The share of independent directors on the boards of organisations covered by the Ward Howell Ukraine Leadership Institute study reached 56% — a record in seven years of observation. Among board members appointed in 2025, the share of independents was 67%.
Appointments in 2025 and national composition
In 2025, 221 members were appointed to the boards of organisations in the sample, of whom 148 people (67%) were independent directors. Of the newly appointed independent specialists, 97 people (66%) were Ukrainians and 51 people (34%) were foreigners.
Foreign board members represent 46 countries and make up a significant share of newly appointed independent directors. The study also presents comparative measures of experience between Ukrainian and foreign specialists.
Experience and board structure of private and state-owned enterprises
Among foreigners appointed in 2025, 84% had previously held similar positions, whereas among Ukrainian specialists the corresponding experience is 41%. Regarding executive management experience, 44% of Ukrainian and 41% of foreign independent directors had previously held chief executive officer (CEO) positions.
In private companies, shareholder representatives control 55% of board seats, independent directors hold 33%, and the remainder are executive directors. Independent members are present on 74% of private business boards, but in only 28% of them do they constitute a majority.
Most private companies (72%) are led by hired executives: 52% of CEOs obtained their positions through internal promotion and 20% through external recruitment. Only 28% of companies are led by founders or shareholders.
In state-owned enterprises, independent specialists occupy 61% of board seats, whereas in the private sector this figure is 33%. In 11 state-owned enterprises of special economic importance the share of independents reaches 65%. The average tenure of CEOs in the state sector is 2.6 years, while in private business it is 9 years.
Foreign members and gender balance
Foreign specialists occupy 31% of board seats (393 seats) and represent 46 countries, most often citizens of the United States, the United Kingdom and Poland. In 43% of boards there are no foreign members, and in 27% of boards foreigners form a majority; in private business 46% of boards operate without foreign members.
Women occupy 22% of board seats, 15% of chair positions and 16% of chief executive officer positions. Among new independent directors in 2025 the share of women was 16%. In companies listed on foreign exchanges the share of women on boards is 13%, with 7 of 17 such boards having no women at all.
