The Cabinet of Ministers of Ukraine approved a new procedure for evaluating the work of supervisory boards of state-owned companies and requirements for their activity report. About this reported press service of the Ministry of Economy.
According to the document, the supervisory boards of such state-owned companies as PrJSC “National Energy Company “Ukrenergo”, JSC “Naftogaz of Ukraine” JSC and LLC “Operator of the gas transport system of Ukraine” will undergo a mandatory assessment based on the results of 2024.
The purpose of the adopted procedure is to assess the independence of supervisory boards and compliance of their work with the principles of corporate governance recommended by the Organization for Economic Cooperation and Development. The document also fulfills one of Ukraine’s obligations within the framework of cooperation with the International Monetary Fund.
The procedure provides for a number of provisions, including evaluation elements, types of evaluation of the work of the supervisory board, criteria for engaging independent consultants, their selection procedure, preparation of evaluation results and decision-making based on them.
In addition, supervisory boards are required to submit a report on their activities to the company’s general meeting or the authorized management body by March 30 of each year. The report should contain information on the implementation of the company’s strategic development plan, the achievement of short- and medium-term financial, operational and non-financial goals defined in the owner’s letter of expectations.
