Ukraine National Commission on Securities and Stock Market discusses corporate governance reform with the IMF including plans for a supervisory board

The Ukraine National Commission on Securities and Stock Market held a working meeting with representatives of the International Monetary Fund to discuss approaches to reforming the Commission’s corporate governance and the next steps for implementation. A central proposal is to create a supervisory board empowered to approve the Commission’s development strategy, participate in shaping its budget and financing, perform oversight functions, and agree the composition of the Commission based on the Chair’s submission. The model is intended to update management arrangements, including replacing current mechanisms in the budget process, and discussions also covered revising how Commission members are appointed by strengthening competitive selection, transparency and openness across all stages, aligned with international practices. The agreed sequencing foresees first preparing a corporate governance reform concept, followed by drafting the necessary legislative amendments.