By KYIV. Nov 9 (Interfax-Ukraine) – Ukrainian Sovereign Fund (USF), the concept of which was presented by acting Head of the State Property Fund Oleksandr Fedorishyn to the parliamentary committee on economic development on November 8, will work in the status of a holding company, including from six to 11 industry sub-holdings.
“The creation of the USF is one of the priorities of the SPF. The new structure should gradually include all strategic state-owned companies that will not be subject to privatization. The task of the USF will be to prepare development strategies not only for individual enterprises, but also for industries,” his words are quoted in the Fund’s press release on Thursday.
Fedorishyn added that the Fund will seek investments for the implementation of these strategies.
He said that the structure of the USF will be built according to international standards and norms, in particular, the IMF and the OECD.
The SPF, together with consultants, is now working on a bill that will determine the basic principles of the work of the Ukrainian Sovereign Fund. It will also define the criteria by which state assets will be included in the fund.
The fund will be headed by a director general, controlled and appointed by the supervisory board. The supervisory board will also be authorized to approve the strategy and monitor its implementation, protecting the rights of the state.
The director general, in turn, based on the approved industry strategy, will implement a roadmap for attracting investments and increasing the value of USF assets. He will also be authorized to analyze the fund’s work and prepare an annual report, which is to be approved by the supervisory board.
