Prozorro.Sale has fully completed the process of corporatisation. From now on, 100% of the shares in the newly created joint-stock company belong to the state, represented by the Ministry of Economy of Ukraine. The newly established joint-stock company Prozorro.Sale is the legal successor to all rights and obligations of the state-owned enterprise Prozorro.Sale. According to Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, this is part of the Government’s corporate governance reform.

“The corporate governance reform is in line with the OECD recommendations on the management of state-owned companies. It aims to create modern mechanisms for professional management of state-owned companies in the interests of Ukrainian citizens, as well as to help ensure macroeconomic stability and attract investment,” said Yuliia Svyrydenko.

According to Oleksii Sobolev, Deputy Minister of Economy of Ukraine, corporatisation is being carried out to better manage state property and to increase transparency within companies.

“The Government’s policy is to gradually abandon the state enterprise form of organisation. Either through transformation into joint-stock companies or state institutions, or through privatisation. Effective corporate governance of state-owned companies is one of Ukraine’s obligations under the Association Agreement with the EU. The corporatisation of Prozorro.Sale will improve the management of the company that administers the state electronic trading system and will help attract investment in the development of the digital tool,” said Oleksii Sobolev.

For those who have been working in the Prozorro.Sale system, there will be no changes in their work.

Bidders wishing to sell or lease property or assets at online auctions and those wishing to participate in them can register as usual at one of the accredited sites of the Prozorro.Sale system.

From now on, the governing bodies of JSC Prozorro.Sale will be the Supervisory Board and the Board of Directors. The Supervisory Board of the joint-stock company is headed by Iliya Mykhaylov as a representative of the state. The Board also includes a representative of the state, Nataliia Boyko, and two independent members, Nadiia Vasylieva and Dmytro Krepak.

According to Iliya Mykhaylov, Chairman of the Supervisory Board of Prozorro.Sale, corporatisation is a change of organisational form from an outdated to a modern one without a change of ownership, in line with the best corporate governance practices of the Organisation for Economic Co-operation and Development (OECD).

“Thanks to corporatisation, the JSC will gain greater operational flexibility and thus the ability to perform the tasks set by its owner, the state, even more effectively,” said Iliya Mykhaylov.

As a reminder, since February 24, online auctions in the state electronic trading system Prozorro.Sale have helped to fill budgets of various levels with more than UAH 10 billion. During this period, more than 18,000 successful online auctions for the sale of public assets were held.

The most profitable auctions were those for the sale of assets of bankrupt banks held by the Deposit Guarantee Fund. These auctions brought in UAH 2.7 billion. Small-scale privatisation of state and municipal property raised UAH 2 billion to the budget. Online auctions of land were also successful, helping to raise almost UAH 1 billion during the war.