Oleksii Sobolev, First Deputy Minister of Economy of Ukraine, and Oleksandr Okuniev, Chairman of the Board of Directors of the Corporate Governance Professional Association (CGPA), have signed a Memorandum of Interaction and Cooperation. This is the next step in the joint work of the Ministry of Economy and CGPA to improve corporate governance tools in state-owned enterprises and companies in which the state owns 50% or more of the shares. The cooperation is aimed at increasing the efficiency of management and improving transparency in the work of the supervisory boards of state-owned companies.

The Memorandum identifies key areas of joint activity, including:

• Support and training of highly qualified candidates for the positions of members of supervisory boards and corporate secretaries of state-owned companies. The CGPA creates and maintains registers of such candidates, as well as provides opportunities for their professional training and advanced training.
• Providing expert recommendations on corporate governance issues to ensure the efficiency and compliance of supervisory boards with international standards.
• Developing proposals for legislative changes to bring the corporate governance system in line with the standards of the Organization for Economic Cooperation and Development (OECD).

The forms of cooperation include joint events such as conferences, forums, seminars and workshops, as well as information exchange in the identified areas.

“The signing of this Memorandum is an important step in strengthening corporate governance at Ukrainian state-owned enterprises. Working together with the Ministry of Economy will allow us to improve the efficiency of supervisory boards and corporate secretaries, as well as to promote the implementation of international best practices in this sector. We are confident that such cooperation will become the basis for sustainable economic development of the country and improvement of management processes in state-owned enterprises,” said Oleksandr Okuniev.

The Ministry of Economy expressed its gratitude to CGPA for its active support and emphasized the importance of further cooperation to implement the best international corporate governance practices in state-owned enterprises.