Introduction of transparency standards is one of the requirement set by Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings and Directive 2013/43/EU on compulsory audit of annual financial statements and consolidated financial statements for which the Cabinet of Ministers of Ukraine approved respective plans for implementation. Also, in September 2009, the Cabinet of Ministers of Ukraine approved the Resolution No. 1098 that confirmed its intention to introduce the EITI standards.
“In 2015, the first Ukrainian EITI Report was published which, on the one hand, facilitated approximation of Ukraine to EU standards of transparency in extractive industries, and on the other hand, showed the need to approve such standards legislatively.
The work on the report revealed that 67.5% of extractive companies are reluctant to disclose information and simply ignore Ukraine’s efforts to introduce European quality standards”, the expert said.
In the opinion of Mr. Tkachuk, annual reports of the largest companies in the industry (Naftogaz of Ukraine NJSC and DTEK) demonstrated almost the same compliance as such global giants as Statoil and Total, however, many extractive companies in Ukraine are reluctant to adhere to modern European principles.