13:14 14.12.2017

Energy ministry suspends shaping Ukrenergo's supervisory board

1 min read
Energy ministry suspends shaping Ukrenergo's supervisory board

 Ukraine's Energy and Coal Industry Ministry has suspended the procedure for shaping the supervisory board of Ukrenergo due to synchronous reorganization of the state-owned enterprise, Law Director at the company Maskym Yurkov has said.

"On December 1, 2017 an order of the ministry to start the selection of members of the supervisory board was annulled. We hope that the process would be relaunched as soon as possible," he said at the second International Forum of Corporate Directors in Kyiv.

Yurkov recalled that the Cabinet of Ministers of Ukraine on November 22 launched corporatization of Ukrenergo via the reorganization of the state-owned enterprise into a private joint-stock company, 100% of shares of which belong to the state.

"Actually, these two processes are mutually exclusive, because at the legislative level the issue whether the members of the supervisory board of a state enterprise will retain their powers when converting to a JSC has not been settled. According to the usual logic of public agencies, if not settled, it means that it is impossible," he said.

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