Self-assessment of boards of directors of Ukrainian companies is an essential tool for improving management efficiency. In a rapidly changing market, regular assessments help to identify the strengths and weaknesses of management, facilitating informed decision-making. This tool helps private companies ensure competitiveness and sustainable growth, while state-owned companies can improve transparency and accountability to the public. Self-assessment also contributes to developing a corporate culture that supports innovation and employee engagement. The importance of this process lies in its ability to contribute to the long-term stability and success of companies regardless of their form of ownership.

The Corporate Governance Professional Association (CGPA) considers the issue of improving the procedures for evaluating the work of Boards as a priority area of its activities, which its specialists are engaged in with the support of international partners and domestic private businesses.

Oleksandr Okuniev, Chairman of the CGPA Board of Directors, is working on a Self-Assessment Manual for Boards of Directors, which is being prepared and published under the IFC’s Promoting Investment through Integrated Environmental, Social and Governance Standards in Europe and Central Asia Programme, implemented in partnership with the Swiss State Secretariat for Economic Affairs (SECO). The aim of the Programme is to encourage and assist companies in adopting best corporate governance practices, thereby enhancing their ability to attract sustainable investment.

The manual will cover the procedure for conducting a self-assessment, the methodology, possible report forms, and how to work with the self-assessment results.

On July 6, 2024, as part of the Corporate Director Professional Development Program for Board Members, a presentation and testing of the board self-assessment methodology stated in the draft manual took place. During the presentation and discussion of the issue of assessing the performance of boards of directors, the participants separately discussed the issue of self-assessment, why it is so important, and how it differs from external assessment.