Corporate Governance Projects and news

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Albania: Review and Enhancement of the Corporate Governance Practices of "KESH"

In 2016, EBRD provided a €218 million loan to support the restructuring and modernisation of Korporata Elektroenergjitike Shqiptare (“KESH”), a state-owned electricity generation company that provides 70% of total electricity generation in Albania. Under a comprehensive reform package agreed with KESH, improvements to its corporate governance practices were also envisaged.

In 2016, the EBRD Legal Transition Team (“LTT”) benchmarked the company’s corporate governance practices and the applicable regulatory regime with international standards and best practices (in particular, the OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance for State-Owned Enterprises). The review resulted in concrete recommendations for improvements presented in a Corporate Governance Action Plan (“CGAP”), in the areas of the state’s role as a shareholder, board independence and effectiveness, management oversight, risk management and internal audit.

In mid-2017, KESH and the Government of Albania committed to implementing the actions proposed in the CGAP. The EBRD is now assisting KESH and the Government of Albania in the implementation of the CGAP. Three teams of consultants have been engaged dealing respectively with (a) drafting the necessary corporate documentation; (b) corporate governance improvements; and (c) strategy development. The assistance is financed by the Central European Initiative.

Albania: Assistance to the Central Bank on Corporate Governance of Banks

Since the global financial crisis, it has become clear that weaknesses in corporate governance, including inadequate board oversight over risk management and internal control functions, have contributed to excessive and imprudent risk-taking in the banking sector, which has led in turn to systemic problems. This is particularly critical for Albania, as the Albanian financial system is currently centred on banks and the equity market is remarkably underdeveloped.

The EBRD Legal Transition Team is currently assisting the Bank of Albania in strengthening its supervisory procedures on selected internal governance and risk management issues and in aligning them to those of the EU, taking into account the recent international and European developments. The project is financed by the Government of the Grand Duchy of Luxembourg.

Azerbaijan: Improving Corporate Governance Regulation of State-Owned Enterprises

Since May 2018, the EBRD Legal Transition Team is assisting the State Property Issues Committee of Azerbaijan (“SCPI”) in implementing the “Action Plan for Increasing Transparency and Efficiency in Financial Activities of Large State-Owned Companies”, pursuant to Order of the Cabinet of Ministers No. 636 dated 1 December 2016. The Action Plan targets 20 State Owned Enterprises (“SOEs”) in Azerbaijan and aims at improving their transparency and efficiency of operations, so as to make them more attractive for privatisation.

As part of this project, the following documents have been prepared by the EBRD team and approved by the Cabinet of Ministers: (i) model SOE charter (for JSCs and LLCs); (ii) model bylaws for the supervisory board; (iii) model bylaws for the audit committee; (iv) model bylaws for the corporate secretary; (v) model corporate governance code; and (vi) model code of ethics. These model documentation served as a key reference point to the new Corporate Governance Standards for SOEs, approved by the Cabinet of Ministers in June 2019. Further assistance is planned to support SCPI with training and capacity building activities for the board members and management of SOEs on corporate governance standards and best practices. The project is financed by the EBRD Shareholder Special Fund.

Azerbaijan: Internal Audit Review of International Bank of Azerbaijan (IBAR)

The International Bank of Azerbaijan (IBAR), a state-owned universal bank, is the largest bank in Azerbaijan accounting for 27% of total assets and 14% of total deposits in the sector as of June 2018. IBAR is currently restructuring its corporate governance practices and has approached the EBRD to seek assistance in reviewing its internal audit function and align it to best practices. The ongoing project aims to provide assistance to IBAR to undertake an internal audit review, develop a roadmap, assist with its implementation and provide training to IBAR internal audit and risk management functions. The project is financed by the EBRD Shareholder Special Fund.

Croatia: Assistance with the Review and Implementation of the Corporate Governance Code

In 2018, the EBRD Legal Transition Team launched a project aimed at supporting the efforts by the Croatian Financial Services Supervisory Agency (HANFA) and the Zagreb Stock Exchange (ZSE) to update and strengthen the country’s corporate governance code, in response to market developments and changes in the international corporate governance standards.

The existing code was drafted in 2007 by ZSE in cooperation with HANFA for companies listed on ZSE and later updated in 2011. The initiative reached a major milestone on 15 October 2019, when the new Corporate Governance Code was officially adopted by presidents of HANFA and ZSE management boards. The focus of the project will now turn to development of a corporate governance reporting framework for companies, as well as a monitoring manual a monitoring report of HANFA and ZSE. The project is financed by the EBRD Shareholder Special Fund.

