Gender diversity on supervisory boards: how Ukraine’s corporate landscape is evolving
Research findings
Amid the ongoing war and workforce shortages, Ukraine is increasingly facing the need to use its human capital more effectively. Women make up 51% of the country’s working-age population, yet their participation in the labor market remains lower than that of men — 46% compared to 62%. At the same time, around one-third of economically inactive women could potentially return to the workforce but are not actively seeking employment or lack information about available opportunities.
In the context of the war and Ukraine’s future reconstruction, this untapped potential represents an important resource for both the economy and businesses. The same applies to corporate governance: the role of supervisory boards in shaping companies’ strategic development is growing, and diversity of experience and perspectives within these bodies directly influences the quality of decision-making. However, the potential of women in corporate governance in Ukraine remains underutilized.
Deloitte Ukraine and NGO Women on Boards Ukraine presented the second edition of their research on gender diversity and inclusion on the supervisory boards of Ukrainian companies and institutions. The findings were presented at The Diversity Advantage Forum 2026, held in partnership with Mastercard and PUMB, with the support of the Embassy of Canada in Ukraine.
The research examines gender diversity as one of the key drivers of effective corporate governance — particularly in the context of war, talent shortages, and the country’s future reconstruction.
Members of supervisory boards of Ukrainian private and state-owned companies, as well as representatives of the public sector, participated in the survey. Data was collected through a digital survey and a series of interviews.
“Ukraine faces a major economic recovery challenge that will require the most effective use of human capital. The potential for women’s participation in both the labor market and corporate governance remains largely untapped. Strengthening gender diversity is a strategic tool for Ukrainian companies to enhance resilience and efficiency, and it can become an important driver of economic growth both during the war and throughout the country’s reconstruction,”
says Olena Boichenko, Head of Consulting at Deloitte Ukraine.
Women on supervisory boards in Ukraine: what has changed over the past year
The research results indicate relative stability in gender representation on supervisory boards of Ukrainian companies.
In 2026, 81% of supervisory boards have at least one female member, compared with 87% in 2025. The overall share of seats held by women remains unchanged at 31%, the same level as the previous year.
Over the past year, 20% of companies reported an increase in the number of women on supervisory boards, while 72% reported no change, and 9% noted a decline in female representation.
Stereotypes remain a barrier
Despite strong recognition of women’s competence in corporate governance, gender stereotypes continue to affect career opportunities.
All respondents (100%) agreed that women are as effective leaders as men, while 98% believe that gender diversity improves the effectiveness of supervisory boards.
However, stereotypical perceptions of women in business remain widespread.
Specifically, 42% of women and 22% of men believe that the role of a supervisory board member in Ukrainian society is still perceived as “traditionally male.” Women are also far more likely to feel the need to prove their professional competence: 68% of women believe they have to do so more often, compared with 22% of men. In addition, 45% of women believe that mistakes made by female leaders are judged more harshly, while only 4% of men share this view.
Are companies doing enough to address discrimination?
Despite growing attention to diversity, most companies have yet to implement systematic mechanisms to support it.
Only 33% of the companies surveyed have a formal Diversity, Equity & Inclusion (DEI) policy in place. Among those that have introduced such policies, 94% consider DEI principles an integral part of their corporate culture. However, tools for measuring progress remain limited: only 7% of companies regularly track gender balance, 9% integrate DEI considerations into their strategy implementation, and just 6% have introduced minimum representation targets for women on supervisory boards.
“Gender balance directly affects the quality of strategic decision-making: it deepens discussions and enables the development of truly inclusive and innovative solutions. Supporting women is an integral part of Mastercard’s strategy. Since 2020, we have provided business development tools to 37 million women entrepreneurs worldwide. Expanding women’s participation on supervisory boards is an investment in corporate governance and an important component of Ukraine’s continued economic development,”
says Inga Andreieva, Country Manager, Ukraine and Moldova, Mastercard.
“Global practice shows that companies with greater gender diversity in leadership tend to achieve stronger financial results. Diverse teams make better decisions because strategic discussions benefit from a wider range of perspectives, more critical analysis, and alternative scenarios. At FUIB, we are systematically working to build a strong leadership team: today, gender balance has effectively been achieved on the bank’s Supervisory Board and Management Board. We believe that combining different leadership styles and professional experience helps improve decision-making and ensures stable financial performance,”
says Serhiy Chernenko, Chairman of the Management Board of FUIB.
EU regulations and challenges for Ukraine
The European Union actively promotes gender equality through legislative instruments, including directives on gender balance on corporate boards, pay transparency, and work–life balance.
In Ukraine, however, regulatory mechanisms remain limited. Legislation in the field of gender equality is still largely based on strategic documents and recommendations, rather than binding instruments such as gender quotas or mandatory reporting on the gender pay gap.
In the context of European integration and post-war reconstruction, accelerating progress in this area is becoming increasingly important.
“At WoBua, we are proud to conduct this important research for the second year in a row, highlighting the significant potential for increasing the number of women on supervisory boards. We believe that diversity at this level makes companies stronger and their decisions more balanced and economically sound. For Ukraine today, it is also an important factor in business resilience and future economic growth. That is why this year, together with our partners, we launched The Diversity Advantage Forum to raise awareness of this issue and engage a broader audience in the discussion,”
say the founders of Women on Boards Ukraine.
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