The National Bank of Ukraine (NBU) is deeply concerned about the procedure in accordance with which the newly elected Supervisory Board of Oschadbank extended the contract with the Chairman of Oschadbank’s Board Andriy Pyshny, the press service of the NBU has reported.
According to the NBU, pursuant to Article 7 of the Law of Ukraine on banks and banking activity, the procedure of appointing the Chairman of the Board must be conducted on a competitive basis.
“The Law adopted by the Verkhovna Rada in 2018 to improve the level of corporate governance in state-owned banks was aimed at bringing the principles and mechanisms of their management in line with the best international standards. This important step will increase the competitiveness and efficiency of the banks themselves… The Regulator believes that no matter who holds the position of Chairman of the Board, which is undoubtedly the prerogative of the Supervisory Board, all procedures required by law must be followed. And this is a matter of honor for the newly elected Supervisory Board,” NBU First Deputy Governor Kateryna Rozhkova said.
According to the report, under the relevant procedure, the NBU will make its opinion known to the Cabinet of Ministers of Ukraine, which acts as the owner of Oschadbank.
