome reaffirmed the power of our network and the importance of showing up together at key milestones in Ukraine’s development.

✨ Ukraine’s recovery isn’t only about rebuilding infrastructure — it’s about restoring systems, opportunities, and trust. And our members are choosing to be at the center of that work, starting now.


Сила партнерства: як співпраця між жінками та чоловіками робить лідерство в Україні сильнішим

Сила партнерства

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The Power of Partnership: Embracing Gender Collaboration for Stronger Leadership in Ukraine

The Power of Partnership

## The Power of Partnership: Embracing Gender Collaboration for Stronger Leadership in Ukraine

In Ukraine’s evolving professional and leadership arenas, the conversation around gender equality is not just about representation but about meaningful collaboration, mutual respect, and shared leadership. Three prominent voices — **Olena Voloshyna, Tymofiy Mylovanov, and Matteo Patrone** — offer insightful reflections on how men and women can coexist, leverage their unique strengths, and foster authentic partnerships to drive progress in boards, organizations, and society at large.

![insights_july all_1.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1752482602/insights_july_all_1_af5cd36c2c.png)

Their experiences reveal that empowering women is not about changing them to fit male norms but about men stepping up to be genuine allies and partners in leadership.


#### True Partnership Begins with Mutual Respect

**Matteo Patrone,** _Vice President, Banking at the EBRD and member of the Executive Committee_

![insights_july_1.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1752482591/insights_july_1_ffe7fb3661.png)

⁠Partnership is a two-way street. Both partners need to embrace a relationship that focuses on the strengths that both bring to the table, being cognisant and honest about the respective weaknesses and needs. Throughout my professional and personal life, I have embraced this approach—perhaps influenced by my lifetime partner, a successful marketing professional.

With all my colleagues, male or female, I tried to focus on the diverse set of skills we would put together to achieve our common objectives. The fact that I had some amazing female bosses (and an amazing partner at home) also helped get away with the patronising attitude that sometimes still permeates the debate about gender equality.

Ukraine, in this sense, is not different from other countries — if not for the fact that the extremely difficult conditions the country finds itself in have accelerated some processes.

I have met some of the most inspirational female leaders in Kyiv, Lviv and all around the country (and abroad). In my opinion true collaboration means first and foremost an open mind and mutual respect. But also believing in yourself, because that is immediately reflected in the relationship with your interlocutor. Lowering barriers from both sides, a healthy and honest competition, pushing each other whilst also lending each other a hand when needed, are all part of this. Ultimately it is about working together for a greater good. The senseless, inhuman and unjustified aggression has imposed on the Ukrainian people an unprecedented sense of urgency and has sharpened minds and mental processes, including when it comes to progress in gender equality. This is one of the many reasons why I am so optimistic about the future of Ukraine, even in the most dire circumstances.

#### How can gender differences at work and on Boards be leveraged for greater impact?

**Olena Voloshyna**, _Head of the International Finance Corporation (IFC) in Ukraine_

![insights_july_2.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1752482597/insights_july_2_a1a9ca1e3d.png)

The last thing I want to do in this article is tell men what they need to do.
It often causes a counterreaction — even if they read it, which I strongly doubt.

Instead, let’s reflect on what we, as women, can do better to win male allies and partners. Let’s remember our own early steps and how we handled those situations.

When I was offered my first managerial position on an IFC project, I was scared and hesitant. The person who convinced me to take the leap was my husband. “Go for it, girl — you’ll manage,” he said. That was exactly what I needed to hear from someone I respected — my male partner. In the early ’90s, not many Ukrainian men were as supportive.

Then came the challenge of finding my place in the American, male-dominated donor world. I was the only Ukrainian managing a USAID-funded project, while also navigating a male-dominated Ukrainian government and leading a team of experienced male lawyers and economists — many of whom knew more than I did in certain areas.

I had to go through a series of personal transformations and develop the soft skills that leadership demands. I evolved from a shy, quiet (never speak unless asked) girl to someone who can be assertive when I know my ground, yet also willing to step back and let others with more expertise take the lead.

Listening became one of the most powerful skills I developed. People appreciate being heard — but men especially expect that from women. Learning to avoid conflict and seek compromise became another strength — something often more natural for women. While men may lean toward competition, women often lean toward consensus.

And let’s not underestimate the power of humor. A sense of humor is probably the number one secret weapon. Men enjoy the company of a witty woman — and humor has helped me in countless professional situations.

Now, back to leadership and women on boards. Yes, women remain underrepresented globally  —and in Ukraine. Deloitte’s 2025 Ukraine snapshot shows women hold barely a quarter of board seats. IFC’s own playbook encourages embedding gender targets into loan covenants. There are growing discussions about quotas.

Personally, I believe quotas can help—but they can also risk undermining merit and becoming symbolic or artificial. Quotas may open doors, but it’s up to us, women, to prove that we bring value, competence, and perspective equal to, if not beyond, our male colleagues.

And we do.

We must focus on diligence, preparedness, discipline, attention to detail, risk governance, stakeholder engagement, and sustainability.

And finally, a message to fellow female leaders:

**Let’s not try to copy men or become more competitive. Let’s lean into our strengths: collaboration, partnership, professionalism, knowledge, and results. And yes — let’s never forget our ultimate superpower: a good sense of humor!**


#### Beyond Performative Support

**Tymofiy Mylovanov**, _President of Kyiv School of Economics, Associate Professor at the University of Pittsburgh, former Minister of Economic Development, Trade and Agriculture of Ukraine_

![insights_july_3.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1752482596/insights_july_3_51a7d9b8cb.png)

In Ukraine’s male-dominated systems, I don’t believe in performative support — and unfortunately, there’s a lot of it. I believe in shared risk. That means not just “helping women,” but putting them in charge. Real charge. Not second-guessing them, not backseat-driving.

It means giving women budgets, or the ability to raise their own. Giving them real authority and ownership over meaningful outcomes. Not placing them on diversity panels, committees, or working groups, but involving them in crisis teams, where decisions are made fast and their word is final. In strategy units with delegated, independent mandates. In the last round of negotiations, not just the warm-up acts.

That’s what I do — at KSE, in reform work, and during the war. And I do it publicly. I place people in the spotlight. I help build the infrastructure that allows them to be visible, lead, connect, and demonstrate authority.

When someone in a high-level position wants to meet with me before speaking to a woman leader, my response is simple: "Why don’t you talk to her directly? I’ll just pass along your message, and she’ll be the one deciding anyway."

If something fails, we fail together. That’s my responsibility too.
If it works, I don’t claim the victory — she’s the leader, with no asterisk.

Competence isn’t about noise or status.
It’s about holding complexity under pressure and thinking at a systems level. That’s the kind of leadership I support and promote.

I want to grow people with purpose, talent, and ambition — who know how to collaborate, who stay calm under stress, and who deliver.

In Ukraine, power doesn’t run on titles. It runs on trust. It’s about who gets the call when it matters, after the formal meeting ends and things go off script.


That’s why I don’t just mentor. I open doors, connect women directly to donors, allies, and decision-makers, and then I step away.

A specific example: At the beginning of the war, I connected the leadership of KSE to the government, donors, ministers, and high-net-worth individuals. After that, I didn’t attend a single meeting where they were present.

Another: A woman leader I support goes to a meeting with the President. I don’t go, even though I haven’t seen him in a while and I formally supervise her projects. She leads. I trust her. That’s enough.

