The Cabinet of Ministers of Ukraine has approved the Procedure for Evaluating the Performance of Supervisory Boards of State-Owned Companies and the requirements for their performance reports.
According to the Ministry of Economy, the supervisory boards of such state-owned companies must undergo an assessment of their performance in 2024: PJSC National Energy Company Ukrenergo, JSC Naftogaz of Ukraine and LLC Gas Transmission System Operator of Ukraine.
The procedure will allow assessing the independence of supervisory boards and their compliance with the principles of corporate governance of the Organisation for Economic Cooperation and Development. Adoption of the document is also one of Ukraine's commitments in the framework of cooperation with the IMF.
The document sets out the elements of the assessment, which are to be considered, the types of assessment of the supervisory board's performance, the criteria for engaging an independent consultant to conduct an external assessment of the supervisory board's performance, the procedure for selecting an independent consultant and drawing up the assessment results, and the procedure for making a decision based on the assessment results.
The report on the annual work of the supervisory board must be submitted to the general meeting of the company or the authorised management body by 30 March each year.
It should contain data on the implementation of the company's strategic development plan, achievement of short- and medium-term financial, operational and non-financial goals set out in the owner's letter of expectation.
- In December, the government approved the renewed composition of Ukrenergo's Supervisory Board, which includes four independent members and three state representatives.
- And at the end of last year, the powers of five members of the supervisory board of Ukrzaliznytsya were extended for 6 months.