11:46 05.04.2017

Independent supervisory board in 15 largest SOEs to be appointed by July – memo with IMF

Independent supervisory board in 15 largest SOEs to be appointed by July – memo with IMF

Independent supervisory boards in 15 largest Ukrainian stateowned enterprises (SOEs) will be appointed by end-June 2017, according to a memorandum of Ukraine and the International Monetary Fund (IMF) after the third review of the Extended Fund Facility (EFF).

According to the document, following adoption of the SOE corporate governance law, the Cabinet of Ministers of Ukraine will adopt the decisions regulating the establishment of supervisory boards by end-March 2017.

"We will complete the appointment of independent supervisory boards in the largest 15 SOEs by end-June 2017. Moreover, we expect audit reports for the largest SOEs, prepared by reputable auditors that were selected on the basis of the CMU [Cabinet of Ministers of Ukraine] decree on criteria for auditor selection in large SOEs, to be completed by end-June 2017," says the memo.

"We continue to explore options for the establishment of a single national Holding Company that will be tasked with managing strategic commercial SOEs," reads the document.

"We continue with the triage of all SOEs in consultation with IMF staff. SOEs without a clear national strategic interest will be privatized or liquidated. By end-August 2017, the Cabinet will adopt, and publish on the MoEDT [Ministry of Economic Development and Trade] website, the triage and transfer of SOEs to the State Property Fund of Ukraine (SPFU) (a new deadline for this structural benchmark, reset from end-October 2016)," reads the document.

On the basis of the results of the triage, the Ukrainian government plans to centralize the liquidation of non-operating SOEs under the SPFU. With this intent, the SPFU, in consultation with relevant ministries, is preparing a draft law that will enable the SPFU to liquidate SOEs with zero assets or where assets are smaller than liabilities, under streamlined procedures.

"In this context, we will conduct an analysis of the bankruptcy law as relevant for SOEs and introduce the necessary changes where needed. We expect parliament to adopt this draft bill by end-June 2017," reads the memo.

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