Ukroboronprom to implement corporate governance reforms
Ukroboronprom has chosen Ernst & Young (EY) to support the implementation of a number of key corporate governance reforms, the company reported on 21 April.
EY consultants will focus on developing a corporate governance target model in order to improve efficiencies within the Ukrainian state-owned defence company.
This will include new internal audit processes and internal controls, as well as risk management strategies and stronger anti-corruption measures.
Roman Bondar, Deputy General Manager for the Head of Transformation Office at Ukroboronprom, said: ‘The group has already begun the process of creating politically independent sectoral holdings based on leading Ukroboronprom companies with a transparent and efficient management system.’
He added that the involvement of EY would ‘dramatically shorten the timing of the reform and will allow the introduction of best practices that have long existed at competing Ukoboronprom companies’.
Expert advisors from France, the UK and the US are also contributing to defence sector reform in the Ukraine.