I also hold male leaders accountable.

- Show me who you’ve lifted to your level.
- Show me who you backed when the stakes were high.
- Or were you trying to stay in the spotlight?

**Leadership isn’t about control. It’s about recognizing pain, fatigue, and guilt— and making space for other forms of strength.**

Collaboration, emotional resilience, and care aren’t soft skills — especially not in wartime.

After a night of bombings, no one can perform if they lack emotional resilience. No one can lead if they can’t lift others.


The path forward for Ukraine demands more than rhetoric about gender equality — it requires transforming mindsets, institutions, and leadership culture. The power of partnership between men and women is not just a matter of fairness; it is a strategic imperative that will determine the country’s capacity to overcome crises and build sustainable progress. As these leaders show us, true collaboration thrives on shared authority, trust, and the courage to uplift each other’s strengths. The future of Ukrainian leadership depends on embracing this partnership fully — not as an ideal, but as a necessity. It is a call to all of us: to listen, to act, and to lead differently, so Ukraine can emerge stronger, together.


Червень 2025

Insights by WoBua

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June 2025

**The Resilience Formula: How to Keep Your Team Together in Times of War**

In a world where leadership was once synonymous with predictability, stability, and well-defined strategies, the war in Ukraine has shattered those traditional models. [More than 70% of Ukrainian companies](https://kse.ua/research/impact-of-war-on-ukrainian-business/) have suffered serious losses, and [over half of business leaders](https://eba.com.ua/reports/war-business-survey-2024/) have had to make decisions that would have seemed unthinkable just a few years ago — mass layoffs, radical business pivots, or even full shutdowns. The crisis has brought not only economic turbulence but also a profound erosion of trust — in leadership, in teams, and in the future itself.

[According to research by the Kyiv School of Economics](https://kse.ua/research/economic-consequences-of-war/), over 62% of companies lost up to 40% of their revenue during the first year of the war, and 33% were on the brink of closure. Nearly every second business had to make tough staffing decisions, triggering widespread anxiety among employees — [45%](https://news.gallup.com/poll/374682/employee-engagement-crisis.aspx) reported a significant drop in motivation due to the ongoing instability. 
 
 These challenges are transforming not only business models but the very nature of leadership.

In such extreme conditions, leaders walk a fine line between ensuring business survival and preserving humanity within their teams. Every decision becomes a balance between pragmatism and empathy, between rapid response and emotional support for people who rely on them during the darkest hours.
 
This second piece in our series explores exactly that — how top leaders manage to stay the course while everything around them is falling apart.
 
We spoke with three leading women in Ukrainian business — **Olena Vdovychenko** (CEO of METRO Cash & Carry Ukraine), **Mariia Osyka** (Director of Agricultural Investments at NCH Capital), and **Olha Ustynova** (CEO of Vodafone Ukraine). We asked them how their understanding of leadership has changed over the past two years, and what helps them keep their teams strong under immense stress, loss, and uncertainty.
![insights_june all-01.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1749198068/insights_june_all_01_5cfaa6f0ec.png)

Their insights don’t offer one-size-fits-all answers, but rather lived experiences that are shaping a new leadership lens — one that is more flexible, humane, and responsible. Because in today’s world, leadership is no longer just about moving forward — it’s about staying grounded when the very foundations are shaking.

![insights_june_1.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1749198435/insights_june_1_34251e8112.png)

To maintain balance between tough crisis decisions and preserving human capital, I always rely on three pillars:
 
- **A clear strategic direction** — defined before the crisis hits.
- **Empathy** — the foundation of trust and support.
- **Adaptability** — the uniquely Ukrainian ability to find solutions in new realities.
 
These are the foundations. Everything else — actions, processes, response algorithms — are activated at the moment.
 
At METRO Ukraine, people have always been our priority. Supporting, retaining, and nurturing their potential is a key part of our strategy. In times of crisis, I follow what I call the KPI principle — _Keep People Informed, Involved, Inspired_. This shapes all our decisions:
 
**People**: Team, customers, partners, and their safety
**Business processes**: Our humanitarian mission comes first — ensuring essential goods are available, supply chains stay open, and quality remains high
**Financial prudence**: Carefully managing costs to maintain liquidity and solvency
 
It’s worth emphasizing: in a crisis, **communication is critical**. Teams must clearly understand what’s happening, what support they can expect, and what the company’s next steps are.
 
Within four months of the full-scale invasion, we had adapted to the new reality and stabilized our operations. Most importantly, **we kept our team together**. When people understand where the company is headed and why, they stop being passive participants — they become creators of the future.

![insights_june_2.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1749198752/insights_june_2_2aad16a6a2.png)

For our company’s leadership, this understanding has always been a top priority. As far back as 2016, all enterprises within the Agroprosperis Group identified a core team of key specialists who became central to our decentralized business management model and a cornerstone of our motivation system. As experience has shown, this approach laid the foundation for our company’s success.
 
When challenging times came — first the pandemic, then the war — our top priority remained the same: safeguarding the health and safety of our employees and teams.

How Do We Balance Swift Decision-Making with Humanity?

**1. The Leader as Conductor: Presence, Example, and Strategic Vision**

A company is like an orchestra where everyone plays an important part. The leader is the conductor who creates harmony. They must grasp the big picture while remaining attuned to the team’s mood and condition. Over the past 125 years — across four generations — humanity has lived through similar events three times. Thus, passing on the crystallized wisdom of previous generations is essential.
Employees’ physical and mental health directly affect a company’s resilience. A leader must remain calm, trust their experience and intuition, and deeply understand human emotions and historical cycles. Crisis management experience becomes crucial — a leader must rely on their accumulated insights and act decisively.
What helps? A personal mission, team trust, a love for people, optimism — and even humor. Setting direction, rhythm, energy, inspiration, and support under all circumstances is the leader’s daily modus operandi.
 
**2. Systematic Communication — Daily Contact and Oversight**

In times of crisis, regular (morning and evening) meetings are essential. They allow leaders to keep a pulse on team morale, monitor task execution, and address concerns in a changing environment. Robust communication systems are a top priority — we take cues from the military. Proficiency in using video conferencing and mobile group chats is a must at all levels. When conditions improve, combining in-person and video meetings is the most effective format.
 
**3. The Vision of Victory and Adaptation**

A leader must swiftly assess how events impact company objectives and quickly adapt strategies and tools to meet goals under any circumstances. Back in 2016, we implemented virtual modeling using mathematical algorithms, allowing each team to choose its optimal path to results. This innovation helped us weather both the pandemic and the war, maintaining pre-war performance levels.
 
**4. Efficiency, Decentralization, and Delegation**

Belief in the creative power of individuals, trust and respect for employees, and clear understanding of tasks and authority to make independent decisions — these are the pillars of company resilience in challenging times.
 
**5. Unified Operating System and Automation**

The world has changed, and IT is now a core production tool. Automation streamlines processes, cuts costs, ensures transparency, and unites the team. Modern technology makes production and communication cheaper, clearer, and more accessible, enabling team cohesion. The performance of individuals and the company as a whole can be viewed from anywhere in the world, at any time.
 
**6. Motivation System**

We live in a material world, yet every person has unique talents meant to be realized and shared with society. It’s crucial that shareholders understand the need to allocate part of the financial results toward staff incentives. We’ve created a unique motivation system that allows key specialists to invest in the company and receive a share of its annual earnings. This system financially rewards all employees.
 
