Business news from Ukraine

Business news from Ukraine

UKRAINE SUSPENDS TENDERS FOR SUPERVISORY BOARD OF STATE COMPANIES

The Cabinet of Ministers has published a resolution on the suspension of competitions for the heads and members of the supervisory boards of state-owned companies during martial law, except for Ukrenergo, NJSC Naftogaz Ukrainy, Ukrhydroenergo, the Ukrainian Sea Ports Authority, Boryspil International Airport and Energoatom, as well as members of the supervisory boards of state-owned banks.
As evidenced by government resolution No. 643 of May 31 on the governmental portal, the Cabinet of Ministers allowed the use of “technical means of communication,” including telephone and video conferences, to hold competitions for the heads of supervisory boards in state-owned companies that are especially important for the economy during martial law.
At the same time, the government suspended competitions for managers, heads of executive bodies and members of state-owned companies, which were announced before martial law, the document says.
The resolution also allows to appoint without competition, in agreement with the Cabinet of Ministers, heads and members of supervisory boards in state-owned companies of strategic importance for the economy and security of the state, whose asset value according to the latest financial statements or whose annual net income exceeds UAH 200 million, as well as enterprises important for the economy with assets over UAH 2 billion or an annual net income over UAH 1.5 billion.
At the same time, the Cabinet of Ministers obliged the relevant subjects of government to hold competitions for the heads and members of the supervisory boards, who were appointed outside the competitive selection, within three months after the abolition or termination of martial law, the document says.

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INDEPENDENT MEMBERS OF STATE-RUN NAFTOGAZ SUPERVISORY BOARD RESIGN

Independent members of the supervisory board of NJSC Naftogaz Ukrainy resigned on Tuesday, a government source has told Interfax-Ukraine.
As reported, Naftogaz CEO Yuriy Vitrenko and independent members of the board were not able to to develop a constructive dialog. Prime Minister of Ukraine Denys Shmyhal on Monday evening met with independent members of the Naftogaz supervisory board, and on Tuesday morning, the members of the supervisory board talked with the company’s management board.
On September 7, the prime minister announced in his Telegram channel that the competition for the selection of four members of the supervisory board of Naftogaz Ukrainy will be announced within a week.
According to him, the competition should end in November this year so that the new supervisory board has enough time to determine the requirements for a candidate for the post of chairman of the Naftogaz board and hold a competition to select him no later than May 1 of next year.
The Cabinet of Ministers of Ukraine, by order No. 494-r dated May 19, 2021, elected three independent members of the Supervisory Board for a new term of up to one year: Clare Spottiswoode (Great Britain), Bruno Lescoeur (France) and Ludo Van der Heyden (Belgium), as well as two representatives of the state: Nataliya Boyko and Yulia Kovaliv.
In addition, the powers of a member of the Supervisory Board representing the state, Robert Bensch, were prematurely terminated, and Yulia Svyrydenko, Deputy Head of the Office of the President of Ukraine, replaced him.

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U.S. BUSINESSMEN AND FORMER DIPLOMAT HOCHSTEIN LEAVING UKRAINIAN NAFTOGAZ’S SUPERVISORY BOARD

U.S. Businessmen and former diplomat Amos J. Hochstein has notified NJSC Naftogaz Ukrainy that he leaves the company as independent director in the supervisory board of the company and among the reasons behind his decision to leave the supervisory board, Amos Hochstein mentioned growing opposition to gas market reforms and the transformation of Naftogaz into an independent and efficient company, Naftogaz said on Monday.
“Naftogaz faces increasing sabotage from corrupt forces,” Hochstein said in his column in KyivPost publication.

