15:20 23.11.2016

Supervisory Board in a Ukrainian Company: the Nova Poshta Experience

On December 6, 2016, representatives of Nova Poshta LLC, one of the fastest growing Ukrainian companies, will share their experience of designing an effective corporate governance system and creating an efficient Supervisory Board at the First International Forum of Corporate Directors.

Vyacheslav Klimov, a cofounder of Nova Poshta LLC and Chairperson of Personnel Development Committee of the Supervisory Board of the Nova Poshta Group, says that ‘Nova Poshta represents a small number of Ukrainian companies with the efficient working Supervisory Board. Cooperation between the company owners and its Supervisory Board is always a synergy of opinions that produces good results. The very fact that we created the Supervisory Board leaves no doubt that Nova Poshta intends to follow the best international practices in corporate governance, conduct its business in a transparent manner, and remain fully responsible to its customers, investors and society’.

Positive impact on the investment prospects of a company is a key argument in favor of the corporate governance system. Potential investors will always be attracted by a transparent structure and actual results of the Supervisory Board’s operations. These criteria are of vital importance in making a decision to make investments into a company.

‘Now, Ukrainian business has to be ready to raise investment funds. To complete this task, every company has to demonstrate a transparent and understandable system of corporate governance. Making Ukrainian companies attractive for investors is an objective both the government and entrepreneurs will have to fully meet. In order to bring business out of the shadows, the government must reduce the burden of taxation. Business operating in favorable conditions will definitely find it much easier to work by the standards understood by investors all around the world,’ points out Daniil Pasko, Chairperson of the Supervisory Board of the Nova Poshta Group.

Mark Ivashko, a member of the Supervisory Board of Nova Poshta LLC who sits on the Board’s Finance/Audit and Corporate Governance Committees, agrees with the above opinion. Ivashko is convinced that a fully functional corporate governance system and an efficient Board of independent directors will be a positive indicator to potential investors. He adds that ‘they understand that a company has a functional and transparent management system that includes the required tools for risk control. This provides any investor with a guarantee that the most important corporate decisions will be fully substantiated and made with due regard to different opinions in the best long-term interests of the company’.

In Ukraine, the topics of ‘corporate governance’ and ‘supervisory board’ became a focal point of business discussion after the institute of independent directors had been introduced at the level of Ukrainian legislature. Now the law simply requires that all public companies (PAO) elect at least two independent directors to sit on the Supervisory Board. On the upcoming Forum, members of the Supervisory Board of Nova Poshta LLC will report on the requirements for candidates to occupy such important company positions.

‘The title “independent director” itself contains two key requirements. Any director is supposed to be a professional in the field, with relevant work experience in various organizations and sectors, who is an experienced person in both real life and corporate management. The word ‘independent’ means the ability and willingness to express and stand for professional suggestions and opinions. Independents are people who are “in the know and have seen a lot in their life" outside the company. Assistance from independent directors can help the company owner to formulate a truly comprehensive and objective opinion on the quality of the company management, on the efficiency the newly built structures and management systems demonstrate as compared with the best existing corporate practice, and, in this connection, on the chances to fully meet the company’s strategic objectives,’ – points out Denis Brodskiy, a member of the Supervisory Board of Nova Poshta LLC who sits on its Nomination and Remuneration Committee.

On December 6, the First International Forum of Corporate Directors (to be held in Hilton Kyiv), will offer more opportunities to learn more about the ways Nova Poshta LLC is developing its effective corporate governance system, what problems and challenges have been faced and shall have to be overcome.

In addition, other company cases will be presented during the event: in particular, Naftogaz of Ukraine, Mironivsky Hliboproduct, DTEK, banking and international companies. A detailed schedule of the event.

Organizers: Corporate Governance Professional Association (CGPA), International Finance Corporation (IFC). The official legal partner: International Law Firm Baker & McKenzie. The official energy partner: Donbassenergo. The official educational partner: Ukrainian Corporate Governance Institute. Sessions partners: Nova Poshta, DTEK.

Event-provider: Event Envoy Company.

The main news media partner - The Interfax-Ukraine News Agency.

With support: National Securities and Stock Market Commission, ACC, IBI-Rating, PARD, UAIB, UAA, IIB, AUST, UBA.

General media partner: Newspaper BUSINESS. General TV partner: First Business Channel. Legal media partner: Newspaper «Yurydychna Gazeta». Media partners: IA LigaBusinessInform, financial portal «MinFin», finance.ua and Stockworld.com.ua. Informational partner: OFFSHOREVIEW.EU.

For detailed information about the Forum of Corporate Directors you can contact: tel. +380 44 221-26-35, +38044 22-88-759, e-mail: info@eventenvoy.com.ua, info@cgpa.com.ua, www.eventenvoy.com.ua , www.cgpa.com.ua.

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