**7. A Healthy Corporate Spirit**

Team development planning is vital in both stable and challenging times — it’s the main investment! Training at all levels and personal self-improvement efforts form the basis for talent development and career planning. Structured experience sharing is a great opportunity to benchmark knowledge and skills. Corporate events energize, develop, and elevate teams to new levels of focus and morale. Celebrating achievements and receiving well-earned recognition turns the company into one big family.
**“Creating our company’s history together!”** — that’s our motto.
 
**8. Innovation and Creativity**

The world is moving forward, and it’s crucial to involve staff in creative processes — to discover and apply their talents in building the new and unprecedented. This fosters intellectual growth, drives synergy, strengthens competitiveness and resilience, and builds a winning team spirit. Organizing, encouraging, and productively directing creativity is one of a leader’s key responsibilities.
 
What Doesn’t Break Us — Makes Us Stronger!

Thanks to the Armed Forces of Ukraine for the opportunity to live and create in Ukraine.
 
We live — and we win!

![insights_june_3.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1749198995/insights_june_3_8414780397.png)

For me as a leader, the greatest challenge during wartime wasn’t just making critical decisions quickly — it was preserving the team’s trust, supporting our people, and staying true to a principle I deeply believe in: **people are a company’s most valuable resource**, and we will not cut corners on that — even in the hardest of times.
 
In the very first hours of the full-scale invasion, we made three core decisions that would define our strategy moving forward:
 
- We would not lay off staff.
- We would continue paying full salaries for as long as possible.
- We would do everything in our power to keep our employees safe.
 
These principles became the foundation of our crisis leadership model. **2022 was a year of hard efficiency**. We directed all resources toward resilience — but **not at the cost of people**. We organized evacuations for employees and their families, and reimbursed expenses for those who lost their homes. This laid the groundwork for trust — something we still see today: according to our eNPS survey, **88% of colleagues feel the company genuinely cares about them**.
 
The war changed all of us. We became more anxious, more fatigued. And yet, for many, work became a stabilizing force. The sense of purpose, the structure of the day, the team nearby — all of this helped people stay grounded and adapt to a new reality. We did everything we could to preserve that anchor: we introduced flexible schedules, equipped offices with generators and shelters, and continue to invest in the safety and well-being of our people.
 
One of the biggest challenges we faced was **how to ensure people’s safety while keeping our network running reliably**. In the early days, the situation changed by the hour. We made what seemed like a risky decision at the time: **we decentralized decision-making and gave local teams the authority to act**. For a large infrastructure company, this wasn’t easy. But we clearly defined our framework:
 
- Employee safety
- Network continuity
- Support for the country
 
If a decision aligned with these three criteria — it was the right one. This flexibility allowed us to respond effectively where centralized instructions simply couldn’t keep up.
 
Let me share an especially moving story from Mariupol: one of our engineers, risking his life, kept refueling generators so that even a single mobile connection point would remain operational in the city. When the final base station was destroyed, he gave the remaining fuel to engineers from another operator — just so that **people in Mariupol could stay connected with their loved ones a little longer**. This wasn’t just heroism — it was responsibility and humanity, born from a company culture that treats people with genuine care.
 
Our goal has never been just to **retain the team**, but to actively support it. In 2023, we organized a series of sessions with social psychologists and trained managers to handle sensitive conversations, particularly as veterans began returning to work. We understand that post-service reintegration is a journey that requires time, empathy, and thoughtful communication.
 
One of our proudest achievements is our **new underground contact center in Dnipro**. Previously, during air raid alerts, staff had to run up and down floors multiple times a day — a stressful and disruptive experience for both employees and customers. In just five months, we implemented a solution that allows operators to **stay safe in shelter while continuing to work uninterrupted**. It’s a real-life example of balancing **safety and efficiency**.
 
We haven’t shut down our well-being programs. We haven’t cut insurance benefits. On the contrary — we regularly review salaries, pay out bonuses, resume in-person events and training programs, and reactivated internal communities. In times of uncertainty, **stability and the opportunity to grow** are the best investments in human capital.
 
Leadership during wartime means being present — **even when you’re afraid yourself**. It’s about making difficult decisions while remaining deeply human.
 
Today, I can say with confidence: **preserving people isn’t just a moral decision — it’s a strategic one**. Because a business that hasn’t lost its soul won’t lose its future either.

[Research](https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/people-and-organizational-performance-in-crisis) shows that companies prioritizing employee support and cultivating trust achieve 25% higher productivity and 30% lower turnover during times of crisis.
 
Yes, crises always intensify leadership challenges — but they also unlock new opportunities.
 
According to [McKinsey](https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/the-art-of-21st-century-leadership-from-succession-planning-to-building-a-leadership-factory), only one in four companies believes its leadership model is prepared for future challenges. At the same time, over 60% of businesses report a sharp decline in employee trust and engagement — a clear sign that traditional approaches are no longer effective. The war in Ukraine, combined with global trends such as automation and economic instability, has underscored a powerful truth: effective leadership is no longer possible without a deep focus on the human factor.
 
The experiences of Olena Vdovychenko, Mariya Osyka, and Olha Ustinova are not polished success stories — they are real accounts of leading through constant stress, loss, and uncertainty. Their strategies show that even in the most difficult circumstances, it is possible to preserve your team, rebuild trust, and chart a course toward sustainable growth. This requires a unique blend of clear strategy, flexibility, open communication, and genuine humanity.
 
For the 21st-century leader — whether operating on a global or local scale — the goal is not to avoid change, but to stand beside your team in the darkest times, holding on to your faith in people and the future.
 
Resilience isn’t a single formula — it’s a daily mix of decisions, values, and actions. It’s about a vision that looks beyond quarterly reports. About the ability to be present. And the belief that preserving dignity in the hardest times is the strongest foundation for rebuilding.
 
Because a business that doesn’t lose its people — doesn’t lose itself.

![1920х1080_Insights prepared by WoBua Members.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1743516106/1920h1080_Insights_prepared_by_Wo_Bua_Members_e86a67413b.png)

Травень 2025

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**Leading Through War: From Emergency Response to Sustainable Resilience**

As the war in Ukraine stretches into its fourth year, business leaders are learning to adapt not only their operations — but their mindsets. In this month’s edition, we hear from four members of supervisory boards across banking, healthcare, and industry about leading with empathy, navigating crises with agility, and building cultures of trust in extraordinary times.

Each brings a unique lens shaped by their sector, experience, and leadership style.

- **Julia Pashko** serves on the supervisory board of Oschadbank. She has overseen significant reforms in public finance and state-owned enterprises and now focuses on building resilient teams and systems inside one of Ukraine’s largest state-owned banks.
- **Olga Tomash** is a supervisory board member at Raiffeisen Bank Ukraine, and Ipak Yuli Bank (Uzbekistan), and an independent consultant. Formerly on the board of PrivatBank, she offers a first-hand view of banking leadership through the earliest and most chaotic days of full-scale war.
- **Victoria Smarodina** is a board member at JSC Farmak, Ukraine’s leading pharmaceutical manufacturer. Her perspective centers on business transformation, workforce strategy, and long-term adaptation in a high-skill, high-pressure industry.
- **Natalie Polischuk** brings deep experience in both energy and healthcare governance, currently serving on the boards of Dobrobut and former Board member of Ferrexpo. Her approach is grounded in values-based leadership and crisis planning in sectors directly affected by war.