Croatia: Enhancing competences of supervisory board and audit committees in state-owned enterprises

In 2019, the EBRD Legal Transition Team launched a project aimed at supporting the Croatian Ministry of State Assets in enhancing the authorities’ capacity and improving the framework regarding the supervisory boards and audit committees in State-owned Enterprises (“SOEs”) in majority ownership of the central government. The project aims to provide guidance to the Ministry and other stakeholders within the Government on how to ensure enhanced effectiveness of Supervisory Boards in SOEs and the proper remit and functioning of SOEs’ audit committees in accordance with international standards and best practices. The support will also include a methodology and capacity building activities for identifying, setting and ensuring appropriate composition of supervisory boards of SOEs and to ensure relevant education on an ongoing basis in the future. The project is financed by the European Commission’s Structural Reform Support Programme.

Greece: Board Evaluation of the Largest Banks

In 2016 and 2017, the EBRD Legal Transition Team assisted the Hellenic Financial Stability Fund (“HFSF”) in undertaking the evaluation of the four largest banks in Greece (Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank)

In 2016, the evaluation focused on the four Greek systemic banks’ boards of directors, including the assessment of individual board members in accordance to the provisions of Law 3864/2010 (the HFSF Law). The exercise triggered some substantial changes in the board composition of the four banks and resulted in the strengthening of the four banks’ governance framework.

In 2017, the exercise was repeated to ensure that banks, which face a difficult economic environment and a high level of Non-Performing Loans (NPL), are managed in line with best international practices and supervisory guidelines. Through this evaluation exercise, the EBRD has assisted the HFSF to provide specific recommendations for improvement of the banks’ corporate governance arrangements, focusing on the Board of Directors and its Risk and Audit Committees, establishing in parallel a culture of evaluation and discipline on a regular basis.

The project was funded by the HFSF and the European Union through the European Union – European Bank for Reconstruction and Development Technical Cooperation Fund for International Financial Institutions – Project-Financing in Greece.

Jordan: Assistance to the Central Bank of Jordan on Selected Corporate Governance Issues

The EBRD Legal Transition Team is currently assisting the Central Bank of Jordan in strengthening its supervisory procedures on selected internal governance and risk management issues and in aligning them to best practices. The objectives of the project are to: (i) strengthen the supervision of corporate governance of banks in Jordan by providing technical assistance in order to develop and put in place a methodology to undertake corporate governance reviews of banks; and (ii) design and implement guidelines for establishing sound and effective risk appetite frameworks in banks. The project is funded by the EBRD Shareholder Special Fund.

Jordan: Support for the Implementation of the Corporate Governance Action Plan (CGAP) applicable to the “National Electric Power Company (NEPCO)”

This is transactional project aimed at assisting NEPCO in (i) undertaking a board evaluation, in order to develop the desired profiles of NEPCO board and committee(s) and their members; and (ii) implementing a CGAP agreed with the EBRD. Among, others, the actions that will be undertaken in the course of the project are the drafting of governance documentation related to NEPCO’s board of directors, executive committee, audit committee, corporate secretary, internal control functions of NEPCO, in accordance with best applicable practices; provision of training related to the functioning of these bodies/functions; drafting and revising NEPCO strategy; and in establishing a risk management function and compliance function (including the development of a compliance programme) in NEPCO and in strengthening NEPCO’s internal audit function. The project is funded by the EBRD Shareholder Special Fund.

Kosovo: Support with Strengthening the Corporate Governance Legal Framework and Practices for State-Owned Enterprises

In June 2018, upon the request of the Ministry of Economic Development of the Republic of Kosovo (“MED”), and thanks to the generous donor funding from the Government of Luxembourg, the EBRD Legal Transition Team started a project to assist the MED with reviewing the draft Law on Publically-Owned Enterprises (“Draft Law on POEs”) and aligning its corporate governance-related provisions with international best practices. The EBRD conducted a full review of the Draft Law on POEs and provided MED with concrete recommendations for improvement. The Draft Law was submitted to the Government of Kosovo for approval in October 2018. EBRD will continue to provide ongoing assistance throughout the legislative approval process.