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PETER CHERNYSHOV JOINS PHARMACEUTICAL COMPANY FARMAK’S SUPERVISORY BOARD

PJSC Farmak pharmaceutical company (Kyiv) has introduced ex-president of Kyivstar Peter Chernyshov to the supervisory board of the company. Earlier Chernyshov headed Carlsberg in Ukraine.
“The supervisory board of Farmak made a decision to strengthen its membership by inviting a person with considerable experience in modern companies that have gone through intensive growth and development,” the company said, citing Head of the supervisory board and the final beneficiary of the company Filia Zhebrovska.
According to her, taking into account the work on the generics market, Farmak’s planning horizon is 5-10 years, so the company needs such specialists.
According to the release, the corresponding decision was approved by the Farmak shareholders at a meeting on July 4.
“I will work in the pharmaceutical industry. Of course, the most important thing is to understand how money is made in it and why some companies thrive and others do not. I will devote part of my time to Farmak, and I will even have a small office there,” Chernyshov said, commenting on his appointment in Facebook.
He said that membership in the Farmak’s supervisory board will not be his new permanent job. “I will not appear there every day and (most importantly) I will not lead anyone in the company. My main work will be participation in strategic projects of the company along with top management and other board members,” the ex-president of Kyivstar said.
According to him, one of the reasons why he agreed to this position is the desire to work with Zhebrovska, who invited him to talk about a new position about a month ago.
“My goal is to help achieve a further strategic goal – to increase our presence in the European market, while at the same time contributing to the development in Ukraine as a serious R&D center and a leading domestic producer,” Chernyshov said in the official press release.

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EU APPOINTS LAST REPRESENTATIVE TO SUPERVISORY BOARD OF ENERGY EFFICIENCY FUND OF UKRAINE

The European Union (EU) has selected Laura Garbenciute its representative in the supervisory board of the Energy Efficiency Fund of Ukraine, thus, completing the creation of the board. According to a report of the press service of the Regional Development, Construction, Housing and Utilities Economy Ministry, earlier Garbenciute worked in PricewaterhouseCoopers and has considerable experience in the audit sphere.
As reported, two representatives from the government, one representative from international donors and two independent representatives are members of the supervisory board of the Energy Efficiency Fund. They are elected for five years. The same person is restricted to three terms of office and may be selected only at a tender.
The Cabinet of Ministers of Ukraine selected its representatives in the supervisory board of the Energy Efficiency Fund: Deputy Finance Minister Yuriy Heletei and Director of the life-support systems economy department of the Regional Development, Construction, Housing and Utilities Economy Ministry Natalia Khotsianovska.
Winners of the tender to select independent members of the supervisory board of the Energy Efficiency Fund are Andrzej Rajkiewicz (Poland) and Yulia Sabatiuk (Ukraine).

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ANDRZEJ RAJKIEWICZ FROM POLAND ELECTED HEAD OF SUPERVISORY BOARD OF ENERGY EFFICIENCY FUND

The supervisory board of the Energy Efficiency Fund has elected Andrzej Rajkiewicz its head, the press service of Deputy Prime Minister, Regional Development, Construction, Housing and Utilities Economy Minister of Ukraine Hennadiy Zubko has reported.
“Rajkiewicz was elected head of the supervisory board of the Energy Efficiency Fund – a person who has extensive experience in energy efficiency in Poland and other European countries. This decision was made at the first meeting of the fund’s supervisory board on December 17,” Zubko said.
According to him, the meeting also approved the rules of procedure for the meetings of the supervisory board, determined the procedure for selecting members of the directorate and the head of the internal audit unit, approved the action plan for 2018 and the first quarter of 2019. In addition, the announcement of the tender to select management is expected.
As reported, four members of the fund’s supervisory board have already been selected, the last one is expected to be defined – a representative from the European Union.
The Cabinet of Ministers of Ukraine selected its representatives in the supervisory board of the Energy Efficiency Fund: Deputy Finance Minister Yuriy Heletei and Director of the life-support systems economy department of the Regional Development, Construction, Housing and Utilities Economy Ministry Natalia Khotsianovska.
Winners of the tender to select independent members of the supervisory board of the Energy Efficiency Fund are Andrzej Rajkiewicz Миралинкс (Poland) and Yulia Sabatiuk (Ukraine).
Two representatives from the government, one representative from international donors and two independent representatives will be members of the supervisory board of the Energy Efficiency Fund. They are elected for five years.

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