KYIV. Oct 24 (Interfax-Ukraine) – Acting Director of national energy company Ukrenergo Vsevolod Kovalchuk has said that the state-run enterprise requires corporate management reforms.
“I encourage in every way and urge everyone to accelerate the implementation of the so-called law on corporate management of state-run enterprises. Corporatization is a more complicated process. We must be corporatized, but this will happen later when the law on the electricity market takes effect and when bylaws are passed,” he said in an interview with Interfax-Ukraine.
He said that in the future the supervisory board should be created with independent directors. They will determine the long-term policy of the company.
“One can permit that one director of the state-run company and one minister who manages him settle all issues themselves. Especially taking into account the fact how often these heads are replaced. Culture, development of the enterprise must be seen. A body that is elected for a long period of time, supervisory board, independent directors must exist. I would like to see an independent supervisory board with representatives of our largest creditors as its members. 70% of our investment is made using funds of international financial institutions,” Kovalchuk said.
“Other oversight agencies, independent qualified energy workers and managers should be present. They would form the management policy on the basis of transparent and clear principles,” he said.
Kovalchuk reminded that Ukrenergo attracted Baker&McKenzie to design new regulations, the regulations on the supervisory board and other documents to accelerate these processes.
“Ukraine took a liability to the EBRD [European Bank for Reconstruction and Development] eight years ago. We are waiting for next steps in this directions from the Energy [and Coal Industry] Ministry, Economic [Development and Trade] Ministry and the Cabinet of Ministers of Ukraine,” he said.
