On December 5, the VIII International Forum of Corporate Directors took place in Kyiv, where current issues of corporate governance, strategic planning, and the role of the state as a shareholder were discussed. Forum participants discussed goal setting, compensation for board members, management KPIs, and evaluation of corporate governance from the perspective of investors and creditors.
A panel discussion was held at the forum about efficiency as a key indicator of a successful corporate governance model. Anna Artemenko, Deputy Minister of Economy, Environment, and Agriculture of Ukraine, shared information on goal setting in state enterprises and announced the use of updated letters of expectations to establish strategic goals, KPIs, and management standards by 2025.
'To unify target indicators for different sectors, enhance accountability of supervisory boards, obtain comparable data for evaluating effectiveness, integrate recommendations from the OECD, IMF, and EBRD' - explained Anna Artemenko.
Updates on corporate governance in Ukraine
Within the framework of the forum, systemic updates of corporate governance in state-owned energy companies were also discussed, as well as updates to the regulatory framework, including statutes, regulations on supervisory boards, and corporate governance codes. Panel discussions focused on competitions, integrity of candidates, updating the procedures of the Nomination Committee, and raising the requirements for board members, taking into account recommendations from international organizations.
During the forum, important aspects of corporate governance in Ukraine were discussed, such as goal setting, effectiveness of the management model, and updating the regulatory framework. Participants emphasized the need to improve management efficiency, the integrity of candidates, and increase requirements for board members in order to enhance governance in state enterprises.