01.12.2009, 20:40
DTEK Enhances Corporate Governance and Transparency
OREANDA-NEWS. December 1, 2009. DTEK, Ukraine’s leading fuel and energy company, announces that it has put into place a new operating structure and corporate governance system, a further demonstration of its commitment to operate in line with international best practice. The main objective of these changes is to build a transparent operating and reporting structure, so that the needs of all of DTEK’s stakeholders are represented and interests disclosed appropriately.
The restructuring programme provides DTEK with a three-tier corporate system:
DTEK Holdings B.V. – the Group Holding Company, based in Amsterdam, Netherlands
DTEK LLC – Corporate centre, based in Donetsk, with a representative office in Kiev
DTEK’s manufacturing enterprises (located in four regions of Ukraine).
The General Meeting of the shareholders of DTEK Holdings B.V. is the ultimate decision making body of the group. The Supervisory Board is responsible for a strategic management of the Company. It comprises independent directors and directors representing shareholders. The oversight of DTEK’s independent directors provides the Company and its stakeholders with a transparent management decision-making process, which brings it into line with international corporate best practice. The Supervisory Board has four committees, which oversee the Company’s operations:
HR and Rewards committee;
Strategies and Investments committee;
Labor, Safety and Environment Protection committee;
Audit committee.
The Executive Board of DTEK Holdings B.V. comprises DTEK’s CEO, Maxim Timchenko, and independent Dutch administrator, FTC Trust.
DTEK CEO Maxim Timchenko comments:
“The economic downturn has renewed the focus on transparency and accountability, with investors and stakeholders rightly demanding greater levels of detail about performance and management decision-making. With this new structure, we have proactively moved to put into place a transparent and efficient business model, which will ensure that we operate with enhanced levels of corporate governance, while maintaining our goal of continuing to improve our reporting, both in terms of punctuality and detail, particularly at a time when guidance on companies’ financial condition and prospects is of even greater importance.
“With our stated ambition to expand internationally, our more transparent operating structure will position us to meet the requirements of a new, wider stakeholder base and ensure that we deliver the highest standards of disclosure as we move forward.”
The restructuring programme provides DTEK with a three-tier corporate system:
DTEK Holdings B.V. – the Group Holding Company, based in Amsterdam, Netherlands
DTEK LLC – Corporate centre, based in Donetsk, with a representative office in Kiev
DTEK’s manufacturing enterprises (located in four regions of Ukraine).
The General Meeting of the shareholders of DTEK Holdings B.V. is the ultimate decision making body of the group. The Supervisory Board is responsible for a strategic management of the Company. It comprises independent directors and directors representing shareholders. The oversight of DTEK’s independent directors provides the Company and its stakeholders with a transparent management decision-making process, which brings it into line with international corporate best practice. The Supervisory Board has four committees, which oversee the Company’s operations:
HR and Rewards committee;
Strategies and Investments committee;
Labor, Safety and Environment Protection committee;
Audit committee.
The Executive Board of DTEK Holdings B.V. comprises DTEK’s CEO, Maxim Timchenko, and independent Dutch administrator, FTC Trust.
DTEK CEO Maxim Timchenko comments:
“The economic downturn has renewed the focus on transparency and accountability, with investors and stakeholders rightly demanding greater levels of detail about performance and management decision-making. With this new structure, we have proactively moved to put into place a transparent and efficient business model, which will ensure that we operate with enhanced levels of corporate governance, while maintaining our goal of continuing to improve our reporting, both in terms of punctuality and detail, particularly at a time when guidance on companies’ financial condition and prospects is of even greater importance.
“With our stated ambition to expand internationally, our more transparent operating structure will position us to meet the requirements of a new, wider stakeholder base and ensure that we deliver the highest standards of disclosure as we move forward.”
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