14:48 27.09.2017

Govt approves bill on corporate governance at state-owned banks

2 min read
Govt approves bill on corporate governance at state-owned banks

The Cabinet of Ministers of Ukraine at a meeting on Wednesday approved a bill on corporate governance at state-owned banks, Ukrainian Finance Minister Oleksandr Danyliuk wrote on his Facebook page.

"The creation of supervisory boards where most of members are independent professionals selected under the clear and transparent rules is envisaged," Danyliuk said.

The minister said that the decision is a next step in the comprehensive reform of state-owned banks aimed at boosting their efficiency and resuming lending.

The bill says that supervisory boards of state-owned banks will consist of seven members, including five independent members and two representatives of the state.

Applicants for independent directors are selected at an open tender by a recruiting company with at least ten years of international experience in providing services to select the top managers of the world's leading banks.

One applicant for the post of representative of the state is appointed on the proposal of the president and one - at the suggestion of the government.

The members of the supervisory council will be selected by a tender commission set up by the Cabinet of Ministers, which will consist of three representatives of the president and three representatives of the government.

The bill has a list of criteria independent directors and representatives of the state are to meet.

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