Development of Corporate Governance in Ukraine: Legislation and Practices

  • Iryna Kytsyuk
Part of the CSR, Sustainability, Ethics & Governance book series (CSEG)


Corporate governance has great importance for both companies and the state. Corporate governance helps to increase competitiveness and economic efficiency for companies by providing for: proper attention to the interests of shareholders; equilibrium of influence and balance of interests of corporate relations participants; financial transparency; the introduction of rules of effective management and proper control. Corporate governance significance for the state is demonstrated through its influence on social and economic development of the country: promotion of investment processes development, ensuring confidence and increasing investor credence; increasing the efficiency of the capital usage and the activities of companies; taking into account the interests of a wide range of stakeholders, which ensures the realization of companies’ activities to the benefit for both the society and the growth of national wealth.

In this chapter the successes and weaknesses of the process of corporate governance development in Ukraine is analyzed. In particular, the main periods of this process are selected and characterized, the primary sources of corporate governance legislation in Ukraine are noticed, the principal authorities responsible for enforcing corporate governance regulations are described, and the activities of the most common organizational and legal forms of corporate entities are analyzed. Particular attention is paid to the characteristics of current period of corporate governance development. The results of analysis of legislation regarding to the area of corporate governance are proposed.


  1. Association Agreement between Ukraine, on the one part, and the European Union and its member states, on the other part [in Ukrainian]. Retrieved February 1, 2019, from
  2. EBRD. (2017). Corporate governance in transition economies. Ukraine Country Report. Retrieved July 15, 2018, from
  3. Frolova, T. O. (2012). Development of the national corporate governance system [in Ukrainian]. Agrosvit, 9. Retreived September 17, 2018, from
  4. IBI Rating Agency. (2016). Results of the research “Corporate Governance in the Real Sector Companies” [in Ukrainian]. Retrieved October 12, 2018, from
  5. Khort Yu, V. (2018). Company law in Ukraine: recent regulatory developments [in Ukrainian]. Retrieved October 24, 2018, from
  6. Kurii, L. O. (2017). Gender equality as an integral part of corporate social responsibility of enterprises [in Ukrainian]. Development Economics, 4(84), 90–99.Google Scholar
  7. Daily, L. (2017). The formation of corporate governance in Ukraine [in Ukrainian]. Retrieved February 10, 2019, from
  8. Ministry of Justice of Ukraine. (2018). Retrieved October 17, 2018, from
  9. NBU. (2015). Corporate governance principles for banks. Basel Committee on Banking Supervision dated 8 July 2015 [in Ukrainian]. Retrieved September 10, 2018, from
  10. Mordacq, P. (2001). Stock markets in Central and Eastern Europe and their environment: the unachieved transition. Revue d'Économie Financière, 6(1), 383–390. Retrieved January 20, 2019, from Scholar
  11. NBU. (2018). Retrieved October 17, 2018, from
  12. Nechayev, Y., Romanchuk, A., Gumenchuk A. (2018). Corporate governance and directors’ duties in Ukraine: overview, Practical Law. Thomson Reuters. Retrieved September 17, 2018, from
  13. NSSMC. (2014). The resolution of National Securities and stock market commission “on approval of the principles of corporate governance” No. 955 dated 22 July 2014 [in Ukrainian]. Retrieved October 17, 2018, from
  14. NSSMCa. (2018). Сorporate governance. Retrieved July 7, 2018, from
  15. NSSMCb. (2018). NSSMC Annual Report 2017 [in Ukrainian]. Retrieved from July 7, 2018,
  16. Redzyuk, E. (2019). State and corporate governance – The way to European values or nowhere? [in Ukrainian]. Mirror Weekly, 7. Retrieved February 23, 2019, from
  17. Rodionova, I. V. (2017). The world experience using of a corporate management of industrial enterprises [in Ukrainian]. Economy and Society, 12, 319–323. Retrieved February 2, 2019, from Scholar
