The Cabinet of Ministers of Ukraine has appointed independent members and representatives of the State to the Supervisory Boards of three state-owned banks: JSC Oschadbank, JSC Ukreximbank and JSC CB PrivatBank, who will commence their duties starting from June 14, 2019.
The selection of candidates to the positions of independent Supervisory Board members from among 632 applications was made by Pedersen and Partners, Ward Howell Ukraine and Talent Advisors which were selected on a competitive basis with the participation of international organizations.
Based on 69 interviews with candidates and their assessment against the established criteria, the Nomination Commission, comprising of representatives of the relevant committee of the Verkhovna Rada of Ukraine, the President, the Cabinet of Ministers, decided on the winners of the competitive selection. Representatives of International Financial Organizations participated in the Selection Commission’s meetings with an advisory capacity.
Oksana Markarova, Minister of Finance of Ukraine said: “We are pleased to see so many experts of an extremely high professional level taking part in the competition. This indicates good prospects for the development of our banks and that we have taken the correct path for reforming the state banking sector”.
Each Supervisory Board got six independent members and two representatives of the State. The term of office of Supervisory Board members is three years.
According to the CMU decisions, the following persons became Supervisory Board members:
AKçAKOCA Engin, MONETA Andrea, SEELIG Steven, EASKY Sharon, SHAIKH Nadir, KLEIN Eran as independent members, and representatives of the State — SHEVALIOV Artem (from the CMU) and OLEKSIYENKO Sergiy (from the VRU).
THORSTEN Paul, FISHER Steven, CHICHLO Dimitri, GORDIYENKO Olyana, KONOVETS Sergiy, MENU Dominique as independent members, and representatives of the State — BUTSA Yuriy (from the CMU) and SHULGA Alla (from the VRU).
ACUNER Sevki, APINE Baiba, REZNIKOV Оleksii, GRINCHENKO Оleksii, WEINSTEIN Michael, BRIGGS Peter, as independent members, and representatives of the State — BILAK Daniel (from the CMU) and VLASOV Dmytro (from the VRU).
“Creation of independent and competent supervisory boards is key to introducing corporate governance in banks with the state share, as provided by the Strategic Principles for Reforming the State-owned Banking Sector. As we already see in the case of Ukrgasbank, it is a very effective tool that allows to improve the efficiency of functioning of financial institutions in the short run, as well as minimizes the risks of political influence, increases financial attractiveness and accelerates the entry of foreign investors into capital”, Oksana Markarova, Minister of Finance of Ukraine, stated.