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Rada allows formation of supervisory councils at state enterprises

Rada allows formation of supervisory councils at state enterprisesThe Verkhovna Rada has allowed the formation of supervisory councils at state-owned enterprises and including independent directors in them.

Some 251 MPs voted for adoption as a whole of bill No. 3062 on amendments to some legislative acts of Ukraine concerning the management of state-owned objects.

The Ministry of Economic Development and Trade, which insisted on the adoption of the document, after a vote in the parliament stated that the adoption of the draft law will allow to create mechanisms to protect state-owned companies from political interference, ensure transparency and accountability of their activities.

"The state reserves the right of a shareholder, but the main authority for the management of state companies will be transferred from the ministries to independent supervisory councils," senior advisor to the minister Adomas Audickas said.

The law will allow to form supervisory councils at state and municipal unitary enterprises without corporatization (now supervisory councils are only at economic entities). The list of companies, in which supervisory council are obligatory, will be defined by the Cabinet of Ministers and local councils.
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