State-owned enterprises (SOEs) play an important role in Ukraine’s economy and improving their efficiency will be essential to the country’s future growth. This report assesses Ukraine’s institutional, legal and governance framework for state-owned enterprises against the OECD Guidelines on Corporate Governance of State-Owned Enterprises. It recognises the significant progress achieved through the adoption of a new SOE law and ownership policy, but also highlights persistent implementation gaps affecting effective enforcement. The report also sets out recommendations and an action plan to support stronger ownership co-ordination, sustain reform momentum and position sound SOE governance as a key pillar of Ukraine’s economic resilience, recovery and reconstruction.