The new Supervisory Board of Oschadbank started its work and formed all relevant committees

Today, on June 20, the first meeting of the newly appointed Supervisory Board of Oschadbank was held, which, according to the results of an open competition, comprised independent members Sevki Acuner, Baiba Apine, Peter Briggs, Michael Weinstein, Oleksii Hrinchenko, Oleksii Reznikov, the state representative of the Verkhovna Rada Committee on Financial Policy and Banking Dmytro Vlasov, and a representative of the state from the Cabinet of Ministers of Ukraine Daniel Bilak.

The former Head of the EBRD Representation Office in Ukraine Sevki Acuner has been elected Chairman of Oschadbank’s Supervisory Board. Oleksii Hrinchenko has been elected Deputy Chairman of the Supervisory Board. Yulia Fedorenko has been elected the corporate secretary.

At the suggestion of the state representatives in the Supervisory Board, all management positions were elected solely from independent directors.

According to the current legislation, the Supervisory Board is assigned with not only supervisory and regulatory functions. It also becomes a full-fledged management body. Total exclusive powers of the Supervisory Board are extremely wide: from the approval and control over the implementation of the state bank development strategy to ensuring the functioning of the system of internal control of the Bank and risk management system.

The Supervisory Board relevant committees have been formed at the meeting, namely:

1. Nomination and Remuneration Committee including a Subcommittee on Corporate Governance - headed by Oleksii Reznikov.
2. Audit Committee – headed by Peter Briggs.
3. Risk Committee including a Subcommittee on Work with Problem Loans - headed by Baiba Apine.
4. Strategy Committee including the Subcommittee on Information Technology and Information Security – headed by Sevki Acuner.

Chairman of Oschadbank’s Supervisory Board Sevki Acuner noted: "I see my task to ensure efficient and transparent cooperation between the members of the Supervisory Board and the management of the Bank. Significant progress has already been made in the reform of the state-owned banking sector, and I hope that the independence of the supervisory boards, National Bank, which is a prerequisite for financial stability and economic growth, will be preserved. I am convinced that Oschadbank, as a leading state bank, will become an example of good corporate governance and fulfill its mission of providing efficient, competitive, inclusive financial services to individuals and entities."

Effective work of the independent Supervisory Board will facilitate the implementation of the approved development strategy and strengthen the effectiveness of risk management, which will increase the profitability and attractiveness of Oschadbank for investors.