The Cabinet of Ministers of Ukraine has approved the upper annual salary limit for members of the PrivatBank's supervisory board at UAH 8.669 million.

The corresponding decision outlined in the amendments to the rules of determining the terms of payment for services and reimbursement of expenses of members of the supervisory boards of state unitary enterprises and business entities in which the charter capital of more than 50% of the shares (interests, units) belongs to the state was approved at a government meeting on Wednesday.

The document says: "until April 30, 2019, the maximum permissible amount of the base annual remuneration for the services of a member of the supervisory board of a bank withdrawn from the market with the participation of the state as insolvent is set at a rate increased by no more than 37% of the maximum allowable amount of the base annual remuneration payment for services of a member of the supervisory board of an enterprise, a company/bank with a net annual income from the sale of products (goods, labor, services), according to the latest annual financial statements, or with total income of more than UAH 31.64 billion."

According to the document, at present the base level of the annual salary of companies with the corresponding turnover is set at the level of UAH 6.328 million.

As reported, Ukraine's Cabinet of Ministers under a proposal of the National Bank of Ukraine (NBU) and shareholders in PrivatBank on December 18, 2016 decided to nationalize the financial institution.

On December 23, Finance Minister of Ukraine Oleksandr Danyliuk presented the new supervisory board of PrivatBank. The supervisory board of included EBRD Managing Director for Eastern Europe and the Caucasus Francis Malige, representative of Apollo Global Management Andrea Moneta, former Deputy Finance Minister Artem Shevalev, financier Steven Seelig proposed by the World Bank, the investment banker, commissioner for Naftogaz Ukrainy investment projects Serhiy Oleksiyenko, representative of the International Monetary Fund Engin Akcakoca, and Oksana Markarova, being currently acting Finance Minister of Ukraine.

The supervisory board on January 17, 2017 elected Akcakoca chairman.