16:49 14.08.2019

Government approves new version of PrivatBank's bylaws

1 min read
Government approves new version of PrivatBank's bylaws

Ukraine's Cabinet of Ministers on August 14 approved a new version of state-owned PrivatBank's bylaws and provisions for its supervisory board.

Government decree No. 594 of June 5, 2019, which approved the bylaws and provisions for the bank's supervisory board, was amended, an Interfax-Ukraine correspondent reported.

The updated document takes into account the comments of the National Bank of Ukraine (NBU), which previously refused to endorse the bank's bylaws. According to the July 30 decision made by the NBU's committee on supervision and regulation of banks and oversight of payment systems, certain provisions of the new edition of the bank's bylaws not meet the requirements of the current legislation of Ukraine, in particular, Article 7 of the Law on Banks and Banking, which regulates the functioning of state-owned banks.

The committee drew attention to the deviation from the principle of equal rights and duties of independent members and state representatives in the supervisory board of the bank; to more grounds for suspension of members of the supervisory board and on the procedural aspects of the adoption by the supervisory board of decisions by absentee voting.

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