Their stories offer a window into what leadership looks like when the stakes are existential— and why trust, empathy, and clarity have become the new cornerstones of effective boards.

**Leadership in Crisis: The First Response**

**Olga Tomash**

_Supervisory Board Member, Raiffeisen Bank Ukraine, Ipak Yuli Bank Uzbekistan; Independent Consultant; WoBua Member_

**Leadership in time of war**

Nothing could have prepared us for what faced in the first days after February 24th. No business continuity plan accounted for what was to come. Leaders had to improvise.
At PrivatBank, where I was a member of the SB in 2022, the leadership’s priority was the safety of staff, followed by ensuring service availability. The Executive Team rose to the unexpected challenges of those first days, focusing on maintaining services, on evacuating employees and organizing  backup offices. A 24/7 coordination hub was established almost immediately. Unfortunately, not everyone rose to the moment but fled the country without notice. Luckily, there were leaders who stood up.

Communication could have been better. But the Regional directors and the Network management played a crucial role— their leadership and personal example inspired confidence across the network.

Remote work processes, developed during the lockdown, became the foundation for crisis response. Employees worked from laptops in cars heading west, in evacuation trains from Dnipro to Lviv, in shelters. The entire country worked similarly.
An important early decision was providing financial support and stability for staff. The Board and Supervisory Board decided to increase advance payments for all staff and in the first months continued paying variable (bonus) compensation regardless of performance.

**Stabilization of Operations**

PrivatBank managed to move all its services to the cloud environment in record time. This was made possible by rapid changes in banking regulations, which the NBU managed to implement in consultations with bank leaders. Fast decisions at various levels were essential to enable new processes and risk management tools.
One of the toughest crisis decisions was how to handle employees who had temporarily left the country. How do you ask people to return when some no longer have homes or schools for their children? How to assess employee performance? How do you even set goals under such conditions? The HR team faced an incredibly complex task — both ethically and operationally. Striking a balance between difficult crisis decisions and retaining people was perhaps the most draining challenge of 2022.

**Unique Displays**

What moved me most personally was the story of PrivatBank’s branch in occupied Kherson. From the bank’s perspective, how could we allow employees to work under occupation? Who would dare take responsibility for such a decision? And yet, there were heroes — employees who insisted on showing up, the branch manager, the regional director, the head of the Network, and the Board member responsible for the network. They all believed that keeping the branch open was the right thing to do. The social impact is hard to overestimate. No one could have forced the Kherson employees to work, or regional director to send them to work. It was only through trust and close communication at every level that this was possible. And it worked – _for 132 days._

In summary, **the critical skills and qualities for leaders during the first year of the full-scale invasion were:**

- A deep sense of ownership, responsibility and care for people — both staff and customers;
- The ability to work as a team, coordinate efforts, and make decisions quickly;
- Clear and timely communication;
- A readiness to trust people on the ground and delegate wherever possible.
  
**Leadership on the Fourth Year of War**

By 2025, the war is no longer a crisis but business as usual. Business continuity and recovery plans have been rewritten and tested a hundred times in real life. Banks are opening underground branches to protect their employees and customers in the most dangerous cities. 

_What will we consider a crisis in the future?_

**Human Capital: Protecting People and Purpose**

**Julia Pashko**

_Supervisory Board Member, JSC Oschadbank_

War has redefined what it means to care for employees. In a climate of constant danger, grief, and disruption, mental health and human connection are just as important as financial security.

At Oschadbank, we built our human capital strategy around **three priorities:**

**1. Security and Stability**

We ensured competitive salaries, additional compensation for frontline work, and emergency material support. Shelters were installed in branches, and hybrid work formats offered flexibility and safety. We supported evacuations and temporary housing.

**2. Health and Mental Well-Being**

Voluntary health insurance became standard. First aid training was offered regularly. And we made mental health a core part of our strategy — offering staff psychologists, group sessions, surveys, and self-help tools.

**3. Growth and Belonging**

We didn’t stop developing people. Talent programs, internal trainings, and leadership development continued. We launched a “School of Inclusion” to equip employees with the tools to work with people with disabilities.

We supported mobilized employees and veterans — financially, emotionally, and professionally. We honored fallen colleagues with a Memory Alley and a digital Book of Remembrance. And we deepened internal community through the OschadFamily initiative: from charity marathons to employee-led fundraising for medical supplies and civilian support.

Clear internal communication — through broadcasts, town halls, and a central digital hub — kept people informed and emotionally anchored.

**_Our biggest insight?_**

When the world is falling apart, belonging becomes a survival strategy. People don’t just want a job — they need purpose, stability, and connection.

**In Crisis, People-Centered Leadership Matters the Most**

**Victoria Smarodina**

_Supervisory Board Member, JSC Farmak_

Supporting people during wartime means walking a fine line. You need to make hard decisions quickly — but without sacrificing fairness or trust. The context is unforgiving: decisions must be made faster, under greater pressure, and with fewer resources. And yet, it is precisely in these moments that leadership is most visible — and most consequential.

In the pharmaceutical sector, where the stakes are often measured in lives and trust is the currency we trade in, the challenges of war cut deeper. Supply chains are disrupted, infrastructure is at risk, and people — our most valuable asset — are under immense psychological, physical, and emotional strain.

From this front line, I’ve learned that three leadership principles are not just helpful — they are essential.

**Some of my lessons are:**

**- Pay fairly — or lose talent.**

During wartime, the labor market becomes even more fragile. Skilled professionals may be displaced, drafted, or emotionally overwhelmed. Talented individuals — the ones who hold critical knowledge and experience — are suddenly faced with impossible trade-offs: safety versus duty, family versus work, survival versus purpose.
In such an environment, compensation must rise to meet not just market shifts but human realities. This isn’t about offering bonuses to boost morale — it’s about preserving dignity and retaining capability. If pay doesn’t reflect the new level of risk, responsibility, and effort, people will leave. Not because they want to — but because they have to.

Fair pay is also a statement of values. It says: We see you. We stand with you. We want you to stay. 

That matters more than ever.

**- Communicate transparently.**

People don’t expect perfection — they expect honesty. They want to understand not just what is happening, but why, how long, and what it means for them.
This means over-communicating, not under-communicating. It means creating space for feedback, questions, and even criticism — and responding to it without defensiveness. It means being visible, vulnerable, and clear.

Leaders who choose silence or spin in a crisis may protect themselves in the short term — but they will lose the hearts of their people in the long run.

**- Prepare people for what’s next.**

It’s easy to adopt a survival mindset during war. To focus only on today, the next shipment, the next quarter, the next emergency. But this mindset, while understandable, is dangerous if it becomes permanent.

Because even during war, the world keeps changing. AI is transforming how we work. Automation is redefining entire roles. The skills we needed five years ago are no longer enough — and the skills we’ll need five years from now are evolving faster than ever.
Investing in people’s growth during wartime may feel counterintuitive — but it is, in fact, the most future-proofing action we can take.  

Send a message to employees: _You have a future here. We are building it with you._

***

To those of us making decisions in these conditions — in boardrooms, on factory floors, in labs and logistics hubs — the task is clear: act quickly, but never at the expense of people. Lead decisively, but not without compassion. Think long-term, even when the present feels overwhelming.

