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Members of UMCC board attended I Forum of Heads of State Enterprises
Members of UMCC board attended I Forum of Heads of State Enterprises

12.12.2016

On December 15, the Ministry of Economic Development and Trade with support of Ernst & Young hosted a forum of nearly one hundred directors of largest state enterprises of the county to discuss the changes in the management that are coming as a part of the reform.
On behalf of PJSC UMCC the event was attended by First Deputy Chairman of the Board Oleksandr Gladushko and Deputy Chief of Legal Department Kostyantyn Sukhykh.
First Vice Premier, Minister of Economic Development and Trade Stepan Kubiv addressed the participants of the forum with a welcoming speech.
First Deputy Economy Minister Maksym Nefyodov explained how the supervisory boards at state enterprises should be formed and how the institute of independent directors should be approved.
Lithuanian colleagues from the government sector, specifically independent director of the Supervisory Board of Klaipeda State Seaport Authority Nerijus Udrenas share his experience of how heads of companies, supervisory boards and management bodies should interact.
UkrPoshta General Director Ihor Smilyanskiy, managing partner at Talent Advisors Roman Bondar, Director of People Advisory Services group at Ernst & Young in Ukraine Olena Boychenko and other participants of the forum shared their vision of how to select and appoint independent directors and managers.
Head of the State Property Fund Ihor Bilous presented a report on how the state-private partnership will be built and what changes to the legislation should the state enterprises expect. Head of IFC (World Bank Group) in Ukraine Olena Voloshyna spoke about ways to attract financing for state enterprises.
“At the moment, there is no clear instruction on appointment of the members of the supervisory board in the legislation; only the functions that allow to increase this board’s influence on the transparency of decisions of state enterprises are known. That is why the event was very useful for us. We received answers to the majority of questions we had from the ministry’s representatives. Also, the experience of our Lithuanian colleagues was quite interesting and useful,” said Gladushko.
As a reminder, UMCC completes its corporatization on December 8, 2016 – the company turned from a state enterprise into a public joint stock company. The next step is the election of the supervisory board of UMCC. It will influence the decisions of the company’s board and will have the right to block them. This, in fact, is the purpose of the reform of the state enterprises – to increase the transparency of managerial decisions and avoid corruption.
After that PJSC UMCC will be transferred into management of the SPF, which will perform another audit of the asset, appraise it and develop the privatization procedure. “We expect that the company will be put up for sale approximately at the end of 2017,” says Gladushko.
By that time, he says, the company should fully transfer to international management standards, in particularly in terms of accounting. Financial report for 2016 will be drawn and presented based on international rules that are clear to foreign investors.