The National Bank of Ukraine announces the completion of Oleg Kurinnyi’s duties as Director of the Department of the Corporate Non-State Pension Fund of the NBU on 28 March 2017.

“Under the leadership of Mr Kurinnyi, the NBU Pension Fund   succeeded in adopting best international standards and building a modern pension fund. This is a successful and strategically important project not only for the regulator but also for the entire non-state pension scheme, as the NBU Non-State Pension Fund accounts for the largest market share. Thanks to efforts by Mr Kurinnyi the Fund underwent a successful transformation, turning into a transparent and profit-making pension fund,” said NBU Governor Ms Valeria Gonatreva, commenting  on the completion of Mr Kurinnyi’s duties.

Since the end of 2014, under the stewardship of Mr Kurinnyi, the  Fund improved its performance  thanks to the implementation of the following quality changes:

• An advanced risk management system was put in place, including investment decision-making system on a collegiate basis based on the principle of accountability;
• International Financial Reporting Standards were adopted;
• The Fund’s balance sheet was “cleaned up” and the asset valuation was carried out by international independent appraisers to determine the fair value of all the assets;
• The Big Four audit firms, such as Ernst & Young, PricewaterhouseCoopers, Deloitte were hired to carry out a fair value assessment of the Fund’s assets;
• new client-friendly services were introduced to improve client servicing standards and the quality of communications with its participants; and
• Confidence in the Fund on the part of its participants was restored.

In his turn, Director of the Department of the Corporate Non-State Pension Fund of the NBU thanked the NBU Governor for the opportunity to join a transformation project designed to reshape the NBU and the Fund.

“I believe that I have completed my mission at the central bank and can return to work to the private sector. We have managed to bring the operation of the Fund in line with international best standards and form a team of highly qualified experts in pension schemes and investment activities. I am confident that my colleagues will further improve an investment model of the pension asset management and press ahead with implementing state-of-the-art IT solutions and technologies, seeking to ensure the convenience  of its participants and  improve service quality. We have joined the efforts to develop the regulatory framework governing a non-state pension scheme, which is equally important.   The expertise and experience gained by Fund helped to draft a reasonable on non-state pension scheme. I feel confident that following its approval by parliament, this law will set out unified transparent rules governing the operation in this market”.

Mr Serhii Kozachenko  will assume the responsibilities of Acting Director of Department of the NBU Corporate Non-State Pension Fund.

Mr Kozachenko joined the team of the central bank in November 2014. He is an experienced banker (over 20 years of experience in the banking industry). Mr Kozachenko has held top managerial positions with Delta bank, Ukrsotsbank, Ukrsibbank and ING bank. Mr Kozachenko holds qualification of Association of Chartered Certified Accountants (ACCA) and a CFA certificate from the CFA Institute (U.S.)

For reference

Mr  Kurinnyi’ has served as  Director of the Department of the Corporate Non-State Pension Fund of the NBU since December 2014.

Prior to this appointment, he worked as Director at Dragon Development LLC, being part of Dragon Capital Investment Group.