UKRAINE LEGAL UPDATE
27 July 2022
Ukraine rewrites company legislation as Rada votes a new joint stock company bill. The new law is set to take effect on 1 January 2023.
On 27 July 2023 Ukraine’s parliament approved a new law on joint-stock companies, now awaiting presidential signature. The President has 15 days within which to sign the bill into law or return it to parliament with requested amendments for another vote. By its terms, the new legislation is scheduled to take effect on 1 January 2023.
The law generally aims to align Ukrainian company legislation more with the EU corporate governance requirements. It had been in preparation since 2019, pursuant to Ukraine’s obligations under the 2014 EU association agreement. Once in effect, the new act will replace the current joint-stock company law of 2008.
Companies will have until 31 December 2023 to update their internal documents and procedures to ensure compliance.