Maksym Libanov: The Commission is working to improve gender balance in Ukrainian companies

Maksym Libanov, Member of the National Securities and Stock Market Commission (NSSMC), took part in the discussion of the Law on Harmonisation of Legislation on Companies (Introduction of Gender Quotas).

The event was organised by the Ukrainian Bar Association’s Corporate Law and Stock Market Committee and the Corporate Governance Professional Association.

The participants discussed in detail the European regulations, namely EU Directive 23 November 2022 No. 2381 on improving the gender balance among directors of listed companies and related measures. The Directive introduces a minimum level of harmonisation among all EU member states in terms of gender balance in the composition of company boards. The Directive is not a directive, but a minimum level of harmonisation that allows for a broader view of the issue in a particular context.

Maksym Libanov, the Commissioner, said: «The NSSMC’s agenda is to ensure that the provisions of the EU Directive on improving the gender balance are implemented into national legislation in the coming years. First of all, this is the legislation on joint-stock companies. We have conducted an analysis and already have a certain vision, but it is important for us to hear the opinion of the market community on how best to do this».

Maksym Libanov explained that there is a fairly limited range of entities to which the EU Directive’s gender balance rules apply. It is not about private and small companies. These should be large and listed companies (whose securities are traded on a stock exchange) that must meet certain requirements in terms of the scope of their activities.

The NSSMC, together with lawyers, market experts and stakeholders, continues to work on the relevant draft law aimed at complying with European governance standards and introducing gender quotas.