The NBU has approved a number of candidates for supervisory boards of state-owned banks based on the results of tests and interviews conducted by the Qualification Committee jointly with the NBU Board. In particular, the following candidates have been approved this week:
PrivatBank JSC
- Sharon Iski (chairman of the supervisory board)
- Eran Klein (independent director)
- Nadir Shaikh (independent director)
- Sebastian Shonaikh-Karolat (independent director)
- Olga Tomash (independent director)
- Roman Sulzhyk (independent director)
- Yuliia Metsher (state representative appointed by the President)
The candidacies of state representatives Artem Shevalov and Serhii Oleksiienko have been approved earlier. They hold their positions on a continuous basis.
All of the nine candidates for the supervisory board of PrivatBank have thus been approved by the NBU. The supervisory board of PrivatBank is now fully formed.
Ukreximbank JSC
- Steven Fisher (independent director)
- Dominique Menu (independent director)
- Serhii Konovets (independent director)
- Dimitri Chichlo (independent director)
Earlier on, the NBU has approved Viktoriia Sukhova (state representative appointed by the President) and Yurii Butsa (state representative appointed by the Cabinet of Ministers of Ukraine) as members of the bank’s supervisory board and rejected the candidacy of Paul Torsten, independent director and Chairman of the supervisory board of Ukreximbank.
The candidacies of Alla Shulha (state representative) and Oliana Hordiienko (independent director), independent directors and members of the supervisory board of Ukreximbank, are still under consideration.
The supervisory board of Ukreximbank is thus nearly fully formed as well. Two out of nine candidates are awaiting the NBU’s approval. Furthermore, the NBU is waiting for a new candidate after rejecting Paul Thorsten.
Oschadbank
- Baiba Apin (independent director)
- Peter Briggs (independent director)
- Michael Weinstein (independent director)
- Yurii Khramov (state representative appointed by the President)
- Sevki Acuner (chairman of the supervisory board, independent director)
- Oleksii Hrinchenko (deputy chairman of the supervisory Board, independent director)
- Oleksii Resnikov (member of the supervisory board, independent director)
- Dmytro Vlasov (state representative appointed by the parliament)
- Daniel Bilak (state representativeappointed by the Cabinet of Ministers of Ukraine)
All candidates for the supervisory board of Oschadbank have thus been considered by the NBU. However, the NBU is waiting for five new candidacies to fill Oschadbank’s supervisory board, as other candidates have been rejected.
“We rely on the high professionalism and accountability of the newly selected candidates, their readiness to execute their duties in line with the spirit and essence of reform. We hope that the financial sector will follow their example. We pay special attention to the assessment of collective suitability of the banks’ supervisory boards. That is all members of the supervisory board are to have relevant competences and be organized in their mutual activity.
It is deficient corporate governance that was a basis for banking crisis in 2014. We all witnessed the catastrophic consequences the sector faced due to the ineffective operation of supervisory boards. Being a regulatory authority, the NBU focuses on the quality of corporate governance and requires a responsible attitude from the appointed members. High-quality corporate governance is seen as a foundation stone for the good health of the country’s financial sector,” said Kateryna Rozhkova, NBU First Deputy Governor.
For reference
Following the corporate governance reform held at state-owned banks in 2018, supervisory boards of these banks must consist of nine persons: six independent directors, one representative appointed by the President, one by the Cabinet of Ministers, and one by the parliament.
In order to decide on the candidates to become independent supervisory board members at state-owned banks, the Cabinet of Ministers of Ukraine appoints the selection committee comprising one representative of the President of Ukraine, three representatives of the Cabinet of Ministers of Ukraine, and one representative of the relevant parliamentary committee that deals with banking-related issues. The Cabinet of Ministers of Ukraine sets the requirements for the selection committee members.
Candidates for the positions of independent supervisory board members are selected on a competitive basis.
Supervisory board members must also be approved by the NBU. If a candidate for the position of a supervisory board member is not approved, the NBU has the right to request for the candidate to be replaced in line with the Law of Ukraine On Banks and Banking.