Supervisory boards of Naftogaz, Ukrenergo and GTS Operator to undergo special inspection at the request of the IMF

Adoption of the document is one of Ukraine's commitments in the framework of its cooperation with the IMF.
The procedure will allow assessing the independence of supervisory boards and their compliance with the corporate governance principles of the Organisation for Economic Cooperation and Development (OECD).
The document provides for the submission of a report on the annual work of the supervisory board to the general meeting of the company or the authorised management body by 30 March each year. The report must contain data on the implementation of the company’s strategic development plan, achievement of short- and medium-term financial, operational and non-financial goals set out in the owner’s letter of expectations.
Letters of expectations are a new document in the planning system introduced by Law No. 3587-IX on improving corporate governance. It is a tool through which the Government sets specific goals for companies – expectations of profitability, liquidity and other indicators.
In November 2024, the Cabinet of Ministers adopted a resolution defining the procedure for assessing whether state-owned companies have achieved the goals set out in the owner's letter of expectations.
According to the new procedure, the assessment is carried out on the basis of an annual report submitted by state-owned companies to the governing entity (the Ministry of Economy, the relevant Ministry, the Cabinet of Ministers, etc.)
Based on the results of the assessment, the company's performance may be recognised as effective, satisfactory or unsatisfactory. If the performance is found to be unsatisfactory, the issue of changing the management of the state-owned company will be raised.