Once the Draft Law on POEs is adopted, the EBRD will continue the assistance by providing post-legislative activities through drafting the necessary implementing provisions of the law, the State Ownership Policy and undertaking a pilot project with a Publically-Owned Enterprise in order to assist with the development and drafting of its business strategy. The project is financed by the Government of the Grand Duchy of Luxembourg.

Kosovo: Assistance to the Central Bank of Kosovo on Select Corporate Governance Issues for Financial Institutions

The Central Bank of Kosovo (the “CBK”) has been very active with trying to strengthen the corporate governance framework for financial institutions (“FIs”) in general, particularly for banks. In addition to laws that regulate operations of banks and other FIs, the most detailed regulation in the area of corporate governance is the Regulation on Corporate Governance of Banks issued in 2017.

In an effort to improve and build on the already-existing legislation and practices but also create a governance culture at the supervisory and FI level, the EBRD is assisting CBK in strengthening corporate governance rules for banks and developing rules which set out the CBK’s expectations in terms of corporate governance of other FIs.

Moldova: Corporate Governance Action Plan’s implementation for Energocom

This is a transactional TC aimed at assisting Energocom with the implementation of a Corporate Governance Action Plan (CGAP) agreed with the EBRD, which includes: establishing a procurement function and training of staff on procurement; establishing a risk management and internal audit function; establishing a compliance function; separation of accounts and aligning reporting with IFRS; and conducting a board evaluation.

North Macedonia: Assistance to the National Bank of the Republic of North Macedonia for the Assessment of Business Models and Strategies of Banks

Effective corporate governance is critical to the proper functioning of the banking sector and in the past few years inadequate business models and profitability risks have been frequently highlighted as the key challenges of the post-crisis recovery period. Understanding the quality and sustainability of a bank’s business model is essential for determining the overall risk profile of a bank, hence the business model analysis is increasingly recognised by supervisors as one of the key pillars of the “Supervisory Review and Evaluation Process” which ultimately determines the necessary level of controls, capital and liquidity that each bank needs to possess.

In 2018, the EBRD Legal Transition Team launched a project with the National Bank of the Republic of North Macedonia (NBRNM), aimed at strengthening its supervisory functions, capacities and guidance in the area of bank business model and strategy assessment. By providing assistance to NBRNM in its capacity as the banking supervisor and regulator, the EBRD is helping to bring supervisory methodology and regulatory standards in North Macedonia closer in line with regulation and practices in place in the European Union. The project is financed by the Government of the Grand Duchy of Luxembourg and the EBRD Shareholder Special Fund.

North Macedonia: Review and Implementation of the Corporate Governance Code

In North Macedonia, the Macedonian Stock Exchange (“MSE”) adopted a Corporate Governance Code applicable to companies listed on the MSE (the “Code”) in 2006. The Code is based on the OECD Principles of Corporate Governance from 2004 and has not been revised since its adoption. In addition to MSE, the Securities and Exchange Commission of the Republic of North Macedonia (“SEC”) has responsibilities for supervising issuers listed on MSE, including on some corporate governance-related matters (e.g. acquisition of qualifying holdings within listed companies).

The EBRD is working with SEC and MSE to align the Code with international standards and best practices and also to enhance the monitoring of listed companies’ practices and disclosures, thereby helping to improve their transparency. The project is financed by the Government of the Grand Duchy of Luxembourg.

Russia: Review and implementation of the new Corporate Governance Code

In 2013, following the request of the Central Bank of Russia (“CBR”), the EBRD Legal Transition Team initiated a technical cooperation project to assist the CBR in strengthening corporate governance practices in Russia. The project was structured in two phases: the focus of Phase I was to review the Russian Corporate Governance Code (the “Code”) with a view of bringing it in line with best international standards, while the aim of Phase II was to ensure the effective implementation of the revised Code, including putting in place arrangements for monitoring how the revised Code is being implemented.

Phase I ended on 21 March 2014, when a new Code was approved by the CBR.

