The Cabinet of Ministers of Ukraine has approved the Procedure for Evaluating the Performance of Supervisory Boards of State-Owned Companies and the requirements for their performance reports.
The document stipulates that the supervisory boards of the following state-owned companies must undergo an assessment of their performance in 2024: PrJSC National Power Company Ukrenergo, JSC Naftogaz of Ukraine and LLC Gas Transmission System Operator of Ukraine.
The procedure will allow assessing the independence of supervisory boards and their compliance with the principles of corporate governance of the Organisation for Economic Cooperation and Development. The adoption of the document is also one of Ukraine’s commitments under its cooperation with the IMF.
The assessment procedure contains the following provisions:
The document also provides for the submission of a report on the annual work of the supervisory board to the general meeting of the company or the authorised management body by 30 March each year. The report must contain data on the implementation of the company’s strategic development plan, achievement of short- and medium-term financial, operational and non-financial goals set out in the owner’s waiting list.
The draft resolution was developed by the Ministry of Economy in cooperation with the USAID / UK aid SOERA project.