17:59 23.10.2018

Energy ministry discusses Ukrenergo's corporatization with IFIs without company's representatives

2 min read
Energy ministry discusses Ukrenergo's corporatization with IFIs without company's representatives

Ukraine's Energy and Coal Industry Ministry on Monday held a meeting with representatives of international financial institutions (IFIs) to discuss corporatization of state-owned enterprises (SOE), in particular, National Energy Company Ukrenergo.

According to the press service of the ministry, Energy and Coal Industry Minister Ihor Nasalyk, his deputy Mykhailo Blyzniuk, heads of the structural units of the ministry, and acting Head of the parliamentary committee for the fuel and energy complex Oleksandr Dombrovsky, and representatives of the EBRD, the EIB, USAID, the Office of the U.S. Department of Energy at the Embassy in Ukraine, the Delegation of the European Union to Ukraine and the Energy Community took part in the meeting.

At the same time, according to a report on the Ukrenergo's website, the enterprise's representatives were not invited to this meeting.

"Despite the fact that Ukrenergo was not invited to this meeting, we cannot but note positive changes in the process of corporate governance reform and express hope for further constructive cooperation with the ministry, agreeing the terms of contracts of the members of the supervisory board for the full launch of its work," the company said.

According to the Energy and Coal Industry Ministry, Nasalyk said at the meeting that the ministry made efforts to ensure that the creation of supervisory boards was as transparent and understandable as possible. He also pointed out the need to intensify the process of corporatization of state-owned enterprises and their separation from the structures of the ministry.

At the same time, the minister pointed to "shortcomings in the corporatization process, among them is the postponement of the stocktaking and discrepancies in the property appraisal documents provided, which caused the negative conclusions of the commission on the reorganization of Ukrenergo.

At the same time, Ukrenergo insists that the documents submitted to the reorganization commission are valid, and were sent within the deadlines specified by the legislation and agreed by the responsible authorities.

In particular, the results of the stocktaking were agreed by the commission and approved by the Energy and Coal Industry Ministry, the appraisal report was drawn up by an independent appraiser and reviewed by the State Property Fund of Ukraine (SPF), and the transfer balance sheet prepared by the company was approved by an independent auditor.

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