USPA Ownership Policy released

The Ministry of Infrastructure of Ukraine approved the Ownership Policy of the state enterprise «Ukrainian Sea Ports Authority», which defines the objectives of the enterprise, the principles and mechanisms of management of the company, and outlines the expected results of its activities in the medium term. USPA is the first national state-owned enterprise that received Ownership Policy.

The document was formed on the basis of the developed by the Ministry of Economic Development and Trade «The main principles of the implementation of property policy in relation to economic entities of the state sector of the economy», which were approved by the Cabinetof Ministers in October 2018.

"Approval of the Ownership Policy is an important part of the corporate governance reform of the USPA, which primarily aims at improving the efficiency and transparency of the enterprise's operations, its management of its assets and their rational use. The Ownership Policy defines the goals and priorities according to which the State owns the enterprise. In particular,— increase of competitiveness of sea ports of Ukraine in the Black Sea-Azov basin ",— commented the head of the USPA.

The Ownership Policy clearly defines the key objectives of the USPA, dividing them into commercial (ship services and specialized services in seaports) and non-commercial (maintenance, efficient and safe operation and development of port infrastructure, organization and security navigation, ensuring compliance with the legislation on environmental protection, maintenance of declared depths, development and implementation of plans for the development of seaports, navigation support on-line excuse waterways, etc.).

In addition, the Ownership Policy sets out the basic principles under which enterprise management should be implemented. Apart from already mentioned professionalism as the basis of this process, one of the most important is the principle of demarcation of the functions of the state as the owner and as a regulator: the state exercises control and regulation, however, it does not interfere with the operation of the business entity. The document stresses the need for further corporatization of the State Enterprise USPA by transforming into a joint-stock company, 100% of which shares will belong to the State.

Particular attention is paid to issues of social responsibility — labor relations, ecology, and energy efficiency.

The document complies with the world's leading practices, in particular, the OECD Guidelines for Corporate Governance of SOEs (Recommendations on Corporate Governance of State Enterprises of the Organization for Economic Cooperation and Development), taking into account the specifics of the activity of the AMU. The property policy project was developed with the advisory support of the reform support teams of the Ministry of Economic Development and Trade and the Ministry of Infrastructure of Ukraine.

The order for approval and the document itself are published on the website of the Ministry of Infrastructure.

Ownership Policy of the state enterprise «Ukrainian Sea Ports Authority»



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