Ukrenergo's Supervisory Board sets up Ethics and Corruption Prevention Committee

MOSCOW. Dec 5 (Interfax) - The Supervisory Board of Ukrenergo, Ukraine's state-owned electricity transmission system operator, convened an extraordinary meeting to assess internal controls, the efficiency of anti-corruption measures and compliance with requirements during tenders, procurement and administrative processes, Ukrainian media outlets reported, citing the company's statement on social media.

The Supervisory Board received detailed reports from the internal audit, risk management and compliance departments and assessed the progress made in introducing Ukrenergo's anti-corruption program, including in high-risk areas, which require increased oversight, the statement said.

"Based on the outcomes of the discussion, the Supervisory Board decided to set up its Ethics and Corruption Prevention Committee with a mandate to reinforce independent oversight of integrity-related matters," it said.

"Today's decisions reinforce our zero-tolerance approach to corruption and our commitment to full transparency and accountability," Ukrenergo Supervisory Board head Jeppe Kofod said.

Safeguarding Ukrenergo's reputation is essential for securing financing, restructuring loans, and maintaining the trust of international partners at this critical time for Ukraine's energy sector, Kofod said.

Ukrenergo's Supervisory Board adopted this decision against the backdrop of the corruption scandal in the country's energy sector involving people from the inner circle of Ukrainian President Vladimir Zelensky.