Because one day, this war will end. And the organizations that will thrive afterward are not just the ones that endured — but the ones that never stopped believing in their people.

**Values and Resilience: Year Four and Beyond**

**Natalie Polischuk**

_Supervisory Board Member, Dobrobut_

When crisis strikes, values become more than statements on a wall — they guide every decision, large and small. In the chaos of war, they provide clarity, focus, and a shared language between leaders and teams.

At Ferrexpo Plc, a London-listed mining company with operations in central Ukraine, the Board’s response from the earliest hours of the full-scale invasion was shaped by a single, unshakable priority: the safety and well-being of our people and the communities we serve. This wasn’t about reputation or risk — it was about responsibility. Evacuations were organized. Salaries continued. Support systems were activated. The decisions were swift because the values were already in place.

At Dobrobut, one of the leading private healthcare networks in Ukraine, the mission — saving lives — left no room for ambiguity. Safety protocols were immediately implemented. Frontline staff received round-the-clock support. Medical services continued even under the threat of missile attacks. It was never a question of whether to stay open, but how to do it safely and sustainably. The guiding value of human life gave every decision a clear direction.

One lesson became particularly clear: _trust begins with transparency._ In both organizations, we prioritized open, honest communication — internally and externally. Even when answers were incomplete or conditions rapidly evolving, people needed to understand the why behind our actions. That clarity built resilience. Teams stayed engaged, morale held, and difficult decisions — when grounded in values and communicated with empathy — became not just understandable, but shared.

Now, as we enter the fourth year of full-scale war, we face a new challenge: sustaining that resilience over time. Crisis is no longer temporary — it is the backdrop against which we operate. And yet, the answer remains the same. Values are not a luxury in peacetime; they are the core of effective leadership in times of profound uncertainty.

**Final Thoughts**

What we see across these narratives is that true leadership is deeply human. It is about empathy, trust, adaptability, and courage. It’s about knowing when to act fast — and when to simply listen. It’s about standing your ground not with bravado, but with integrity. And in the most uncertain of times, it’s about building a future worth staying for.

As Ukraine enters the fourth year of full-scale war, the question is no longer, _“How do we survive?”_ It is, _“How do we lead in a world forever changed — and help shape what comes next?”_

The answers won’t be found in manuals. They’ll come from each other — from communities like this one, where experience is shared, vulnerability is met with support, and leadership is constantly redefined.

Let this be a space where we continue to learn, reflect, and lead — not only through crisis, but toward **recovery**, **renewal**, and **impact**.

Жінки в лідерстві: Спільне бачення змін для Європи та Туреччини

Спільне бачення змін для Європи та Туреччини

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 Women on Boards: A Shared Vision for Inclusive Leadership Across Europe and Türkiye

Vision for Inclusive Leadership Across Europe and Türkiye

What an inspiring conversation to be part of! 

Huge thanks to **Yönetim Kurulunda Kadın Derneği - Women on Boards Türkiye** for inviting us to the **panel “Women on Boards: Shaping Change Across Europe.”** It was a powerful cross-border dialogue on leadership, inclusion, and the future of boardrooms across Europe and Türkiye.

Special gratitude to _**Hedwige Nuyens**_, Chairwoman of European Women on Boards, for her candid insights on visibility, resilience, and stepping into leadership. 💬

Key takeaways:

- Visibility matters — not just hard work.
- Your life, work, and leadership grow together.
- Are you ready to move where decisions are made?

Thanks to _**Özlem Cinemre**_ for the thoughtful, high-energy moderation.

This wasn’t just a panel — it was a call to lead, together.
Let’s carry it forward. 


**Gender Diversity on Supervisory Boards: Research Results**

In collaboration with the NGO "Women on Boards Ukraine," Deloitte Ukraine presented the results of a research on gender diversity and inclusion in the supervisory boards of Ukrainian companies and institutions. The research focuses on the importance of gender diversity as one of the key components of effective governance.

In light of the shortage of qualified personnel—particularly at the executive level—in the labor market, the urgency to attract talent with diverse backgrounds and experiences is growing. Ukrainian society needs to become more open to diversity and actively foster inclusion. Although women represent a vital part of human capital, their creativity, intellect, and leadership potential remain largely underutilized.

The research aims to raise awareness among business leaders and public officials about the role of women on supervisory boards as key contributors to economic progress, and to encourage positive changes in their representation and active participation in corporate governance.

The research involved 66 members of supervisory boards—both local and international—representing 54 unique Ukrainian private and state-owned companies, NGOs, and public institutions. Both qualitative and quantitative methods were used to prepare the report, including a digital survey and interviews.

**What Role Does Gender Diversity Play on Supervisory Boards?**

The vast majority of respondents—95% of women and 92% of men—believe that gender diversity has a positive impact on the effectiveness of supervisory boards. This aligns with global trends: diverse leadership bodies tend to make more balanced decisions, foster innovation, and help minimize risks.

Nevertheless, women remain underrepresented at the strategic leadership level. Of 316 supervisory board positions across 54 surveyed organizations, 96 are held by women. While 87% of companies have at least one woman on their supervisory board—indicating positive, though still limited, progress—this remains insufficient to achieve meaningful gender balance. Almost half of the organizations represented in the survey are the companies with 1000 or more employees. These are largely representatives of the banking sector, state-owned enterprises. These organizations tend to show greater interest in DEI, largely due to their active collaboration with international partners in recent years, who have increasingly prioritized this matter. Despite being underrepresented, women report feeling like equal participants in board work. Both men and women recognize that women make a significant and positive contribution to board performance.

**Workplace Discrimination: How Serious Is the Problem?**

Despite a strong sense of belonging, 86% of women and 70% of men reported either witnessing or personally experiencing workplace discrimination. However, most are reluctant to openly acknowledge this issue.

The common manifestations of discrimination include:

- Gender pay gap
- Scheduling work meetings outside of working hours
- Verbal abuse and sexist jokes
- Accusations of excessive emotionality or devaluation of emotions
- Demonstration of gender bias and decision-making based on it

These issues pose a direct threat to business: 32% of women confidently stated they would leave a company if they experienced discrimination. This creates a significant risk for organizations that fail to address or prevent such issues. 

“Diversity in corporate leadership is a crucial driver in business development and the country's economic recovery. 

We begin our analysis with researching inclusivity issues regarding women's leadership as the most visible but still underrepresented group in the workforce. We are already noticing that Ukrainian businesses are not paying sufficient attention to the issue of inclusiveness. Thus, the results of our study are significant for understanding the readiness to involve diverse groups of employees in the workforce — a crucial factor for Ukraine's recovery.

Increasing diversity in leadership not only improves organizational performance but also fosters a more equitable and inclusive environment for all employees. Team diversity is more than a matter of social responsibility—it is a strategic advantage that enables more informed, balanced, and effective decision-making,” – Olena Boichenko, Partner at Deloitte Ukraine.

**Are Companies Doing Enough to Combat Discrimination?**

Despite widespread support for gender equality, most companies lack a systemic approach to tackling discrimination. Instead, they tend to implement isolated initiatives. For example, 56% of companies have introduced remote or hybrid work models to support flexibility, and 38% offer training on Diversity, Equity, and Inclusion (DEI).

