On October 08, 2024, a regular general meeting of members of the Public Union “Corporate Governance Professional Association” (hereinafter – the Association) was held.
Oleksandr Okuniev, Chairman of the Board of Directors, said that in 2023, despite the extremely difficult conditions, the Association continued to work, constantly advise its members, participate in lawmaking and rulemaking processes, and share useful materials in the field of corporate governance and anti-corruption compliance. As of the end of 2023, 188 representatives of Ukrainian companies, including 14 collective members, renewed their membership in the Association.
Key achievements for 2023 – first half of 2024:
The CGPA actively cooperated with government agencies ( NSSMC, SPFU, Ministry of Infrastructure, NAPC and Ministry of Finance ) to improve corporate governance and anti-corruption compliance in Ukrainian companies. CGPA participated in the meetings of the NSSMC committees, took part in the development and discussion of requirements and recommendations for the corporate secretary, and organized an online discussion of these requirements with representatives of issuers. In the summer of 2023 , a Memorandum was signed with the SPFU to reform the selection of heads of state-owned enterprises. For the Ministry of Infrastructure , we conducted anti-corruption compliance training programs for 130 participants and developed an online course for municipal enterprises. Cooperation with the NACP continued, in particular, in discussing anti-corruption programs and developing recommendations for the private sector.
The CGPA started to cooperate with local authorities and municipal enterprises, in particular, with the City Councils of Lviv and Mykolaiv.
CGPA strengthened its partnership with the National Depository of Ukraine (NDU) by signing a Memorandum of Cooperation to improve corporate governance and anti-corruption compliance.
The CGPA took an active part in the discussion of the anti-corruption program of JSC “Ukrzaliznytsia”, most of the Association’s proposals were taken into account. The CGPA received an official gratitude from JSC “Ukrzaliznytsia” for its active participation in the development of the Anti-Corruption Program and contribution to the development of the company’s integrity culture.
TheCGPA received requests for professional opinions from the Ukrainian Defense Industry (formerly Ukroboronprom) and Antonov JSC and provided official responses to them.
TheCGPA continued the National Registry of Corporate Directors project, which was launched in spring 2017. Meetings of the Registry’s Board are held on a regular basis, the Registry’s website and profiles of its members have been updated. During the reporting period, 26 interviews with candidates for the Registry were prepared and conducted, of which 7 were included in the Registry. The CGPA continues to accept applications to the Registry and promote its Registry members, and follows the announcement of competitions for the selection of independent members of Supervisory Boards.
CGPA has intensified international cooperation. In March 2023 , it joined ecoDa, gaining access to European corporate governance practices. With the International Finance Corporation ( IFC ), the CGPA continued to implement joint projects under the IFC program “Promoting Investment through Integrated Environmental, Social and Governance Standards in Europe and Central Asia”, which included webinars, roundtables and the publication of the Practical Guide “Supervisory Board Self-Assessment”. With the support of CIPE, in February-March 2023, the Association held a series of workshops on building trusting relationships with donors. The support of the US Embassy made it possible to publish a translation of the FCPA guide. With funding from the EBRD, the CGPA organized anti-corruption compliance programs for representatives of state-owned enterprises and municipalities. In June 2024, with funding from the EBRD, a pilot program “Corporate Governance and Anti-Corruption Compliance in Municipal Enterprises” was developed and conducted, on the basis of which the online program “Corporate Governance and Anti-Corruption Compliance in Municipal Enterprises” was developed and is being prepared for release . Starting from November 2024, the curriculum in Ukrainian will be freely available on the EBRD platform https://policyacademy.ebrd.com/.
CGPA prepared and published three important publications:
- “Resource Guide to the U.S. Foreign Corrupt Practices Act (FCPA)”, translated with the support of the U.S. Embassy in Ukraine. It provides guidance for Ukrainian companies on how to prevent corruption.
- The second edition of the Anti-Corruption Compliance Handbook, published with the support of CIPE, which provides an overview of the legislation and practical aspects of anti-corruption activities in Ukraine.
- Apractical guide “Supervisory Board Self-Assessment” prepared with the support of IFC, which helps companies assess the work of supervisory boards to improve management processes.
All publications are publicly available on the CGPA website at the link.
The CGPA continued to conduct events and training programs, in particular, six webinars were held, which gathered more than 1000 participants and were dedicated to the work of the corporate secretary, the use of artificial intelligence (AI) in corporate governance, inclusive leadership for business development, self-assessment of the supervisory board and issues of the company’s activities when the owner is at war; two round tables on corporate governance in the public sector and liability insurance of board members; the second meeting of the Corporate Directors Program Alumni and VII Intarnational Corporate Directors Forum.
CGPA together with the Ukrainian Corporate Governance Institute helped the Armed Forces and people affected by the war, in particular, managed to transfer funds to support the Armed Forces and the Children of Heroes charity fund, organize a collection for an evacuation vehicle and electronic warfare equipment, and organize the Corporate Directors Solidarity Fund to support those who, due to the military actions in Ukraine, are unable to finance their own training in the Corporate Director Program.
A detailed Report on the Association’s activities is available here.
Also during the general meeting, the Board of Directors and the Audit Committee of the Association were re-elected.
For the successful continuation of all CGPA activities and the implementation of new strategic initiatives, such as the implementation of best practices in corporate governance, anti-corruption compliance and support for sustainable development, stable financial support is required. In view of this, it was decided to increase the amount of membership fees from January 01, 2025. This decision will ensure the further development of the Association, improve the quality of services for CGPA members and implement new projects that will help strengthen the corporate sector in Ukraine.
Documents for review: