Ministry of Economy of Ukraine
The Ministry of Economy is working on regulations to implement the new law on corporate governance: Yuliia Svyrydenko
16.04.2024 | 15:01 | Section for Public and Mass Media RelationsThe Ministry of Economy of Ukraine, in accordance with the provisions of Law on Improving Corporate Governance in Ukraine No. 3587-IX (draft law 5593-d), is developing the State Ownership Policy that will determine the feasibility of a particular enterprise being in state ownership.
This was stated by Yuliia Svyrydenko, First Deputy Prime Minister - Minister of Economy of Ukraine, in a commentary for the LIGA.net special project on the reform of state property management.
“The Ministry of Economy is working on the State Ownership Policy. This is provided for by Law On Amendments to Certain Legislative Acts of Ukraine on Improvement of Corporate Governance. For the first time, this document will officially give an answer to the question: why does the state need certain companies, how can it triage and transfer all inefficient and unprofitable property for privatisation, and which companies are strategically important for the state to keep in its ownership and introduce high standards of corporate governance there,” Yuliia Svyrydenko noted.
First of all, the state is considering the option of retaining the right to own assets that ensure energy independence, development of the military-industrial complex and space industry, and stability in the banking sector. This may also include control over critical natural monopolies or resources. It can also include specific services or ensuring that citizens have access to opportunities outside the market. For example, public broadcasting. This is a preliminary vision.
Law No. 3587-IX was adopted by the Verkhovna Rada of Ukraine on 22 February 2024. The President signed it on 5 March. The improvements provided for by the document can transform state-owned enterprises into companies that can attract more investment and on more favourable terms.
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