Under Phase II, the EBRD assisted the CBR in developing a methodology for assessing disclosure by listed companies in Russia. In this respect, among other activities, the EBRD assisted the CBR in developing and adopting a strategy for the Code’s implementation. Specifically, the EBRD assisted the CBR in the preparation of a manual and a set of templates for listed companies to report on how they comply with the Code and to explain the reasons for any non-compliance. In addition, the EBRD also provided assistance to the CBR in shaping a template for monitoring reports, based on which the CBR has now issued yearly monitoring reports on the Code's implementaion. The CBR monitoring reports are available (in Russian). The reports serve two main purposes: (i) they help the CBR to have a clear understanding of the practices in place versus the code’s recommendations; and (ii) they trigger a new level of dialogue between the ‘owner’ of the code and market participants. The process has made companies realising that the framework had changed. They realised that there disclosure was monitored and scrutinised and consequently became more conscious about what they were publishing in their annual reports.

The project was financed by the EBRD Shareholder Special Fund.

Serbia: Review and Enhancement of Corporate Governance Practices and Regulatory and Legislative Frameworks Applicable to Javno Preduzece “ELEKTROPRIVREDA SRBIJE” Beograd”

In 2015, EBRD signed a EUR 200 million sovereign guaranteed loan agreement with “Javno Preduzece Elektroprivreda Srbije”(EPS), the vertically integrated electricity company owned by the Government of Serbia which is responsible for around 99% of the country’s electricity generating capacity. The loan was provided in order to restructure EPS balance sheet and to assist EPS and the Government with undertaking a comprehensive restructuring of EPS and the Serbian power sector.

Since 2017, the EBRD Legal Transition Team is working with EPS and the Government on reviewing the current structure, organisation and corporate governance practices of EPS as well as the legal and regulatory framework applicable to it. The project resulted in the development of a Corporate Governance Action Plan outlining the actions that EPS and the Government will take in order to align corporate practices of EPS more closely to international standards and best practices. The project is part of the EBRD’s flagship Investment Climate and Governance (ICGI) initiative and the Bank's ICGI programme in Serbia. The project is financed by United Kingdom Good Governance Fund.

Serbia: Assistance to the Ministry of Economy for Developing a State Ownership Policy for State-Owned Enterprises

In Serbia, state-owned enterprises (“SOEs”) continue to play a critical role in the economy. According to data of the International Monetary Fund (“IMF”), Serbia’s SOE sector is larger than in most other countries in the Central and South-Eastern Europe in terms of both employment and output, with SOEs operating in all sectors of the economy. Serbian SOEs also show weaker performance than private sector peers and potential enhancement of their resource allocation can significantly (by close to 2 per cent) increase GDP.

The restructuring of SOEs and the improvement of their governance is therefore a key area of reform which the Serbian Government agreed to undertake as part of the IMF-agreed reform Policy Coordination Instrument and which will include adoption of “an ownership policy document to provide a strategic vision to state ownership, covering ownership objectives (including criteria for divestment), financial and public policy targets, reporting and monitoring guidelines and procedural guidelines for boards of directors”.

The EBRD Legal Transition Team is working with the Serbian Ministry of Economy on developing the State Ownership Policy for SOEs, which should provide the basis for the enhancement of their efficiency, governance and transparency. The project is financed by the Government of the Grand Duchy of Luxembourg.

Slovenia: Assistance to the Bank of Slovenia on Selected Corporate Governance Issues

Since 2014, the EBRD has been working with the Bank of Slovenia on the alignment of its supervisory practices with best practices in the European Union (especially the Supervisory Manual of the European Central Bank’s Single Supervisory Mechanism), specifically focussing on the suitability of the members of banks’ governing bodies and other key function holders, as well as the soundness of banks’ internal control frameworks. After initial reviews and analyses, LTT and its consultants provided a number of recommendations for improving the legislative framework and supervisory practices of the Bank of Slovenia.

In March 2015, the Report of the Bank of Slovenia on the Causes of the Capital Shortfalls of Banks was submitted to the Slovenian Parliament and endorsed LTT’s recommendations on the composition and independence of the supervisory board and the audit committee. The recommendations were subsequently adopted in the new Banking Law, which entered into force in May 2015. Also, as a result of the project, the Bank of Slovenia adopted a new supervisory manual in 2015. This was also complemented by training, which LTT provided to the staff of both the Bank of Slovenia and Slovenian commercial banks. The project was financed by the EBRD Shareholder Special Fund.

Slovenia: Assisting the Bank of Slovenia with Guidelines for Risk Appetite Frameworks in Banks

The regulatory landscape for banks – be it speeches, working papers and draft or final regulation – is full of references to “risk appetite”, its benefits, uses, applications and case studies of failed firms whose risk appetite frameworks played a part in their downfall. And yet, there remains a surprising variety of opinions about what it actually means to establish and embed a proper risk appetite framework.

