The Government welcomes the launch of the Nominations Committee on the Appointment of Heads of Enterprises of Critical Importance for the Economy.

On July 6, a meeting of the renewed Nominations Committee was held, attended by Jason Pellmar, Head of the IFC Regional Office in Ukraine, Belarus and Moldova (Chairman of the Committee), First Deputy Prime Minister - Minister of Economy of Ukraine Oleksiy Lyubchenko, Minister of Energy of Ukraine Herman Haluschenko, Deputy Head of the Office of the President of Ukraine Yulia Svyridenko, IMF Resident Representative in Ukraine Vahram Stepanyan, EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone, Business Ombudsman of Ukraine Marcin Svenczycki, Deputy Chairman of the EBRD in Ukraine Iryna Kravchenko, Economist of the IMF in Ukraine Maria Chebanova.

The resumption of the Nomination Committee’s activities is an important step in continuing the proper formation of supervisory boards for a number of the major state-owned enterprises, being a necessary precondition for further pursuing corporate governance reform.

The Government stands for prolonging of corporate governance reform. This is a continuation of the strategic course towards the creation of efficient and transparent state-owned enterprises based on internationally recognized standards of corporate governance.

Corporate reform and the activity of independent supervisory boards, which are selected through a transparent competition, are of critical importance in order to completely remove the corruption component in the work of strategic state-owned enterprises. Improving the management of state-owned enterprises will help increase competitiveness and help strengthen public financial management.

The Government is also eager to ensure in the highest efficiency of the reform and it bringing maximum results to Ukraine. To provide the best possible results of corporate governance reform, Ukrainian legislation needs to be improved. Recently, the line committee of the Verkhovna Rada of Ukraine at its sitting supported the bill on improving corporate governance, which was developed in close cooperation between MPs, government officials and international partners. Adoption of these changes will bring Ukraine even closer to the best international practices in corporate governance as recommended by the OECD. It is vital to have quality legislation that meets the requirements of the time and ensures transparent, professional and accountable management of enterprises. The Cabinet of Ministers believes that the finalized version will be approved by the Parliament as soon as possible. At the same time, it is important to ensure that corporate reform continues while the legislative changes in the Parliament are adopted.