The renewed supervisory board of the state concern Ukroboronprom, at its first meeting on June 1, elected Tymofiy Mylovanov, ex-minister of economics and president of Kyiv School of Economics (KSE), as its head and asked the director general of the concern to prepare a plan for the transformation of the concern.

"The reform of Ukroboronprom makes it possible to turn the enterprises of the state defense-industrial complex into economic societies as soon as possible. This will automatically open access to capital, investment and international technology transfer," Mylovanov is quoted as saying in a press release of the state concern posted on Wednesday.

He also said that the Supervisory Board approved the first audit in the history of Ukroboronprom for 2019, conducted by Baker Tilly. "The results are not very good - there is a lot to work on," said the head of the supervisory board.

According to him, three committees were also created in the council: on compensation (salaries and KPI), on regulations and on transformation, as well as a schedule of meetings was also made up - every last Thursday of the month.

As reported, the updated Supervisory Board of Ukroboronprom also includes First Deputy of the Ministry for Strategic Industries Valeriy Ivaschenko, ex-director of the American Defense Research Projects Agency (DARPA) Anthony Tether, ex-owner of Dnipro Spetstech LLC and ex-member of the Supervisory Board of Sich Bank Oleksandr Nosov and ex-head of the board of Zaporizhstal Rostyslav Shurma.

The powers of the Supervisory Board of Ukroboronprom include, in particular, the approval of the development strategy and directions of the concern's activities, as well as control over the implementation by the concern and its members of the tasks assigned to them in the field of the military-industrial complex and military-technical cooperation.