The Cabinet of Ministers of Ukraine appointed the Supervisory Board of the Ukrainian Defense Industry Joint Stock Company and approved its composition at a meeting on December 29.

This is one of the key stages of the corporate governance reform of the public sector of the domestic defense industry.  The Supervisory Board is a collegial body that protects the rights of the shareholder, which is the state, and within the competence, defined by the law and the UOP Charter, manages the Company, controls and regulates the activities of the Director General of Ukroboronprom. The Board is formed on the principles of independence, professionalism, competence, diversity, efficiency and transparency.

The Supervisory Board consists of five members. Three of them represent the state: President of Kyiv School of Economics and former Minister of Economy Tymofii Mylovanov, member of the Supervisory Board of Ukrzaliznytsia and former CEO of Iberia Refreshments PepsiCo David Lomjaria, President and CEO of the Arizona Defense Industry Coalition Linndy Smith. Two other members are independent: former member of the Supervisory Board of Ukreximbank and the Board of Naftogaz of Ukraine Serhii Konovets and former Prime Minister of Ukraine and Chairman of the NGO Aerorozvidka Oleksiy Honcharuk.

"This is a powerful team of professionals with vast experience and expertise. I am confident that together with Herman Smetanin, the new Supervisory Board will successfully complete the transformation of Ukroboronprom from an outdated state concern into a transparent European defense holding," said Alexander Kamyshin, Minister of Strategic Industries.

Within the next 30 days, the first meeting of this body will be held to elect the chairman of the supervisory board and determine the priority steps.

Since the transformation of the State Concern "UkrOboronProm" into the Joint Stock Company "Ukrainian Defense Industry" and until now, the functions of the Supervisory Board have been performed by the Cabinet of Ministers of Ukraine.