ECU and the project “State-Owned Enterprise Reform Activity” (SOERA), funded by USAID and UKaid, have signed a memorandum of cooperation. Experts from the program will support ECU in implementing international corporate governance standards and further digitalizing the company.
The support for corporate governance will encompass the adoption of international standards in the organization of ECU’s supervisory board, including the digitalization of its functions. The memorandum also outlines the enhancement of ECU’s risk management and internal control systems, which are essential for successful trading operations. Additionally, SOERA experts will contribute to the development of ECU’s ESG policy.
In the area of digitalization, the plan includes updating and implementing ECU’s IT strategy, along with acquiring the necessary licenses and equipment.
“State-owned companies must serve as powerful and reliable instruments for implementing government strategy aimed at developing Ukraine’s economy, especially during wartime, when other opportunities are severely limited. In this context, transparency and independence in corporate governance are crucial, as they directly impact a company’s ability to attract investment and financial aid to strategic sectors of the economy. The cooperation between ECU and SOERA is an important step toward establishing a modern corporate governance system at ECU. This will enhance the company’s resilience, competitiveness, and transparency for external strategic partners and investors in Ukraine’s energy sector,” said Vitaly Butenko, CEO of ECU.
“The adoption of international corporate governance standards, supported by donors, will have a transformative effect on both the company and the state’s economy. For ECU, it will strengthen transparency, accountability, and competitiveness. For other state-owned enterprises, it will serve as a catalyst and model for fostering a culture of effective corporate governance,” concluded Nataliia Panova, Deputy Head of the State Property Fund of Ukraine.

For reference:
SOERA – is a seven-year (2021-2028) USAID/UKaid activity to help the Government of Ukraine enhance public sector governance and property management, including planning and advancing critical reforms of Ukraine’s state-owned enterprises (SOE), improving GOU management of state and municipal assets, sustaining a wartime economy, and ensuring a swift and transparent reconstruction at the war’s end.
JSC "Energy Company of Ukraine" (ECU) is a national energy trading company that offers comprehensive solutions for the purchase, sale, and management of energy resources. ECU ranks among the top 5 traders in Ukraine by electricity sales volume, is one of the leaders in cross-border energy trade, and is one of the top 2 traders of green electricity. The company established the first state-owned balancing group of electricity market participants, which is now the largest in Ukraine. ECU’s clients generate 10% of Ukraine’s GDP. The company is 100% state-owned, with management overseen by the State Property Fund of Ukraine.