On 23 October, upon the results of the public open competitive selection, Ukrenergo appointed a Compliance Officer – Commissioner for Implementation of the Anti-Corruption Programme.
The competitive selection was organised by a recruitment company for the selection of top executives (Odgers Berndtson Ukraine) with the participation of independent observers. The selection lasted 4 months, 36 applications were submitted, of which six candidates were selected.
Hlib Bakalov, who has been appointed to this position, has many years of experience in developing compliance functions in leading international financial companies He also worked as a compliance officer abroad.
The key task of the Compliance Officer of Ukrenergo is to improve the system of compliance risk management in the company, as well as to introduce a system of internal control over adherence to anti-corruption, business ethics, conflict of interest, gift and personal data protection policies.
The Compliance Officer’s competence also includes ensuring compliance with the principles of transparency, non-discrimination and independence of TSO, the implementation of which is a prerequisite for successful integration with ENTSO-E. These and other tasks are clearly outlined in Ukrenergo’s Compliance Policy, developed with the participation of KPMG and consultants from Elia Grid International on the basis of the best compliance practices of European transmission system operators.
It should be noted that Ukrenergo was one of the first state-owned enterprises to fully implement the Compliance Function in accordance with the OECD standards. Compliance today is an effective risk management tool designed to prevent and minimise corruption risks, conflicts of interest, non-compliance standards or legislation violations.
“We are consistent in our intentions and anti-corruption measures. In this regard, establishment of a full-fledged compliance office in the company is another proof of our zero tolerance to any form of corruption. Integration into the European power system requires that we comply not only with the technical but also with the managerial standards of ENTSO-E. Here, an effective compliance risk management system constitutes an integral part of corporate governance of the European model. This is an extremely important prerequisite for the effective and sustainable development of the company and the implementation of its strategy,” noted CEO of Ukrenergo Vsevolod Kovalchuk.