For the first time, a company from Ukraine has won an international award for corporate governance
20 May 20:27
The Ukrainian corporation Biosphere has been named one of the winners of the international award Private Company Boards of the Year 2025, an annual award given to private companies for implementing high standards of corporate governance.
The award was given for an effective model of corporate governance, in particular for the fact that during the full-scale invasion of Russia, the advisory board ensured stability and business development; provided support in entering international markets; has a majority of independent members, a division of powers between the CEO and the chairman of the board; and has an approved succession plan.
In 2025, more than 50 businesses competed for the award, and only 8 companies were shortlisted. Among them are American businesses with billions in turnover. Ukrainian Biosphere won in the Advisory Board/Family-Owned category ($150-300 million in revenue) – companies that remain private and do not have a legally binding board of directors, but form a strong advisory board for strategic development.
Biosphere Corporation, known for its brands Freken Bock, Smile, Graff, etc., has production facilities in Ukraine and abroad and is actively developing exports. More than 1 million units of the company’s products are sold worldwide every day.
We created the Advisory Board in 2024 because we realized that in order to scale and develop Biosphere International, we needed to combine the internal expertise of the team with world-class external experience. During the war, the Advisory Board became a point of strategic focus for us: it helped us maintain momentum, adapt our business, and enter new markets. Along with advice from business experts, we receive honest feedback and specific “homework”. This is very important for us. This model makes us stronger, more accurate, and able to see several steps ahead,” said Andriy Zdesenko, founder and CEO of Biosphere Corporation.
The selection of members to join Biosphere’s Advisory Board was handled by Generation6, an American company that helps build boards for family-owned or founder-led businesses. Interestingly, they received more than 400 applications from candidates from different countries, which was a record in Generation6’s practice. Subsequently, 8 finalists were selected, with whom Andriy Zdesenko met personally. Thus, the 5 best experts for the Advisory Board were selected.
Today, the Advisory Board is chaired by Martin Fretz, Chief Transformation Officer at Spin Master Global. Martin has in-depth expertise in the development of food and household goods businesses, as well as experience in production and distribution management. It was Martin Fretch who nominated the company for the award.
As a supervisory board, we are committed to bringing in international experience to strengthen corporate governance, improve risk management and facilitate the company’s international growth. At the same time, we are honored to be part of a team that demonstrates resilience, professionalism and unwavering commitment – even in the most challenging times,” said Martin Fretz.
For more information
Biosphere Corporation is a leader in the production and distribution of household and personal care products in Ukraine and one of the leaders in Eastern Europe and Central Asia. The company’s products are represented in more than 25 countries, and its production facilities include 6 modern plants in Ukraine and Europe. For more than 27 years of operation, Biosphere has created a portfolio of 21 own brands, including Freken BOK, Smile, Novita, Lady Cotton, PRO service, Alufix, Vortex and many others.
At the end of 2023, the company launched a new Tea&Food business with its own Cupsoul production, represented by such tea brands as Graff and Ritz Barton. More than 1 million units of Biosphere products are sold worldwide every day.
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