The state banks of Ukraine can appear the Supervisory Board

The Cabinet approved the establishment of the Supervisory Board.

The Cabinet of Ministers of Ukraine approved the draft law on corporate governance in state-owned banks.

About this on his Facebook page wrote Minister of Finance of Ukraine Oleksandr danylyuk.

“The Cabinet has approved the draft law on corporate governance in state-owned banks! Provides for the establishment of Supervisory boards, where the majority of members are independent professionals are selected according to a clear and transparent procedure,” – wrote the Minister.

Danyluk also said that this is an important part of a comprehensive reform of state-owned banks, which is aimed at improving their efficiency and the resumption of lending.

As noted by Interfax-Ukraine, the draft law On amendments to some legislative acts of Ukraine regarding peculiarities of management of state-owned banks suggests that the Supervisory Board of state-owned banks will consist of seven members, of whom five are independent and two state representatives.

Candidates for independent Director will be selected through an open competition by the company on the selection of staff with not less than ten years of international experience in the provision of services on the selection of the management team of the world’s leading banks.

One applicant for the position of representative of the state is determined by the President and one from the government.

Members of the Supervisory Board will be selected specially created by the Cabinet of Ministers of the competitive Commission which structure will include three representatives of the President and three government representatives.

The draft law also envisages amendments to the criminal code of Ukraine, which establishes liability for illegal interference into activities of officials of the state Bank.

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