Cabinet of Ministers updates Ukrposhta supervisory board in line with NBU requirements

The Cabinet of Ministers of Ukraine has completed the procedure for forming the new composition of the Ukrposhta supervisory board. This decision was made to comply with the requirements of the National Bank, which had previously expressed concern over the state of corporate governance within the company.

Who joined the board

Four new members have been appointed to the postal operator's governing body. Among them are:

• Yurata Stanisauskiene, who headed the board of directors of Lithuania's national postal operator, Lietuvos paštas, for four years;
• Oleh Tymkiv, Business Development Director at the audit firm Moore Stevens;
• Neil Henry Ashworth;
• Hallmerus Artu Hjalmar Alexi.

Yevhen Dubohryz, Deputy Minister for Recovery, became the state representative on the supervisory board.

Reasons for personnel changes

The need to restructure the supervisory board arose against the backdrop of a conflict between the regulator and Ukrposhta CEO Ihor Smilianskyi. The NBU pointed out that due to the prolonged absence of a full-fledged supervisory body, key powers had effectively become concentrated in the hands of the CEO, indicating weak corporate governance.

Previously, on 16 March, the National Bank fined the company 255,000 hryvnia for failing to submit the required documents. On 28 March, the regulator officially announced issues regarding the quality of corporate governance within Ukrposhta's structure.