"United Mining and Chemical Company" | News | MEDT to select Supervisory Board of PJSC UMCC

MEDT to select Supervisory Board of PJSC UMCC
MEDT to select Supervisory Board of PJSC UMCC

22.05.2017

On Friday, May 19, the Ministry of Economic Development and Trade (MEDT) announced a tender for the selection of four independent members of the supervisory board of PJSC United Mining and Chemical Company, according to a release on the ministry's website - http://bit.ly/2rJoZd9
The applications will be accepted until July 4 and the selection will take place July 5. It is expected that the results will be announced by August 3, 2017, announced the ministry.
Creation of the supervisory board is the final stage of transformation of UMCC into a joint stock company, managed by international standards.
“Appearance of the supervisory board of PJSC UMCC, where four of seven members will be independent experts in the area of international company management, will help us improve the effectiveness and transparency of decision-making,” comments PJSC UMCC Acting Chairman of the Board Oleksandr Gladushko.
“We expect that the world-class experts will join the management of such strategically important for our country facilities as our plants. This will give the company an opportunity to reach a new level of growth, as the supervisory board will be responsible for providing financial control, risk management and strategic and financial stability of the company,” he said.
The process of formation of a supervisory board at PJSC UMCC is particularly important on the eve of privatization planned for this year. Management of the company by international standards will help potential investors to understand its operation and consider the asset and its price better.
“We are happy and the Ministry of Economic Development and Trade continues the course of our company towards reforming and further sale. This fully corresponds to our vision of development of vitally important titanium assets of Ukraine, specifically transition to the international level of management with subsequent attraction of a private investor,” sums up Gladushko.