However, critical mechanisms remain weak or entirely absent. Only 24% of companies have established clear anti-discrimination policies, 29% collect data on gender representation, and just 15% evaluate gender pay gaps.

The most pressing issue remains the lack of effective sanctions for discriminatory behavior—many companies simply overlook the problem.

“Inclusive leadership is no longer just a trend—it’s a vital factor that determines a company's success and resilience in today's business environment. Appointing women to strategic leadership roles brings diverse talents from different sectors and fosters a rich environment for making thoughtful, well-rounded decisions. When leadership teams combine different perspectives and experiences, organizations become more adaptable to rapidly changing market conditions, reduce risks related to biased decisions, and become more innovation-ready. This enables companies not only to remain resilient during global changes but also to actively contribute to long-term economic growth and development,”– Olena Malynska, Co-founder of Women on Boards Ukraine.

**Diverse Leadership as a Strategic Focus**

Despite the challenges, there are signs of progress: 54% of women and 65% of men believe that DEI (Diversity, Equity, and Inclusion) issues in Ukraine have advanced over the past three years.

Still, for these changes to become systemic, companies must move beyond one-off efforts and adopt comprehensive, long-term approaches. This includes implementing clear policies, conducting training, collecting and analyzing data, and creating responsive mechanisms to address discrimination.

Only then can a truly inclusive environment be built—one where everyone has equal opportunities for professional growth.

Increasing gender equality on supervisory boards is not just a matter of social justice; it is the cornerstone of sustainable development, innovation, and the long-term competitiveness of Ukrainian companies. In the context of the country's recovery, inclusive corporate governance is no longer optional—it is essential.

[Review the research](https://drive.google.com/file/d/1GSLPAWj6IB2BFHdlUiUknfuw6bDXdvV7/view?usp=sharing)











**Гендерна різноманітність у наглядових радах — результати дослідження**

Deloitte Ukraine спільно з ГО Women on Boards Ukraine презентували результати дослідження гендерної різноманітності та інклюзивності у наглядових радах українських компаній та установ. Дослідження фокусується на важливості гендерної різноманітності як одного з факторів ефективного управління.

Враховуючи дефіцит кваліфікованого персоналу на ринку праці, зокрема на керівному рівні, залучення талановитих фахівців із різноманітним досвідом та професійним бекграундом стає дедалі актуальнішим. Українське суспільство потребує більшої відкритості до різноманіття та інклюзивності. Потенціал жінок як невід’ємної складової людського капіталу, їхні творчі, інтелектуальні та лідерські здібності залишаються значною мірою нереалізованими.

Метою дослідження є підвищення обізнаності бізнес-лідерів та посадовців щодо ролі жінок у наглядових радах як чинника економічного розвитку, а також сприяння позитивним змінам у представленості та залученості жінок до корпоративного управління.

У дослідженні взяли участь 66 членів та членкинь наглядових рад, як локальних, так і іноземних, які представляють 54 унікальні українські приватні та державні компанії, громадські організації й державні установи. Для підготовки звіту використовувалися якісні й кількісні методи збору даних: цифрове опитування та інтерв’ю.

**Яку роль відіграє гендерна різноманітність у наглядових радах?**

Переважна більшість опитаних — 95% жінок і 92% чоловіків — вважають, що гендерна різноманітність позитивно впливає на ефективність роботи наглядових рад. Це підтверджує світову тенденцію: різноманітні за складом управлінські органи ухвалюють більш зважені рішення, сприяють інноваціям і допомагають мінімізувати ризики.
Попри це жінки досі недостатньо представлені на рівні стратегічного керівництва. Серед 316 місць наглядових рад у 54-х опитаних нами організаціях, 96 обіймають жінки. При цьому 87% компаній уже мають хоча б одну жінку в наглядовій раді, що свідчить про позитивну динаміку, хоча й недостатню для досягнення належної гендерної збалансованості. Майже половина організацій, представлених у дослідженні,— компанії з 1000 і більше співробітників. Це значною мірою представники банківського сектору, державних підприємств. Ці організації, як правило, виявляють більший інтерес до теми інклюзивності та різноманіття, зокрема завдяки активній співпраці з міжнародними партнерами в останні роки, які приділяють цьому питанню значну увагу. 

Попри недостатню представленість, жінки почуваються рівноправними учасницями роботи наглядових рад. І чоловіки, і жінки визнають, що внесок жінок у роботу рад є значним і позитивним.

**Дискримінація на робочому місці: наскільки серйозною є проблема?**

Незважаючи на високе відчуття приналежності, 86% жінок і 70% чоловіків були свідками чи особисто стикались із проявами дискримінації на робочому місці. Водночас більшість із них не готові прямо визнавати цей досвід.

До поширених проявів дискримінації належать:

- гендерний розрив в оплаті праці; 
- призначення робочих зустрічей поза робочими годинами;
- вербальні образи та сексистські жарти
- звинувачення в надмірній емоційності або знецінення емоцій
- демонстрація гендерних упереджень та прийняття рішень на їх основі

Ці тенденції мають пряму загрозу для бізнесу: 32% жінок упевнено заявляють, що готові звільнитися з компанії, якщо стикатимуться з дискримінацією. Це створює значний ризик для організацій, які не вирішують цю проблему та не запобігають її проявам.

«Різноманіття у корпоративному лідерстві є важливим чинником для розвитку бізнесу та відновлення економіки країни. 

Ми починаємо наш аналіз з вивчення питань інклюзивності щодо жіночого лідерства як найбільш видимої групи робочої сили, що залишається недостатньо представленою. І вже зараз ми спостерігаємо, що питанню інклюзивності не приділяється належної уваги в українських бізнесах. Відповідно, висновки нашого дослідження є важливими з точки зору готовності залучати різні категорії працівників до робочої сили, що є необхідною умовою для відновлення України. 

Збільшення різноманіття на керівних посадах не лише сприяє кращим результатам у роботі організацій, а й допомагає створити більш рівноправне та інклюзивне середовище для усіх співробітників. Різноманітність у команді — це не лише соціальна відповідальність, а й стратегічна перевага, яка дозволяє приймати більш обґрунтовані та ефективні рішення"

**Чи достатньо компанії роблять для протидії дискримінації?**

Хоча більшість компаній декларують підтримку рівності, системні механізми запобігання та реагування на дискримінацію у них переважно відсутні. Здебільшого організації впроваджують окремі ініціативи, наприклад 56% компаній пропонують дистанційний або гібридний формат роботи, що сприяє гнучкості, а 38% проводять тренінги з різноманіття, рівності та інклюзивності (DEI).

А втім, критично важливі механізми залишаються слабкими або взагалі відсутні в компаніях. Лише 24% компаній мають чіткі політики щодо реагування на випадки дискримінації, 29% збирають аналітику щодо гендерної представленості, а 15% оцінюють гендерний розрив в оплаті праці.

Найбільшою проблемою залишається відсутність дієвих санкцій за дискримінацію — у більшості випадків компанії просто ігнорують проблему.

