The Security Dimension of ESG Transformation of Corporate Governance of State-Owned Enterprises in Ukraine

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🔬研究者:ESG枠組みの拡張（ESGS）と戦時下の開示制限に関する理論的貢献を評価できる。

🏢実務担当者:国有企業や重要インフラ企業の開示戦略に安全保障の視点を組み込む際の参考になる。

🏛政策担当者:危機時における開示と安全保障のバランスを政策設計する際の示唆を得られる。

The article examines the ESG transformation of corporate governance of state-owned enterprises in Ukraine as a management and information contour for identifying, monitoring, and disclosing non-financial (ESG and security) risks in wartime. Among the most important non-systemic threats of wartime in Ukraine, it is important to pay attention to the destruction of industrial enterprises and critical infrastructure facilities, forced relocation of enterprises, disruption of logistics chains, and cyberattacks on state facilities. The relevance of the study is due to the urgent need to bring domestic practices of state property management into line with the requirements of international standards. This need is exacerbated by the European integration vector of Ukraine's development and the need for intensive post-war recovery. The reference point for transformations is the OECD Guidelines on Corporate Governance of State-Owned Enterprises and the requirements of international institutions regarding public sector reporting. The methodological basis is the analysis and generalization of scientific views, comparison of international and domestic practices. The strengthening of the role of the public sector is demonstrated thanks to official data from the OECD and the State Property Fund of Ukraine. The results of the study allowed to identify specific functions for each of the ESG components of transforming atypical threats into controlled processes. The environmental function is associated with the negative consequences of pollution during war; the social function is associated with humanitarian and personnel challenges; the governance function is associated with reputational and institutional risks. A comparative analysis of the private and public sectors was conducted. The study proposed a four-stage roadmap of ESG transformation, which includes the diagnosis of non-systemic risks, the integration of key criteria into the reporting system, institutional consolidation, and phased harmonization with international standards. The scientific novelty of the work is the singling out of a separate security dimension (conditionally ESGS = ESG + Security), which covers the protection of critical-infrastructure information and differentiated disclosure under wartime constraints not fully captured by the classic E, S, and G components, and the substantiation of a differentiated (aggregated) disclosure mechanism that balances transparency with national-security requirements under martial law. The practical value of the study lies in the feasibility of introducing the presented model by state administration bodies and the management of state-owned enterprises to ensure sustainable development in the long term. The proposed approach contributes to increasing the transparency, sustainability, and investment attractiveness of state-owned enterprises in Ukraine.

• semanticscholar https://doi.org/10.54929/2786-5738-2026-26-02-01first seen 2026-08-13 05:43:24