State-owned enterprises occupy a central role in Ukraine's economy, with approximately 3,300 entities operating across key sectors, including energy, transport and infrastructure. In order to promote their efficiency, Ukraine has introduced reforms to improve corporate governance practices, particularly among economically important state-owned enterprises. Despite progress, reforms have generally been halting and piecemeal, and in some cases even been reversed. This review evaluates the corporate governance framework of the Ukrainian state-owned enterprise sector relative to the OECD Guidelines on Corporate Governance of State-Owned Enterprises. It outlines the state-owned enterprise landscape in Ukraine, assesses state ownership and corporate governance practices against the Guidelines, and identifies gaps between actual policies and practices and the Guidelines’ recommendations. The review provides immediate as well as more long-term priorities to help improve Ukraine's institutional and legislative frameworks, and governance practices in the state-owned sector to ensure that state-owned enterprises operate efficiently, transparently and in an accountable manner.