  18. Sarnavska, M. I. (2016). Peculiarities of forming corporative sector in Ukraine [in Ukrainian]. Juridical Scientific and Electronic Journal, 6, 96–99. Retrieved October 23, 2018, from Scholar
  19. Saad Legal. (2018). Changes in the activities of joint stock companies—facilitating business or attracting investment? [in Ukrainian]. Retrieved September 23, 2018, from
  20. Sayenko, V., & Nikolaichyk, O. (2018). 2018 Corporate Law Handbook. Revealing new opportunities for business in Ukraine. Retrieved September 27, 2018, from
  21. State Statistics Service of Ukraine. (2018). Retrieved October 5, 2018, from
  22. The Civil Code of Ukraine No. 435-IV dated 16 January 2003 [in Ukrainian]. Retrieved September 10, 2018, from
  23. The Economic Code of Ukraine No. 435-IV dated 16 January 2003 [in Ukrainian]. Retrieved September 10, 2018, from
  24. The Law of Ukraine “On Accounting and Financial Reporting in Ukraine” No. 996-XIV dated 16 July 1999 [in Ukrainian]. Retrieved September 15, 2018, from
  25. The Law of Ukraine “On Amendments to Certain Legislation Acts of Ukraine on the Improvement of the Level of Corporate Governance in Joint Stock Companies” No. 1983-VIII dated 23 March 2017 [in Ukrainian]. Retrieved July 19, 2018, from
  26. The Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine on Facilitation of Business and Investment Attraction by Securities Issuers” No. 2210-VIII dated 16 November 2017 [in Ukrainian]. Retrieved July 22, 2018, from
  27. The Law of Ukraine “On Amendments to Some Legislative Acts of Ukraine on Protection of Investors Rights” No. 289-VIII dated 7 April 2015 [in Ukrainian]. Retrieved August 7, 2018, from
  28. The Laws of Ukraine “On Amendments to Some Legislative Acts on the Management of State and Municipal Property Objects” No. 1405-VIII dated 02 June 2016 [in Ukrainian]. Retrieved July 17, 2018, from
  29. The Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Related to Corporate Agreements” No. 1984-VIII dated 23 March 2017 [in Ukrainian]. Retrieved July 20, 2018, from
  30. The Law of Ukraine “On Banks and Banking Activity” No. 2121-III dated 7 December 2000 [in Ukrainian]. Retrieved September 15, 2018, from
  31. The Law of Ukraine “On Business Companies” No. 1576-XII dated 19 September 1991 [in Ukrainian]. Retrieved September 17, 2018, from
  32. The Law of Ukraine “On Financial Services and State Regulation of Financial Service Market” No. 2664-III dated 12 July 2001 [in Ukrainian]. Retrieved September 10, 2018, from
  33. The Law of Ukraine “On Joint Stock Companies” No.514-VI dated 17 September 2008 [in Ukrainian]. Retrieved August 11, 2018, from
  34. The Law of Ukraine “On Limited and Additional Liability Companies” No. 2275-VIII dated 6 February 2018 [in Ukrainian]. Retrieved August 4, 2018, from
  35. The Law of Ukraine “On Privatization of State-Owned and Municipal Property” No. 2269-VIII dated 18 January 2018 [in Ukrainian]. Retrieved August 2, 2018, from
  36. The Law of Ukraine “On State Regulation of the Securities Market in Ukraine” No. 448/96-VR dated 30 October 1996 [in Ukrainian]. Retrieved September 15, 2018., from
  37. The National Commission for State Regulation of Financial Services Markets. (2018). Retrieved October 17, 2018, from
  38. The Resolution of National Securities and Stock Market Commission. “On Amending Certain Regulations of the National Securities and Stock Market Commission (regarding debt-to-equity swaps)” No. 950 dated 27 September 2016 [in Ukrainian]. Retrieved July 19, 2018, from
  39. Velyka, O. Yu. (2018). Features of modern corporate governance in Ukraine [in Ukrainian], Global and National Problems of the Economy, 22, 282–286, Retrieved February 12, 2019, from
  40. Verkhovna Rada of Ukraine. (2018). Official web portal. Retrieved October 23, 2018, from
  41. World Economic Forum. (2018). The Global Competitiveness Report 2018. Retrieved January 28, 2019, from
  42. Yemelyanova, L. O. (2009). The quality of corporate governance of joint stock companies in central and Eastern Europe [in Ukrainian]. Visnyk of Lviv Commercial Academy, 30, 31–35.Google Scholar

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  • Iryna Kytsyuk
    • 1
  1. 1.Department of International Economic Relations and the Project ManagementLesya Ukrainka Eastern European National UniversityLutskUkraine

Personalised recommendations