«Інклюзивне керівництво сьогодні є не просто трендом, а важливим фактором, що визначає успіх і стійкість компаній у сучасному бізнес-середовищі. Збільшення представленості жінок у стратегічних ролях на керівних посадах не тільки сприяє залученню талантів з різних сфер, але й створює багатогранне середовище для прийняття більш обґрунтованих і зважених рішень. Коли в управлінських командах поєднуються різні погляди і досвід, організації стають більш адаптивними до швидко мінливих умов ринку, знижують ризики, пов’язані з однобокістю в прийнятті рішень, і стають більш готовими до інновацій, які визначають їхню конкурентоспроможність. Це дозволяє компаніям не лише зберігати свою стійкість в умовах глобальних змін, а й активно сприяти економічному зростанню та розвитку у довгостроковій перспективі», - Олена Малинська, співзасновниця Women on Boards Ukraine.

**Різноманітність лідерства як стратегічний фокус**

Попри всі виклики, є позитивні зрушення: 54% жінок і 65% чоловіків вважають, що за останні три роки спостерігається значний прогрес у питаннях DEI (різноманіття, рівності та інклюзивності) в Україні.

Однак, щоб ці зрушення стали системними, необхідно перейти від точкових ініціатив до комплексної трансформації підходів. Компаніям варто впроваджувати чіткі політики, проводити навчання, аналізувати дані та запроваджувати механізми реагування на дискримінацію. Лише у такий спосіб можливо побудувати справді інклюзивне середовище, де кожен і кожна мають рівні можливості для професійного зростання.
Посилення гендерної рівності в наглядових радах — це не лише питання соціальної справедливості, а й фундамент для довгострокового та сталого розвитку, інновацій і конкурентоспроможності українських компаній. У контексті відбудови країни інклюзивне корпоративне управління стає не опцією, а необхідністю.

[Ознайомитись з дослідженням](https://drive.google.com/file/d/1kXhLFTODjr5prBxE80rk8QhwfqBG2gAP/view?usp=sharing)








Гендерна різноманітність у наглядових радах — результати дослідження

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Gender Diversity on Supervisory Boards: Research Results

Gender Diversity on Supervisory Boards

Українські жінки — рушійна сила економічного відновлення: про що говорили на EU-UA Business Summit

Про що говорили на EU-UA Business Summit

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Ukrainian Women at the Heart of Economic Recovery: EU-UA Business Summit Highlights

EU-UA Business Summit Highlights

Two days (April 10-11) of the **EU-UA Business Summit**, hosted by the European Commission, were a powerful moment of unity, strategy, and vision. European industry leaders joined this vital dialogue, helping shape a future of shared prosperity and partnership between EU and Ukrainian businesses.

In alignment with our mission, it was encouraging to hear a consistent message — from government officials to corporate changemakers: Ukraine’s path to EU integration must include and elevate the voices of women. And it’s not just about equality — it’s about unlocking strategic advantages through inclusion and innovation.

As part of this important gathering, we were also honored to host a private dinner for the Women on Boards Ukraine community — a heartfelt evening of connection, reflection, and solidarity.

One attendee captured the spirit best:_ “It felt so warm and safe — no competition, only support and meaningful conversations.”_

We extend our gratitude to everyone who contributed, especially our Ukrainian and EU partners who continue to stand with Ukraine — not just in words, but in action.

Квітень 2025

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April 2025

**The Future Belongs To Those Who Dare To Be Seen**

In many industries, women are still expected to prove themselves over and over again. They deliver results, work tirelessly, and yet often remain unseen when it comes to leadership opportunities. But what if the key to career success isn’t just hard work — it’s visibility?

Personal branding isn’t just for influencers or executives. It’s a powerful tool that allows women to showcase their expertise, establish authority, and open doors that might otherwise remain closed. By stepping into the spotlight, sharing their achievements, and strategically building connections, women can redefine success on their own terms.

To explore this crucial topic, we’ve gathered insights from three amazing leaders.

Together, they share their perspectives on how women can harness personal branding to gain recognition, influence, and opportunities.

![insight_april_1.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1743513028/insight_april_1_4d29c49cc3.png)

![insight_april4_2.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1743513785/insight_april4_2_8c9c4dfea7.png)

When it comes to building a personal brand in professional life, I believe the best approach is to “walk the talk.” In other words, start by communicating your key actions and explaining the value and impact behind them. This approach positions you as a confident professional - someone who is transparent and unafraid to be seen and heard. It's important to remember that a personal brand is a tool for showcasing what you are truly passionate about. You can't build it without a genuine interest in what you do; otherwise, it becomes nothing more than a fancy wrapping with no real essence.

As for establishing authority, it begins with expertise and a solid professional reputation. Authority is built on consistent, high-quality work and deep industry knowledge. Skills and expertise form the foundation of trust, and with trust comes responsibility and respect. A strong personal brand, in turn, helps you gain social capital - opening doors and creating new opportunities.


I consider myself lucky. In consulting, I never felt like I had to “fight for my place” just because I’m a woman. But I know that for many, the path has been very different. In corporate finance, international business, and investment, women have often had to prove their expertise ten times more than men.
Part of this comes down to industry norms. In Ukraine, consulting isn’t seen as a strictly male-dominated field. But in many Western countries, business culture remains far more closed. If we want to change that, women can’t just adapt to the system — **they need to set their own rules.**

Building a personal brand requires a multifaceted approach. Women should actively seek challenging assignments that stretch their capabilities, thereby accumulating “experience capital” — the practical knowledge and skills gained through on-the-job experiences. Engaging in thought leadership activities, such as public speaking engagements, publishing articles, and participating in industry panels, enhances visibility and credibility. Authenticity is paramount; aligning one’s personal values with professional endeavors fosters trust and reinforces authority. In the context of Ukraine, initiatives promoting women’s leadership and entrepreneurship are gaining momentum, providing platforms for women to showcase their expertise and contribute to economic development.


![insight_april4_3.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1743514026/insight_april4_3_ea209de0d3.png)

- **The ability to think strategically.** Early in your career, it’s easy to get caught up in operational tasks, leaving little time or energy to think about the bigger picture. However, it’s crucial to always have a higher goal - a strategic vision - and understand how your daily work contributes to moving forward.
- **The ability to pivot.** Sometimes, we cling too tightly to a predefined plan, even when it no longer serves us. But the ability to adapt - turning the tables when necessary - can help you grow faster and more effectively. Speaking from experience, I was a successful lawyer, but when the full-scale war started, I realized I could apply my legal expertise and experience in civil service, just when my country needed me the most. I made a pivot into something entirely new, and so far, it has proven to be the right decision.
- **Being a people person.** No matter where you work, you work with people. Building strong relationships - with colleagues, managers, and business partners - lays the foundation for career growth. When there’s trust and mutual respect, you’re more likely to be heard when presenting ideas and recognized for your contributions. In the end, career success is often not just about what you know but also about the relationships you build along the way.


Competence is essential, but expertise alone isn’t enough — you need to showcase it.
Many women wait until they feel “100% ready” before putting themselves out there, while men often take action immediately. But confidence isn’t something you wait for — it’s something you build through action.
Here’s how to establish your presence:
- **Be visible.** Write articles, speak at events, and share your experiences—even if you don’t feel like an expert yet. 
- **Position yourself as a thought leader.** Share insights, offer solutions, and engage in meaningful conversations within your industry.
- **Leverage social media.** A strong online presence can help amplify your voice and attract opportunities.
_Visibility builds credibility._

Career advancement is a result of strategic actions and continuous personal development. Consider these strategies for growth:
- **Build a strong network:** Cultivate relationships with mentors who offer guidance and sponsors who open doors to new opportunities.
- **Embrace lifelong learning:** Continuously acquire new skills and stay updated on industry trends to remain competitive.
- **Master organizational dynamics:** Understand and navigate workplace politics to position yourself for success.
- **Be resilient:** In Ukraine, women have demonstrated remarkable resilience, stepping into leadership roles in sectors like the military and creative industries, driving innovation and societal progress.


