Law on Optimization of the Ownership Structure of the Gas Transmission System Operator of Ukrainian
On July 28, 2023, Verkhovna Rada of Ukraine adopted in the second reading the draft law of Ukraine № 9311-1-d as of 28.06.2023 «On Optimization of the Ownership Structure of the Gas Transmission System Operator of Ukraine» (later on – «Law»).
The law is aimed to fullfil the requirements of the Memorandum of Understanding concluded between Ukaine and EU on January 16, 2023, and the Memorandum on economical and financial policies concluded between Ukraine and International monetary fund on March 24, 2023, with regard to the implementation of a proper corporate governance system for the gas transmission system operator of Ukraine («GTSOU») with establishment of an independent supervisory board of GTSOU.
The Law provides for:
- transfer of 100 percent of the share in the authorized capital of the GTSOU in the management of the Ministry of Energy of Ukraine;
- appointment of the independent Supervisory Board of the GTSOU, which will be responsible for appointing of the head and/or members of the executive body of the GTSOU;
- election of members of the Supervisory Board of the GTSOU will be held through competitive procedure by October 31, 2023.
- the decision on approval of a new version of the GTSOU charter shall be made upon consultations with the NEURC and after receiving of the binding opinion by the Secretariat of the Energy Community.
Bohdan Horoshynskiy, Associate at LCF Law Group, for lcf.ua
