NSSMC discussed Commission’s corporate governance reform with the IMF

The NSSMC Chairman, together with NSSMC Commissioners Maksym Libanov and Arsen Ilin, held a working meeting with representatives of the International Monetary Fund — Minke Gort and Vladyslav Filatov, during which they discussed approaches to the Commission’s corporate governance reform and next steps for its implementation.

One of the key elements of the changes is the creation of a Supervisory Board, which will have the authority to approve the Commission’s development strategy, participate in budget preparation and financing decisions, perform oversight functions, and approve the composition of the Commission upon recommendation of the Chairman.

It is expected that this model will revamp approaches to managing the Commission and, in particular, replace the current mechanisms governing the budget process.

The meeting participants also discussed next steps in implementing the reform. The first stage involves developing a concept for changes to corporate governance. Once this is done, relevant amendments to the legislation will be drafted.

Special attention was paid to the appointment of NSSMC Commissioners. This involves updating the selection process with an emphasis on a competition procedure, transparency, and openness at every stage.

In addition, the sides discussed approaches to building effective cooperation during the implementation of these changes, as well as a commitment to best international practices.

The implementation of these changes is aimed at strengthening the Commission’s institutional capacity and improving the effectiveness of its work.