NPC Ukrenergo’s Corporate Governance Code is approved. The document was endorsed by the Ministry of Finance (Order No. 45 of 29 January 2021) in accordance the National Code of Corporate Governance of Ukraine approved by the National Commission on Securities and Stock Market in 2020.
The corporate governance standards implemented in the Code are applied in national and international practice and comply with the Corporate Governance Guidelines of the Organization for Economic Co-operation and Development (OECD), the current legislation of Ukraine, and generally accepted standards of ethical conduct.
They are implemented to increase the transparency and expedite the decision-making process in the Company, facilitate its strategic development and investment efficiency, protect the national economic interests and focus on people who are the main asset of the enterprise.
“The approval of the Corporate Governance Code is a strategically important step in Ukrenergo’s reforms. It will help us improve the efficiency of the Company’s activities, strengthen responsibility and efficiency of controls. At the same time, we not only improve our corporate governance model but also increase the efficiency of performing the tasks of the Transmission System Operator playing a key role in maintaining the energy security of Ukraine,” stressed Maksym Yurkov, Member of the Management Board of NPC Ukrenergo.
The Code approval is also an important achievement in the framework of the Corporate Governance Improvement Project of state-owned enterprises, which is implemented in cooperation with the Ministry of Finance, the Ministry of Economic Development, Trade and Agriculture, the Cabinet of Ministers of Ukraine, and the Organization for Economic Co-operation and Development.
It is to be recalled that in 2020, the Organization for Economic Co-operation and Development published the analytical report “State-Owned Enterprise Reform in the Electricity Sector in Ukraine” with an assessment of Ukrenergo’s corporate governance based on the OECD’s Guidelines on Corporate Governance of State-Owned Enterprises, which are recognized as a global standard for public sector management reform.
The Report notes that Ukrenergo has undergone major corporate governance reform that contributed towards improving the Company’s corporate governance practices and aligning it closer to the OECD standards. In particular, the changes include Ukrenergo’s corporatisation, the appointment of an independent supervisory board, the creation of a more robust system of internal controls, the establishment of compliance, the significant improvement of procurement practices, and so on.
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