G7 ambassadors note importance of continuing corporate governance reforms in state-owned banks for Ukraine.

The G7 Ambassadors in Ukraine during a meeting with the Finance Ministry of Ukraine and the supervisory boards of state-owned banks have emphasized the importance of continuing reforms to improve corporate governance, the U.S. Presidency of the G7 Ambassadors' Support Group in Ukraine said in its Twitter microblog.

According to the message, the G7 Ambassadors also recognized the role of these independent boards have played in strengthening Ukraine's financial system and maintaining it through the additional pressures resulting from COVID-19.

As reported, early July 2018, Verkhovna Rada on Thursday passed bill No. 8331-d on reformation of supervisory boards of state-owned banks. This document provides that the supervisory board of the state-owned bank should consist of nine members, of which six should be independent, three - representatives of the state in proportion to the president, the Cabinet and the Verkhovna Rada. The supervisory board also determines the criteria to be met by independent members and representatives of the state in the supervisory board of the state-owned bank.

To determine candidates for the posts of members of the supervisory board of the state-owned bank, the Cabinet of Ministers establishes a tender commission consisting of three representatives from the President of Ukraine, three representatives from the government, and one representative of the parliament.

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