THE UKRENERGO CORPORATE GOVERNANCE REFORM IS CONTINUING
Yesterday mass-media spread some information as regards to suspending of the Ukrenergo Supervisory board establishment.
The publication misconstrued some expressions of Maksym Yurkov, Chief Legal Officer at Ukrenergo.
Actually, the order as of December 1, 2017, recognizes the order on a competitive selection of the Ukrenergo supervisory board independent member as an invalid one.
The following process related to the procedural aspects stipulated by the Provision №142 of the Cabinet of Ministers of Ukraine “About some issues on management of the state unitary enterprises and economic societies which authorized capital consists of more than 50 percent state-owned shares”.
There are some legal gaps as regards to the supervisory board members status especially within the transformation of the state enterprise into the private joint-stock company.
However, there is nothing in common with suspending of the procedure for selection of the supervisory board members.
The Ministry of Energy and Coal Industry is to announce the competitive selection of four independent members of the Ukrenergo supervisory board by the end of 2017.
The process will help to establish the quality and professional supervisory board in compliance with the international standards.
The corporatization process has already started and it will be implemented according to a procedure stipulated by the current legislation.