On May 22, in accordance with Article 7 of the Law of Ukraine "On Banks and Banking Activity", the Cabinet of Ministers of Ukraine appointed members of the Supervisory Board of the Savings Bank.

Independent members of the Supervisory Board are Sevki Acuner, Baiba Apine, Peter Briggs, Michael Weinstein, Oleksii Hrinchenko, Oleksii Reznikov.

A representative of the state from the Verkhovna Rada of Ukraine Committee on Financial Policy and Banking is Dmytro Vlasov.

A representative of the state from the Cabinet of Ministers of Ukraine is Daniel Bilak.

Appointment of independent supervisory boards of state-owned banks is a fundamental institutional reform, which shows the state's consistency in the implementation of the adopted Strategy for reforming the state-owned banking sector. For Oschadbank, it is also a precondition for further cooperation with the European Bank for Reconstruction and Development.

"Management of the bank, together with the Ministry of Finance and our European partners, is working to ensure that Oschadbank becomes commercialized and is ready for open competition, so that its corporate governance is in line with best international practices," noted Andriy Pyshnyy, Chairman of the Management Board of Oschadbank. – “A personal task for each member of the Management Board and, above all, for me - to ensure the fastest and most profound involvement of the new Supervisory Board in the bank's issues in order to update the Strategy and fulfill its tasks. We have a number of projects and initiatives requiring both the implementation of corporate governance based on the best international practices and the consistency of the course that has been taken and is aimed at the bank’s development."

Special focus of the bank’s shareholder in the person of the Ministry of Finance of Ukraine was on the transparency of the selection of candidates with the involvement of leading human resource agencies, which in turn were selected with the participation of international organizations. The winners, according to the results of the interviews and their evaluation, in line with the set criteria, were determined by the competition commission consisting of the representatives from the Committee of the Verkhovna Rada, the President, and the CMU.

For the first time in history, the majority in the Supervisory Boards of state-owned banks will be represented by independent directors. One of the independent directors will also be the head of the Supervisory Board. The election of an independent Supervisory Board will facilitate the implementation of the approved Development Strategy, increase the effectiveness of risk management, which will result in an increase in the profitability and attractiveness of Oschadbank for investors.  

Oschadbank press-service
23.05.2019