Corporate governance

OECD Review of the Corporate Governance of State-Owned Enterprises in Ukraine



Published 11 May 2021

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Launch of the review

24 June 2021 - An online roundtable was opened by the Ukraine Prime Minister Denys Shmyhal and OECD Deputy Secretary-General Masamichi Kono. The findings in the review were presented and discussed by a panel of discussants representing key governmental and non-governmental stakeholders, and international partners with a view to identifying next steps in advancing Ukraine’s reform efforts in line with international standards. This event marked the finalisation of the OECD review of Ukraine’s state-owned enterprise sector relative to the OECD SOE Guidelines, carried out with the support of the Norwegian Ministry of Foreign Affairs.

Key findings - English


Key findings - Ukrainian


Conclusions and recommendations - Ukrainian


 Press release: Ukraine must match words with deeds in SOE corporate governance reforms


Keynote by OECD Deputy Secretary-General Masamichi Kono


Op-ed by Masamichi Kono



About the review

State-owned enterprises occupy a central role in Ukraine's economy, with approximately 3,300 entities operating across key sectors, including energy, transport and infrastructure. In order to promote their efficiency, Ukraine has introduced reforms to improve corporate governance practices, particularly among economically important state-owned enterprises. Despite progress, reform efforts have generally been halting and piecemeal, and in some cases they have even been reversed.


This review evaluates the corporate governance framework of the Ukrainian state-owned enterprise sector relative to the OECD Guidelines on Corporate Governance of State-Owned Enterprises (SOE Guidelines). Building on previous sectoral studies, the review provides an outline of the state-owned enterprise landscape in Ukraine and an assessment of state ownership and corporate governance practices against the SOE Guidelines. It identifies a number of gaps between actual policies and practices and the recommendations laid down in the SOE Guidelines. The review provides immediate as well as more long-term priorities to help improve Ukraine's institutional and legislative frameworks, and governance practices in the state-owned sector to ensure that state-owned enterprises operate efficiently, transparently and in an accountable manner.


The review was undertaken at the request of Ukraine’s Ministry for the Development of Economy, Trade and Agriculture under the authority of the Prime Minister of Ukraine with financial support from the Norwegian Ministry of Foreign Affairs. The work was implemented in the context of the Memorandum of Understanding for Strengthening Co-operation between the OECD and the Government of Ukraine.



See also


State-Owned Enterprise Reform in the Electricity Sector in Ukraine


State-Owned Enterprise Reform in the Hydrocarbons Sector in Ukraine


Supporting energy sector reform in Ukraine



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