Ukraine : System of Financial Oversight and Governance of State-Owned Enterprises

Ukraine : System of Financial Oversight and Governance of State-Owned Enterprises

The report focuses on the system of financial oversight and governance of state-owned enterprises in Ukraine. State-owned enterprises (SOEs) continue to represent a significant share of Ukraine's economy, and play a dominant role in sectors su...

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Bibliographic Details
Main Author:	World Bank
Format:	Other Financial Accountability Study
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCESS TO INFORMATION ACCOUNTABILITY ACCOUNTING ACCOUNTING STANDARDS BANKING SECTOR BANKRUPTCY BANKS BIDS BOARDS OF DIRECTORS BONDS BUDGET CONSTRAINTS BUDGETARY RESOURCES CAPITAL INVESTMENTS CAPITAL MARKETS CAPITAL STRUCTURE CASH FLOW CENTRAL GOVERNMENT CENTRAL GOVERNMENT AUTHORITIES CITIZENS COMMERCIAL CODE CONSOLIDATION CONSOLIDATIONS CONSTITUTION CORPORATE GOVERNANCE CORPORATE LAW CORPORATION CORRUPTION CREDIT LINES CREDIT RATING CREDIT RATING AGENCIES CREDIT WORTHINESS CREDITORS CURRENCY CURRENT MANAGEMENT DEBT DEBT INSTRUMENTS DEBT LEVEL DEBT LEVELS DEBT REDUCTION DEBT SERVICING DECISION MAKING DEMOCRACY DISCLOSURE DISCLOSURE REQUIREMENTS DIVIDEND PAYMENTS EMERGING MARKET EMERGING MARKET ECONOMIES ENTERPRISE RESTRUCTURING EQUIPMENT EXECUTION EXECUTIVE BODIES EXPANSIONARY FISCAL EXPENDITURE EXPENDITURES EXTERNAL DEBT EXTERNAL FUNDING FINANCES FINANCIAL CONTROL FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL RESULTS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIER FISCAL DECENTRALIZATION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL POLICIES FISCAL PRESSURES FISCAL RESOURCES FIXED ASSETS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT GOVERNANCE SYSTEM GOVERNMENT ACTION GOVERNMENT AGENCIES GOVERNMENT AGENCY GOVERNMENT FINANCIAL SUPPORT GOVERNMENT GUARANTEES GOVERNMENT INSTITUTIONS GOVERNMENT INTERVENTION GOVERNMENT MINISTRIES GOVERNMENT OWNERSHIP GOVERNMENT PROGRAMS GOVERNMENT REVENUES GROSS DOMESTIC PRODUCT HOLDING HOLDING COMPANIES HOLDINGS IMPLICIT GUARANTEES INFRASTRUCTURE FINANCING INSTRUMENT INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL FINANCE INTERNATIONAL FINANCE INTERNATIONAL MARKETS INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTMENT RISK ISSUANCE ISSUANCE OF GUARANTEES JOINT STOCK COMPANIES JOINT-STOCK COMPANIES JOINT-STOCK COMPANY LABOR UNION LACK OF TRANSPARENCY LACK OF TRANSPARENCY AND ACCOUNTABILITY LEGAL ENTITIES LEGAL FORM LEGAL FRAMEWORK LEGAL OBLIGATIONS LEGISLATION LEVEL PLAYING FIELD LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LINES OF CREDIT LIQUIDATION LIQUIDITY LIQUIDITY RATIO LOAN LOCAL GOVERNMENT LOCAL GOVERNMENTS MANAGERS MARKET ECONOMY MARKET PRACTICES MARKET TRANSPARENCY MATURITY MATURITY STRUCTURE MINISTERS MINISTRY OF FINANCE MONETARY FUND MONOPOLIES NATIONAL SECURITY NATIONAL TREASURY NATIONALIZATION PARTNERSHIP POLITICAL INTERFERENCE POLITICAL VOLATILITY POLITICIANS POOR GOVERNANCE PORTFOLIO PORTFOLIOS PRIVATE CAPITAL PRIVATE INVESTMENTS PROPERTY RIGHTS PUBLIC FUNDS PUBLIC HEALTH PUBLIC OFFICIALS PUBLIC POLICY PUBLIC PROCUREMENT PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVICE RATES OF RETURN RATIONALIZATION REAL EXCHANGE RATE REGISTRY SYSTEM REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REMITTANCE REPRESENTATIVES REPUBLICS RETURN ON ASSETS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS SECURITIES SECURITIES MARKET SEPARATION OF OWNERSHIP SHAREHOLDER SHAREHOLDERS SOCIAL INFRASTRUCTURE SOCIETY SOLVENCY STATE ADMINISTRATION STATE AGENCIES STATE AGENCY STATE ASSETS STATE BUDGET STATE CONTROL STATE CORPORATE LAW STATE ENTERPRISE STATE ENTERPRISES STATE GUARANTEES STATE OWNERSHIP STATE PROPERTY STATE REGULATION STATE-OWNED ENTERPRISES STATUTORY FUNDS STOCK EXCHANGE STOCK MARKET STOCK MARKET LAW SUBSIDIARIES TAKEOVERS TAX TAX ADMINISTRATION TAX ARREARS TAX COLLECTION TAX COLLECTIONS TAX POLICY TAX REGIME TAX REVENUES TELECOMMUNICATIONS TRANSITION ECONOMIES TRANSPARENCY TRANSPARENT MECHANISMS TURNOVER VALUATIONS VALUE OF ASSETS
Online Access:	http://documents.worldbank.org/curated/en/2011/02/16277713/ukraine--system-finanical-oversight-governance http://hdl.handle.net/10986/12472

Description
Summary:	The report focuses on the system of financial oversight and governance of state-owned enterprises in Ukraine. State-owned enterprises (SOEs) continue to represent a significant share of Ukraine's economy, and play a dominant role in sectors such as rail, transport, utilities, energy and telecommunications. These enterprises play an important role for the government by remitting dividend payments to the national treasury to fund the country's development agenda. At the same time, these same enterprises government receive fiscal support through a transfer of budgetary resources, issuance of guarantees for enterprise debt, facilitation to lines of credit, and other financial instruments. Ukraine's SOE sector has a wide range of ownership and management schemes. The basic legal framework for SOE oversight, defined in the Commercial Code of Ukraine, provides for the delegation of responsibilities across several ministries/agencies. As a result, there are overlapping roles across different government institutions, and gaps with regard to active monitoring and oversight. In practice, the SOE oversight function of the line ministries is primarily exercised through a review of the reports submitted by the SOEs on the implementation of financial plans. However, the review is typically light, and its efficiency is undermined by the limited clarity of the operating objectives for SOEs, and limited usefulness of the performance management framework. Moreover, the underlying data used to measure performance indicators is not validated and its reliability is uncertain. Even though the current performance management framework can be improved, performance evaluations are not conducted for a substantial number of SOEs which seriously undermines the effectiveness of oversight.

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