Partial privatization, bringing state companies' shares to intl exchanges will increase their efficiency
A partial privatization of state-owned companies and bringing minority stakes to international stock exchanges will allow increasing the efficiency of Ukrainian state enterprises, CEO of Naftogaz Ukrainy Andriy Kobolev has stated.
"China is a very closed country, but it brought small minority stakes of the largest oil and gas companies to the New York Stock Exchange to create proper corporate governance in them. And it works. We can do this in all Ukrainian state-owned companies: place minority stakes on foreign stock exchanges," he said during the discussion "Corruption and Corporate Governance at State Enterprises."
He noted that such a mechanism would not work without independent regulators and courts because investors would not buy shares of Ukrainian companies.
According to EBRD Chief Economist Sergei Guriev, in recent years the bank has seen significant positive changes in state-owned companies with which it cooperates, but international investors still consider Ukraine to be corrupt. He noted that in developed countries there is no direct dependence between the form of ownership of the company and the level of corruption.