The National Bank of Ukraine emphasized serious deficiencies in the corporate governance system of JSC “Ukrposhta,” responding to the company’s intentions to contest the imposed fines in court. The regulator urged Ukrposhta to quickly establish an independent supervisory board, which should be a key step towards enhancing transparency and management efficiency.
This is reported by Finway
Systemic Violations and Fines for Ukrposhta
According to the NBU’s position, the current model of corporate governance in the state postal company does not meet either national regulatory requirements or best international practices. In the regulator’s opinion, the lack of a formed supervisory board, excessive concentration of powers in the hands of the CEO, and the distribution of functions between the executive and supervisory bodies have led to a number of complex problems in the company’s operations.
It is known that in March 2024, Ukrposhta received a fine of UAH 17.38 million for serious violations of legislation in the field of financial monitoring. In August 2025, the company was issued a written warning due to an ineffective approach to risk management, and in December 2025, the National Bank again issued a written warning due to systemic violations of legislative requirements regarding the payment market, risk management, and statistical reporting.
On March 16, 2026, the NBU’s committee on banking supervision and regulation decided to impose another fine on Ukrposhta in the amount of UAH 255,000 for failing to submit the necessary information and documents within the established deadlines.
“The corporate governance system established at JSC ‘Ukrposhta’ does not comply with the regulatory requirements of the National Bank and best international practices. The fact that JSC ‘Ukrposhta’ has long lacked a formed supervisory board, the improper distribution of powers, and the sole management of the institution by the CEO, who, in addition to operational activities, performs some functions of the supervisory board, have led to complex problems in the company’s operations,” the statement reads.
Risks for Payment Infrastructure and Next Steps
The National Bank emphasized that ongoing violations of regulatory requirements, ignoring requests from the NBU, and public attempts to interpret lawful actions as “pressure” or “politically motivated steps” indicate a low level of understanding by the company’s management of the fundamentals of financial market functioning and corporate culture.
The regulator believes that Ukrposhta, being not only a payment provider but also an important component of the national payment infrastructure, poses increased risks to the entire industry in the case of ineffective management. That is why the NBU identifies the establishment of a functional supervisory board at JSC ‘Ukrposhta’ as a critically necessary task for the stability of the country’s payment system.
It is known that Ukrposhta has already paid the fine imposed by the National Bank, but disagrees with the grounds for its application and will contest the regulator’s decision in court.