Cabinet takes step towards corporate reform in GTS Operator according to IMF 'beacons'

25.07.2023, 16:02
Cabinet takes step towards corporate reform in GTS Operator according to IMF 'beacons' - Photo

The Cabinet of Ministers has taken the first step towards conducting a competitive selection of members of the Supervisory Board of JSC Operator of the Gas Transport System of Ukraine (OGTSU), reported the representative of the government in the Verkhovna Rada, Taras Melnychuk.

The government's decision adopted today provides that the moratorium on tenders during martial law does not apply to the supervisory board of OGTSU (this is not the only such company, tenders are allowed for state banks, Naftogaz, Ukrenergo and some other state-owned companies).

Carrying out the reform of corporate governance in OGTSU is one of the "beacons" of the International Monetary Fund, the implementation of which is necessary to receive the next tranche under the loan program.

By the end of July, the state must transfer the shares of the GTS Operator from Mahistralni Gazoprovody to the Ministry of Energy and adopt a new charter of the company, and by the end of October — conduct a selection and appoint a new supervisory board.

Last year, the Energy Community warned that Ukraine should reform the corporate governance of the GTS Operator of Ukraine to avoid re-certification.

On July 13, 2023, the Verkhovna Rada approved in the first reading draft law No. 9311-1-d on the independent supervisory board for the GTS Operator.

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