Since 2017, the EBRD Legal Transition Team has been working with the Bank of Slovenia on developing guidelines for risk appetite frameworks in the Slovenian banking sector, which should contribute to better governance and more effective risk management in Slovenian banks. A key benefit of deploying a risk appetite framework is that these risks are identified and quantified in a structured way that relates them to the bank’s business objectives and strategy. The Guidelines, which were endorsed by the Bank of Slovenia, were presented at an international conference in Ljubljana in April 2018 that included high-level representatives of the European Central Bank, European Commission, Bank of Slovenia and EBRD as well as members of management bodies of Slovenian banks, selected Eurozone banking groups and representatives from the supervisory authorities from the region. The project is financed by the European Commission’s Structural Reform Support Programme.

Slovenia – Strengthening the Performance and Governance of State-Owned Enterprises

The Republic of Slovenia is the largest owner of companies in the country through direct or indirect holdings, most of which are managed by the Slovenian Sovereign Holding (SSH) on behalf of the state. Improvements of efficiencies, competitiveness and active management of State Owned Enterprises (“SOEs”) are essential in reducing contingent liabilities to the budget as well as improving SOEs’ contribution to the GDP growth. This calls for enhanced tools for strengthening the operational and financial performance of SOEs, in particular for setting the targets and providing tools for their monitoring on the side of SSH as the shareholder and for improved internal governance and better functioning on the side of SOEs.

Against this background, EBRD legal Transition team is working with SSH to strengthen corporate governance and performance of SOEs, including SSH itself. The objective of the upcoming project is to bolster the ownership function of SSH and contribute to clearer and more ambitious business planning and execution by SOEs in Slovenia. The project is financed by the European Commission’s Structural Reform Support Programme.

Tajikistan: Assistance to the National Bank of Tajikistan in Strengthening Financial Institutions’ Corporate Governance Structures and Practices

In 2016, the EBRD Legal Transition Team initiated a technical cooperation project in Tajikistan order to assist the National Bank of Tajikistan (“NBT”) in strengthening corporate governance of financial institutions in Tajikistan. The technical assistance entailed a review of the corporate governance legislation related to financial institutions in the country, the practices of selected financial institutions and NBT supervisory practices. The review culminated with a comprehensive analysis of the corporate governance framework and practices at financial institutions in Tajikistan and the supervisory capacity of NBT, benchmarked against the best regional and international corporate governance practices for financial institutions.

The findings were the bases for the development of an action plan, which included key actions to be undertaken by NBT in order to improve the legislative framework, the supervisory processes and the practices of financial institutions in Tajikistan. The EBRD is currently assisting the NBT for the implementation of the action plan. The project is financed by the EBRD Shareholder Special Fund.

Turkey: Implementation of the Turkish Corporate Governance Principles

A number of jurisdictions - such as the US - have placed certain aspects of corporate governance under mandatory regulations. Other jurisdictions, such as the UK, are reluctant to include mandatory corporate governance provisions, in favour of a “comply or explain” approach. The “comply or explain” principle was first put forward in 1992 in the Cadbury Code in the UK, which required companies listed on the London Stock Exchange to state in their annual reports whether they comply with the Code and identify and give reasons for any areas of non-compliance. Since then, many countries around the world have adopted this approach.

In Turkey, the “comply or explain” approach was introduced in June 2003, when the Capital Markets Board of Turkey (the “CMB”) adopted the Corporate Governance Principles (the “Principles”), a set of voluntary recommendations to companies listed on the Istanbul Stock Exchange (the “ISE”). The approach was revised in 2011, when the CMB identified a number of provisions from the Principles and required companies listed on the ISE to mandatorily comply with them.

In 2015, the EBRD Legal Transition Team started a project to assist the CMB in strengthening the effective implementation of the mandatory Principles and improving the reporting on the non-mandatory Principles. In 2017, a new CMB monitoring methodology was prepared along with a manual for companies on how to comply with the Principles. These documents were presented to the investor community in a conference in February 2018, and in the same year a new Principles’ Reporting Template was adopted. The project is financed by the EBRD Shareholder Special Fund.

