By KYIV. Dec 22 (Interfax-Ukraine) – In a memorandum with the International Monetary Fund (IMF), Ukraine confirmed its commitment to having a majority of independent members on the supervisory boards of state-owned enterprises (SOE).
"We reiterate our strong belief in the importance of sound corporate governance in SOEs. We will ensure that SOEs operate at arm’s length from the government, including by maintaining majority-independent supervisory boards. We will continue our efforts to strengthen corporate governance in SOEs. A new law on joint-stock companies improving Ukraine’s corporate governance framework was recently approved, and a law on corporatization of Energoatom has passed the first reading in the Rada," the memo says.
"We commit to appoint and make fully operational the supervisory board of Naftogaz by end-January 2023, based on transparent and competitive selection procedures. Finally, we will refrain from any decision that would undermine the corporate governance framework as well as governance in key SOEs, including in the energy sector," the report says.
