State-owned enterprises (SOEs) play a central role in Ukraine’s economy, particularly in strategically important sectors such as energy, transport, infrastructure and logistics. Ensuring that SOEs operate transparently, efficiently and with strong accountability is therefore essential for Ukraine’s economic resilience, reconstruction and long-term competitiveness.
This report updates the 2021 OECD Review of the Corporate Governance of State-Owned Enterprises in Ukraine. It takes stock of reforms adopted since the review, assesses Ukraine’s alignment with the OECD Guidelines on Corporate Governance of State-Owned Enterprises (“SOE Guidelines”) revised in 2024, and identifies remaining gaps and implementation challenges. The update was prepared at the request of the Government of Ukraine, following reforms undertaken since 2021 and in the context of Ukraine’s expression of interest to adhere to the SOE Guidelines, taking into account the exceptional constraints imposed by Russia’s war of aggression and martial law.
Strengthening SOE governance remains a core pillar of Ukraine’s broader reform agenda, including its EU integration objectives, commitments under international financial assistance programmes, and recovery and reconstruction priorities. In this context, the report provides policy recommendations to support the effective implementation of ongoing reforms and further alignment with international best practices. The project was funded by the United States.
The report is based on: (i) information provided by the Ukrainian authorities, including responses to OECD questionnaires and detailed data inputs; (ii) desk research conducted by the OECD Secretariat; (iii) exchanges with relevant Ukrainian public institutions and SOEs during virtual consultations and technical meetings held in 2024-25; and (iv) discussions and input from the OECD Working Party on State Ownership and Privatisation Practices, including the review discussion held in October 2025.
This report was developed by the Capital Markets and Financial Institutions Division of the OECD Directorate for Financial and Enterprise Affairs. It was prepared by Talisa zur Hausen and Oleksandr Lysenko (consultant) under the supervision of Sara Sultan, Head of the State-Owned Enterprise Unit, and Serdar Çelik, Head of Division. Kimmo Viertola and Michal Falenczyk of the OECD, and Dmytro Yablonovskyi provided input.
The project was undertaken with the Ministry of Economy, Environment and Agriculture. Input was provided by other Ukrainian authorities and stakeholders, including the Ministry of Energy, Cabinet of Ministers, National Bank of Ukraine, State Property Fund, and selected SOEs.