USPA Corporate Management to Be Adapted to OECD Standards

20 Дек

Cabinet of Ministers of Ukraine has approved on Wednesday 18 December the lines of public property corporate management reforming, as reported by Minister for Development of Economy, Trade and Agriculture of Ukraine Tymofiy Mylovanov.

“First. Each state-owned company is directed by a certain ministry or authority. These bodies are entitled to write out individual ownership policies for each company. A resolution shall validate such a policy structure: a) the company’s priorities, i.e. reasons why this company is owned by the state (e.g. Ukrainian Railways aka Ukrzaliznytsia can be aimed at securing a certain number of transportations); b) the company’s activity guidelines (what is possible and what is banned); and c) the company’s key indices and obligatory financial index (the figures to assess by whether the company is successful), wrote Mr Mylovanov in his Facebook.

“Second. Requirements toward the model articles of a company complying with OECD standards (international tax standards developed by Organisation for Economic Co-operation and Development). In particular, they amplify the powers of supervisory boards (more political independence from Government)”, pointed out Minister.

“Third. Requirements toward a company by which such articles are applicable to it – to grant more powers to the supervisory board. For instance, approved ownership policies, a capable supervisory board, a capable system of inner control and internal audit”, added the official.

According to him, the list of companies corporate management of which is necessary to be accommodated to OECD requirements, primarily embrace Naftogaz Ukrainy, Ukrzaliznytsia, Ukroboronprom, Ukrenergo, Ukrainian Sea Ports Authority, Borispil Airport, Ukrposhta, Energoatom, Ukrhydroenergo, State Food and Grain Corporation.

https://ports.com.ua/news/korporativnoe-upravlenie-ampu-privedut-k-standartam-oesr-milovanov