This report presents a general snap-shot of the situation in the State-owned enterprises (SOEs) sector in Ukraine and points out selected key issues and challenges that relate to the integrity of this sector together with a set of recommendations to address them. Each issue of SOEs governance is looked through the “lens of anti-corruption”. At the same time good governance of SOEs in Ukraine is number one prerequisite for eliminating wide-spread corruption and closing loopholes which allow for it. Year 2014 was taken as a baseline, since that year corruption and vested interests have finally been identified by the government as significant factor in SOEs historical underperformance, and the government has announced its clear intention to clean it up.