The National Bank of Ukraine (NBU) has designed recommendations how to organize corporate governance at banks and sent them to banks, the NBU has reported on its website.

"The main goal of the document is to increase the level of corporate governance in the banking sector of Ukraine, taking into account the adopted legislative changes and guidelines of the Basel Committee on Banking Supervision on corporate governance and best international practices," the central bank said.

The document contains recommendations on the organization of corporate governance, in particular, regarding:

- responsibility, functions, composition and the rules of work of the bank's board;

- the formation, composition, powers and working procedures of the committees of the bank;

- the role of the bank's board in ensuring the effective functioning of the internal supervision system in the bank;

- introducing an effective remuneration policy that will encourage employees to act in the interests of the bank and not resort to excessive risks;

- disclosing information on corporate governance by the bank.

The relevant recommendations were approved NBU decision No. 814-rsh dated December 3, 2018, which entered into force on the same day.