The main priority of the Ministry of Finance of Ukraine is to ensure financial and banking systems’ stability. To do that, the Ministry is implementing measures to improve corporate management in state-owned banks and increase overall efficiency.
Recently – after a shareholders’ meetings at Rodovid Bank, Ukrgasbank and Ukrainian Bank for Reconstruction and Development on April 27-29 and a reshuffle at the Ministry of Finance – the composition of the Supervisory Boards of these banks has been significantly updated. Most notably, Artem Shevalov, the Deputy Minister of Finance for European integration was elected as the Chairman of Supervisory Boards of these banks. Oksana Markarova, Chief of Staff at the Ministry of Finance, and other officials from the Ministry and Secretariat of Cabinet of Ministers have also joined the Boards.
Kirill Shevchenko was appointed as the Chairman of the Board at Ukrgasbank by the bank’s newly elected Supervisory Board. Cabinet of Ministers decided to recommend Shevchenko for this post on April 15, seconding a decision of the Nomination Committee, composed of 5 ministers and 5 independent experts.
According to the Regulations on Procedure for Registration and Licensing of Banks, approved by the National Bank’s Resolution No. 306 (September 08, 2011), a candidate for the post of Chairman of the Board can assume office after the National Bank of Ukraine seconds his appointment and verifies his qualification and reputation. There was another important decision at the meeting of Ukrgasbank shareholders.
Two independent experts – Teimur Bagirov, one of the front runners for the post of the Chairman of the Board, and Shrenik Davda, a British expert on banking and investments – were elected as members of the Supervisory Board of the bank.“We hope that the addition of two independent members to Ukrgasbank’s Supervisory Board will help us introduce even more qualified specialists into the bank’s management and thereby increase its quality of decision-making and corporate management standards” - Artem Shevalov.