Turkey: Development of a Roadmap for the Promotion of Gender Diversity on Corporate Boards in Turkey

Since 2019, the Legal Transition Team has been engaging with numerous stakeholders in Turkey with an objective to develop a Roadmap for promoting greater gender diversity on Turkish corporate boards. The project tries to facilitate implementation of mutually reinforcing initiatives and workplans in this area by framing gender diversity not only as a social issue but also as a board attribute that is linked board efficacy and firm performance. The Project is informed by scientific evidence and lessons from practice that gender diversity in corporate boards is correlated with good governance, better risk management and directors’ efforts, which lead to better performance and increased participation of women in the workforce.

By developing a Roadmap, the EBRD wishes to influence other investors’ behaviour and promote nomination practices designed to broaden the pool of potential directors, including qualified women. The project is financed by the EBRD Shareholder Special Fund.

Ukraine: Review and Enhancement of Corporate Governance Practices of Naftogaz

In 2014, following the request of the Ministry of Coal and Energy of Ukraine, the EBRD Legal Transition Team initiated a technical cooperation project to assist the Ministry in undertaking a review of the corporate governance framework and practices of the Public Joint Stock Companies Naftogaz. The aim of the project was to review the corporate governance practices and systems of Naftogaz and the applicable legislative and regulatory framework in this area, and then to prepare legislative and regulatory amendments, as well as a comprehensive corporate governance action plan (“CGAP”) in order to address the weaknesses found in the review.

By identifying the current state of play of Naftogaz’s practices and applicable regulations, the EBRD was able to prepare a set of actions that have been agreed with Naftogaz and the Ukrainian authorities. Those measures include the introduction of independent and duly qualified board members, board committees, internal audit, compliance, anti-corruption and risk management units, a transparent nomination policy and other actions aimed at insulating the company from political interference and allowing it to focus on meeting its strategic objectives.

As a result of this work, the CGAP was presented to, and approved by, the Cabinet of Ministers of Ukraine in October 2015, and is currently under implementation. Following the CGAP approval - and among the various improvements in Naftogaz structure - in January 2016, the search for independent and qualified directors to serve on the supervisory board of Naftogaz was launched and in April a new supervisory board was appointed. For the first time ever, the board of a state-owned enterprise in Ukraine was made up of a majority of well-qualified and independent directors.

The project was financed by EBRD Ukraine Stabilisation and Sustainable Growth Multi-Donor Account.

Ukraine: Executive Search for the Independent Directors of Supervisory Board of TSO (Main Gas Pipelines of Ukraine)

Under the Energy Community Treaty, and in line with the 3rd Energy Package, Ukraine has agreed to separate the gas transmission and storage activities from Naftogaz. In 2016, the company “Main Gas Pipelines of Ukraine” (“MGU”) was created pursuant to the unbundling plan as the national natural gas transmission system operator (so-called transmission system operator or TSO) to take over the property used for the purposes of natural gas transmission. The gas transmission system of Ukraine provides gas transits from Russia to the European Union, countries of the Balkan Peninsula, transmits imported and domestic gas to Ukrainian consumers and underground gas storage facilities.

In 2017, following the request of the Ministry of Energy and Coal Industry of Ukraine, the EBRD Legal Transition Team assisted the Ministry and MGU in the search and identification of four qualified independent directors for the Supervisory Board of MGU.

In February 2018, the Ministry of Energy and Coal Industry of Ukraine appointed the Supervisory Board of MGU, including four independent directors identified and selected with the assistance of a professional executive search consultant. The project is financed by the EBRD Shareholder Special Fund.

Ukraine: Executive Search for the Independent Directors of Supervisory Board of Ukrenergo

National Power Company “Ukrenergo” is a 100% Ukrainian state-owned state enterprise, responsible for electric power transmission via backbone grid and dispatch control of the Integrated Power System of Ukraine, which operates 137 110-750 kV electrical substations with the aggregate rated capacity exceeding 78,700 MVA, 21,000 thousand km of backbone and interstate 220-800 kV overhead power transmission lines, and employs more than 9,000 people.

In November 2017, following the request of the Ministry of Energy and Coal Industry of Ukraine, the EBRD Legal Transition Team initiated a technical cooperation project to assist in the search and identification of four independent directors to be appointed to the Supervisory Board of Ukrenergo. In October 2018, a new supervisory board of Ukrenergo was appointed including four independent directors. The project is financed by EBRD Ukraine Stabilisation and Sustainable Growth Multi-Donor Account.

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