The recent passing of Law Number 5593-d in the Ukrainian parliament signifies a noteworthy advancement in corporate governance standards within Ukraine, aligning them with international best practices and fulfilling key recommendations from bodies such as the IMF. Women on Boards Ukraine fully supports this development, recognizing its importance for the country's progression towards EU accession and securing IMF funding.

Under this law, state-owned enterprises will undergo a transformation towards greater transparency. Supervisory boards, predominantly comprised of independent members selected through transparent processes, will gain enhanced authority to combat corruption effectively. These measures aim to ensure that state enterprises operate transparently for the benefit of the public, investors, and international partners.

Key aspects of the law include:

• Empowering supervisory boards to make critical operational decisions and appointments within state-owned enterprises.
• Introducing modern internal control systems encompassing compliance, risk management, and internal audit.
• Establishing clear grounds for the dismissal of board members.

There is no better time for reforms than now, the Ukrainian parliament's support for this law demonstrates a commitment to advancing good governance. Moving forward, it is imperative to sustain this momentum and continue fostering positive reforms.

More information: https://lnkd.in/ejGPc84p