![insight_april4_4.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1743515282/insight_april4_4_70ac7f4142.png)

- ****Resilience.**** Leadership comes with challenges, and setbacks are inevitable. The ability to bounce back, keep a clear head, and move forward despite difficulties is what sets strong leaders apart. Women in leadership often face additional scrutiny, so resilience is key to staying focused and confident.
- ****Ability to see potential in others.**** One of the pillars of being a successful leader is knowing how to delegate responsibilities. This not only frees up time for more strategic work but also empowers the people around you, giving them a sense of ownership and room to grow. When you recognize the potential in your team, you create a strong, motivated group that works with you - not just for you.
- **Decisiveness.** Making decisions is one of the biggest leverages but also burdens that come with leadership. A leader who hesitates too much risks losing momentum. It’s not about always being right but about taking responsibility, making informed choices, and standing by them. The ability to act with confidence - even in uncertainty - is what keeps things moving forward.

Women in leadership often face a double standard: if they’re assertive, they’re labeled “too aggressive”; if they’re diplomatic, they’re seen as “too soft.”
True leadership isn’t about meeting others’ expectations — it’s about leading on your own terms.
Essential leadership skills include:
- **Adaptability.** The ability to pivot and thrive in changing environments is crucial.
- **Decisiveness.** Confidence in decision-making earns respect and trust.
- **Resilience.** Setbacks are inevitable, but persistence is what defines successful leaders.

Successful leadership requires a unique combination of technical proficiency and interpersonal skills. Emotional intelligence is vital —it allows leaders to connect with their teams on a deeper level, creating an environment of trust and collaboration. Equally important is resilience, particularly in the face of obstacles. Leaders who can navigate setbacks with grace and determination are the ones who achieve long-term success. Coupled with strategic thinking and decisive action, these qualities ensure leaders can guide their teams through uncertainty. In Ukraine, initiatives to boost female representation in leadership roles are gaining traction, as the country recognizes that women’s distinct perspectives and problem-solving abilities are critical not only for organizational success but for societal progress as well.

_For too long, women have been expected to prove their worth repeatedly, often excelling behind the scenes without receiving due recognition. But the reality is that success isn’t just about competence — it’s about visibility. Personal branding offers women the opportunity to take control of their narratives, showcase their expertise, and open doors that might otherwise remain closed._

_Building a strong personal brand isn’t about self-promotion for its own sake — it’s about strategically positioning oneself as a leader, a thinker, and a changemaker. Whether through thought leadership, networking, or embracing opportunities for visibility, women can shift the paradigm and redefine leadership on their own terms._

_**The future belongs to those who dare to be seen.** By stepping into the spotlight with confidence, women can claim their space at the table — not by waiting for permission, but by demonstrating their value and making their voices heard._

![1920х1080_Insights prepared by WoBua Members.png](https://res.cloudinary.com/dbptgsulj/image/upload/v1743516106/1920h1080_Insights_prepared_by_Wo_Bua_Members_e86a67413b.png)


This Wednesday’s morning, members of Women on Boards Ukraine gathered for an inspiring breakfast meeting with Canadian Ambassador to Ukraine, Natalka Cmoc, at her residence in Kyiv. The warm and engaging discussion centered on gender diversity in leadership, its challenges in today’s environment, and the invaluable lessons from Canada’s experience.

The conversation sparked a productive exchange on new business opportunities between Ukraine and Canada, reinforcing the power of international collaboration.

A heartfelt thank you to Ambassador Cmoc for her leadership, support, and dedication to gender equity. Meaningful discussions over breakfast can drive real change—and this meeting was proof of that.

Цієї середи вранці учасниці Women on Boards Ukraine зібралися на натхненний сніданок із Послом Канади в Україні Наталкою Цмоць у її резиденції в Києві. У теплій та відвертій атмосфері обговорювали гендерне різноманіття в лідерстві, виклики сучасного світу та цінні уроки з канадського досвіду.

Розмова переросла в продуктивний обмін думками щодо нових можливостей для співпраці між Україною та Канадою, підкреслюючи важливість міжнародного партнерства.

Щиро дякуємо пані Послу Цмоць за її лідерство, підтримку та відданість принципам гендерної рівності. Змістовні дискусії за сніданком можуть надихати на справжні зміни—і ця зустріч стала яскравим тому підтвердженням.

Сніданок із метою: зустріч Women on Boards Ukraine з Послом Канади Наталкою Цмоць

Сніданок із метою: зустріч з Наталкою Цмоць

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Breakfast with Purpose: Women on Boards Ukraine Meets with Canadian Ambassador Natalka Cmoc

Breakfast with Purpose

Driving Investment & Reform in Ukraine: Key Insights from Matteo Patrone

At Women on Boards Ukraine, we had the privilege of hosting Matteo Patrone, Vice President Banking at the EBRD, for an in-depth discussion on Ukraine’s economic resilience, investment landscape, and reform progress.

👉 Key Takeaways:

1️⃣ €6.4 billion invested since the full-scale invasion in February 2022, prioritizing energy, infrastructure, food security, private sector growth, and trade.

2️⃣ Ukraine’s reform momentum continues, with significant progress in banking sector, corporate governance, and European integration.

3️⃣ Human capital in business remains one of the key focus areas, reinforcing inclusive and sustainable economic growth.

4️⃣ EBRD’s investment strategy adapts to global trends, supporting privatization, innovation, and critical industries.

The discussion reaffirmed the importance of strong partnerships in rebuilding Ukraine’s economy and shaping a future of stability and opportunity.
We are grateful to Matteo and all participants for this engaging conversation. 

Together, we are shaping a resilient and prosperous Ukraine! 🇺🇦✨

Інвестиції та реформи в Україні: головні підсумки від Маттео Патроне
Вчора під час онлайн-зустрічі Women on Boards Ukraine мали за честь спілкуватися з Маттео Патроне, віцепрезидентом ЄБРР, про те як змінюється економіка України, що відбувається з інвестиціями та як просуваються реформи.
Кілька ключових думок: 
🔹€6,4 млрд інвестицій від ЄБРР з лютого 2022 року. Гроші спрямовуються на енергетику, інфраструктуру, продовольчу безпеку, підтримку бізнесу та торгівлю.
🔹Реформи тривають, і є реальні зрушення – у банківському секторі, корпоративному управлінні та інтеграції з ЄС.
🔹Людський капітал – ключ до зростання. Бізнес змінюється завдяки професіоналам, і саме люди рухають економіку вперед.
🔹ЄБРР підтримує зміни – приватизацію, інновації та розвиток стратегічних галузей.
Обговорення ще раз підтвердило: майбутнє України залежить від співпраці та партнерства. Дякуємо нашому спікеру та всім учасникам за цікаву дискусію. 
Разом працюємо над відновленням і розвитком України 🇺🇦✨

Онлайн зустріч з Віце-президентом ЄБРР Маттео Патроне

Інвестиції та реформи в Україні: головні підсумки від Маттео Патроне

Exclusive Online Meeting with Vice President EBRD Matteo Patrone

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