The Verkhovna Rada of Ukraine (VRU) intends to establish that the annual, including consolidated, reporting of business entities of public sector of economy is subject to mandatory audit, the results of which should be promulgated. The corresponding governmental draft law №3062 On Introduction Of Amendments To Some Legislative Acts Of Ukraine Regarding Management Of Public Properties was endorsed in the first reading by 244 parliamentarians.

It is emphasized that the purpose of the draft law is to create favourable conditions for  optimization of the structure of public sector of economy and to implement market methods of management of business entities of public sector of economy.

It is proposed by the draft law to introduce amendments to the Economic Code, establishing that the supervisory board is created in state unitary enterprise according to the decision of government corporation.

Thus, it is proposed to determine management of state unitary enterprise and establish that the supervisory board of the state unitary enterprise is the entity, which protects the rights of the state and, within the competence, defined by the Charter and the Law, controls and regulates the activities of the company chief executive.

It is proposed by the document to introduce amendments to the Law of Ukraine On Management of Public Properties, and to create legal groundings for inclusion of the management of business entities of the public sector of economy to independent members of supervisory boards, which will ensure the elevation of efficiency of management of public properties.

According to the draft law, it is proposed to establish that the supervisory board, in which independent members of supervisory boards can be included, is created in business entities, in the authorized capital of which the state share exceeds 50%, under the procedures, established by the Cabinet of Ministers of Ukraine.

For enhancement of transparency of activities of business entities of public sector of economy, it is proposed to establish that the annual, including consolidated, reporting of the business entities of the public sector of economy is subject to mandatory audit. Special attention is given to the necessity to establish a requirement for mandatory promulgation by such entities of the information on their activities (financial reporting, information on the executive of business entities, settlement of transaction etc).