Cabinet approveddecision to conduct a comprehensive analysis of the activities of state-owned enterprises and strengthen control over state-owned enterprises.
“The decision strengthens the control and transparency of the management of state-owned companies. Now it is necessary to check how the management mechanisms work in all key public sector companies. Therefore, we are conducting an audit and have instructed the supervisory boards to check the state of work in the field of internal control, compliance, risk management, adherence to anti-corruption policy, and especially procurement procedures and financial discipline,”— said Deputy Minister of Economy, Environment and Agriculture of Ukraine Oleksiy Sobolev.
By the government’s decision, the supervisory boards of NJSC Naftogaz of Ukraine, Ukrzaliznytsia, JSC Ukrainian Defense Industry, PJSC Ukrhydroenergo, and state-owned banks were instructed, within the scope of competence determined by the charters of the enterprises, to analyze the effectiveness of the system of control over the activities of executive bodies, and to verify compliance with anti-corruption policy, financial discipline, and procurement procedures.
The functioning of internal control, risk management and internal audit systems will also be reviewed and measures will be taken to improve the effectiveness of corporate governance and the accountability of officials.
In addition, the government has instructed the State Audit Service to include large enterprises in financial control plans as a priority. State control over enterprises in which the state participates in management is also being strengthened.
