Financial sector news

The Ministry of Economy, Environment, and Agriculture is working to improve the corporate governance system, in particular, to increase the independence of supervisory boards of state-owned enterprises.

This was announced by Deputy Minister of Economy Anna Artemenko during a conversation with journalists. According to her, a draft resolution on amendments to government resolutions No. 142, No. 143, and No. 777 has already been prepared.

"A few months ago, we developed a draft resolution on amendments to resolutions No. 142, No. 143, and No. 777. These changes propose to improve the procedure for electing and appointing members of supervisory boards. In particular, the qualification requirements for candidates will be strengthened, and a number of additional technical changes will be made. All this should increase the transparency of the selection process," Artemenko said.

She stressed that the proposed changes should improve the efficiency of the selection procedure for members of supervisory boards.
One of the next steps will be to update the statutes of state-owned companies. It is expected that key decisions, in particular regarding the appointment of the chair of the board, will be made by a simple majority of votes, rather than a qualified majority as before.
The ministry noted that all proposed changes have been agreed with the International Monetary Fund and the European Bank for Reconstruction and Development.