On 23 October 2023, a workshop was held for MPs on the preparation of Draft Law No. 5593-D for consideration in the second reading. The event was organised by the Ministry of Economy with the support of the Ukrainian Corporate Governance Academy (UCGA) and the European Bank for Reconstruction and Development.

The event included training and a panel discussion, during which participants discussed the priorities and challenges of the Corporate Governance Reform, the provisions of Draft Law 5593-D and the progress of its preparation for consideration in the second reading.

The Ministry of Economy was represented at the event by Oleksii Sobolev, Deputy Minister of Economy of Ukraine. As he noted during the training, the adoption of Draft Law 5593-D depends on the attraction of private investments in state-owned enterprises, as well as the receipt of financial assistance from the IMF.

«Working on this Draft Law is among the highest priorities for the Ministry of Economy. In addition to improving the investment attractiveness of state-owned enterprises, Draft Law 5593-D represents an obligation of the Government under the IMF-Ukraine Memorandum to receive financial assistance,» said Oleksii Sobolev.

Provisions of the Draft Law discussed by the participants:

- Introduction of the concept of State Property Policy and granting the Cabinet of Ministers of Ukraine the authority to approve it. The State Property Policy includes the Policy of Remuneration of Heads and Members of Supervisory Boards of State Enterprises, as well as the State Dividend Policy;

- Empowering members of supervisory boards to make key operational decisions in the management of state-owned enterprises and to approve action plans;

- Key points of evaluation of the operation of supervisory boards and a list of grounds for dismissal.

«Together with other international partners, we have systematically and consistently supported initiatives to improve the management of Ukrainian state-owned enterprises since 2014. The EBRD was previously involved in reforming the corporate governance of the largest state-owned companies such as Naftogaz, Ukrposhta, Ukrenergo, Ukrzaliznytsia and Energoatom (the latter is currently undergoing corporatisation). The adoption of Draft Law 5593-D will be another stepping stone for the introduction of this complex and multi-level reform, which is key to building transparent institutions and processes necessary for the reconstruction of Ukraine.» Matteo Patrone, Managing Director for Eastern Europe and the Caucasus (EEC) at the EBRD, said during the discussions.

A meeting of the Committee on Economic Development is to be held in October to prepare for the second reading of Draft Law 5593-D.

Dmytro Natalukha, MP, Chairman of the Parliamentary Committee on Economic Development; Oleksii Movchan, MP, Deputy Chairman of the Parliamentary Committee on Economic Affairs; Matteo Patrone, Managing Director for Eastern Europe and the Caucasus (EEC) at the EBRD; Ludo Van der Heyden, Professor of Technology and Operations Management at the INSEAD business school (France), also joined the training as speakers.