Political Interference in Naftogaz Supervisory Board Operations Is a Major Set Back in Corporate Governance Reform

The recent Governmental decision to dismiss the Supervisory Board of NJSC Naftogaz of Ukraine for two days in order to make a decision on the dismissal of the Chief Executive Officer and itsre-election in the same composition violates the principles of state-owned enterprises' corporate governance, disrupts the role of independent supervisory boards in Ukraine, and undermines Ukraine's agreements with the International Monetary Fund and other strategic partners.


How Ukrainian pharma copes with COVID-19: interview with UCGA alumnus Dmytro Shymkiv, Chairman of the Board of DARNITSA Group

The pharmaceutical industry is in high demand and is supported in times of the pandemic, but no matter what, there are always pitfalls. What are the main obstacles and difficulties that the Ukrainian pharmaceutical industry and DARNITSA are facing today?



" Effective Boards of Directors in Crisis Times"

Corporate governance remains a poorly understood but hotly debated topic in Ukrainian politics even during the quarantine. Few remember that back in 2014, we had not a single professional, independent supervisory board in any of Ukrainian state-owned companies. International financial audit by Big 4 was conveniently regarded as ‘unnecessary’ or ‘too expensive’, publishing financial statements was not mandatory (!),top managers were all appointed through political quotas and treated appointments to the jobs that paid USD 500 a month as a pinnacle of their political carriers. Illegal enrichment was widespread and commonly acceptable. That year cumulative loss of all SOEs in Ukraine reached USD 10bn. The record in the private sector wasn’t much better. Successful entrepreneurs, blinded by own success or pursuing fraudulent agenda, often used same excuses as politicians for not adjusting corporate governance standards in their companies after raising external capital. It wasn’t long until many publicly listed companies were ran into the ground, investors and creditors lost billions of USD and country’s reputation as an attractive place to invest was massively damaged.


Новый член набсовета «Укроборонпрома» Айварас Абромавичус рассказывает про аудит, новых топ-менеджеров концерна и борьбу с коррупцией — блиц-интервью

В феврале 2019-го, во время предвыборной кампании, тогда еще кандидат в президенты Владимир Зеленский обвинил власть в том, что она «зарабатывает на крови». Так он отреагировал на расследования о коррупции в госконцерне «Укроборонпром». После победы Зеленского на выборах замглавы Администрации президента Руслан Рябошапка пообещал, что виновных накажут, а концерн реформируют. 12 июня президент назначил в наблюдательный совет «Укроборонпрома» экс-министра экономразвития Айвараса Абромавичуса. Корреспондентка theБабеля Мария Ульяновская расспросила Абромавичуса, какие задачи перед ним стоят, когда закончится аудит концерна и как подбирают его новое руководство.


Людо Ван дер Хейден: Если зарплаты в госкомпании слишком высоки, это вызывает беспокойство

Сколько нужно платить менеджерам Нафтогаза? Как соотносятся функции правительства и управляющих директоров госкомпаний?

Об этом и многом другом "ДС" общалась с профессором INSEAD Людо Ван дер Хейденом, которого без тени иронии и с полным на то основанием можно назвать светилом науки корпоративного управления.


Increasing the size of the Naftogaz supervisory board is a move in the right direction

The Cabinet of Ministers has decided to increase the Naftogaz supervisory board to seven members. The board currently consists of five members, including three independent members and two state representatives. One new independent board member and one new state representative will be appointed. This is a move in the right direction. Please find below the link: