The Cabinet of Ministers of Ukraine has approved the composition of the Supervisory Board of SE NPC Ukrenergo. Its first meeting is planned to take place by the end of October 2018, after the completion of all formal appointment procedures on the part of the Ministry of Energy and Coal Industry.
The Supervisory Board of SE NPC Ukrenergo will include four independent members, namely the former Director of the European Bank for Reconstruction and Development in Ukraine and Chair of the Supervisory Board of Ukrzaliznytsia Sevki Acuner (USA), President and CEO of Energinet Peder Andreasen (Denmark), CEO of the Academy of Technology Olivier Appert (France) and co-founder and CEO of DFC Economics Luigi de Francisci (Italy), as well as three representatives of the state, namely Deputy State Secretary of the Secretariat of the Cabinet of Ministers of Ukraine Serhii Kushnir, State Secretary of the Ministry of Energy and Coal Industry of Ukraine Maksym Nemchynov and Adviser to the Vice Prime Minister of Ukraine Oleksandr Poplavskyi.
As specified in the Charter of SE NPC Ukrenergo, the Supervisory Board approves the company’s development strategy, the annual financial plan, controls its financial and commercial activities, approves regulations regarding the control over the company’s activities, adopts decisions on the issue and placement of securities (other than shares), selects independent and internal auditors and appraisers of property, forms the basis of corporate and social responsibility of the enterprise, as well as its anti-corruption policy, etc.
At the same time, the Ministry of Energy and Coal Industry, as the governing body, should make appropriate decisions on the appointment in accordance with the current legislation of Ukraine.
“The appointment of the Supervisory Board will allow us to confirm the independence of the Ukrainian transmission system operator and certify Ukrenergo as a system operator in line with European standards. Independence of the system operator is a prerequisite for introduction of a new competitive electricity market and integration of the Ukrainian integrated power system into ENTSO-E. In this regard, you cannot overestimate the importance of appointing the Supervisory Board. All independent directors are experienced professionals with a good international reputation, which is the key to successful accomplishment of the company’s corporate reform and its sustainable long-term development. At the same time, representatives of the Government and the Ministry of Energy and Coal industry can significantly contribute to ensuring high-quality and efficient interaction with the governing body and other central executive authorities,” said Vsevolod Kovalchuk, CEO of Ukrenergo.