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The Cabinet of Ministers approved the new composition of PrivatBank Supervisory Board. The selection of nominees was carried out on a competitive basis in accordance with the Decree of the Cabinet of Ministers of Ukraine № 159 dated 13 February 2019. The confirmation of candidates was based on the principle of diversity of experience. The selection process was carried out with the participation of international financial institutions and in accordance with legal requirements and was premised on the highest standards of corporate ethics and best international practice. The newly appointed members of the Supervisory Board will begin the actual exercise of their powers on 14 June 2019.
The newly appointed independent members of the Supervisory Board include Sharon Easky, international advisor to U.S. Treasury’s Office of Technical Assistance and previously Expert Advisor to IMF; Nadir Shaikh, formerly Cluster CEO for Citi operations (Egypt) and Member of Supervisory Board at Citi Bank (Ukraine) and Eran Klein, who in the past held senior executive positions at Commerzbank (UK), Citibank (UK), WestLB (Japan) and Deutsche Bank (Japan).
In addition, Engin Akcakoca, author of the reform program of the Turkish banking system; Andrea Moneta, managing partner at Apollo investment company and Steven Seelig, author of the financial sector reform in Ireland, were reelected to the new composition of the Supervisory Board.
Welcoming the new members, the Chairman of the Supervisory Board Engin Akcakoca said: “We are proud to have significantly improved standards in PrivatBank in terms of corporate governance, risk management, and internal controls. I believe that the continuation of independent governance in PrivatBank, together with the other state-owned banks, will be the “key” to the future development of a healthy, stable and competitive banking sector in Ukraine».
According to him, the key priority of the new Supervisory Board will be the continuation of efforts aimed at the effective implementation of PrivatBank’s Development Strategy, with the particular focus on maintaining the bank’s independence, further increasing its profitability and attractiveness to prospective investors.
Notably, following the reform of the corporate governance system in state banks, the Supervisory Board approved today will consist of 9 members, 6 of which are independent. According to the provisions of the statute, the Chairman of the new Supervisory Board will be elected by the majority of votes among the independent members at the first meeting.