Press Release
Kiev
DTEK has completed formation of the
system of Company’s corporate governance corresponding to the best world
practice. The purpose of the changes is to form efficient and transparent
corporate property governance and ownership.
Following legal restructuring a new
3-link corporate structure has been formed: Holding company (DTEK Holdings B.V. located in Amsterdam, the
Netherlands) – Corporate center
(DTEK LLC located in Donetsk with representative office in Kiev) – Operating companies (in four regions of
Ukraine).
Strategic management of DTEK is
performed via the Supervisory Board including the independent directors and
representative directors of the Shareholders. The independent directors ensure
the maximum transparency of making the management decisions. There are four
committees working for the Supervisory Board – Nominations and Remuneration
Committee, Strategy and Investment Committee, Health, Safety and Environment
Committee and the Auditing Committee.
The executive authority within the
holding company is the Board of Directors. It includes the CEO of DTEK LLC and
the Dutch administrator FTC Trust.
Maxim Timchenko, CEO of DTEK, commented:
“The economic shocks in 2009 confirm
that the principles of transparency and accountability at all levels are the
most essential elements of the Company’s efficient management. We have made an
important step forward and the new corporate governance system will provide for
mechanisms for making and implementing strategic decisions according to the
best practice. Entering the new global capital markets requires convincing and
understood methods of corporate governance. This will strengthen the confidence
of internal stakeholders, reduce the cost of the borrowed funds and, finally,
incentivize more efficient business development”.
Profile
DTEK is the first private
vertically-integrated power company in Ukraine. It belongs to the financial and
industrial group System Capital Management (SCM). DTEK enterprises form
an efficient chain of coal mining and enrichment, electricity generation and
distribution.
The coal division of DTEK includes
Pavlogradugol (runs 10 mines), Komsomolets Donbassa Mine and five enrichment
plants. In 2008, the DTEK's sales accounted for 22.6% of Ukraine's coal
mining industry.
The generation division comprises
Vostokenergo and associated company Dnerpoenergo, of which DTEK owns 47.46%. In
2008, the share of these businesses in Ukraine's thermal generation made:
Vostokenergo – 25.4%, Dneproenergo – 22.4%.
DTEK’s Service-Invest and PES-Energougol
represent the electricity distribution division. Their purchase share in the
state-run enterprise Energorynok made 6.5% in 2008.
For more information please visit www.dtek.com
FTC Trust has developed its services through more than
seventeen years of serving its international clients - be they multinational
companies or high net worth individuals - by managing their companies,
strategically located in the Netherlands.
FTS Trust enables the clients to make
strategic moves on international markets. Together with extensive network of
international tax advisors, attorneys and accountants FTS Trust ensures that
every step you take in internationally structuring your investments and
operations is compliant.
FTC Trust has earned the clients' trust
through integrity, independence, expertise, attention to detail and personal
and operational excellence.
FTC Trust is led by a team of four
highly qualified directors with extensive experience in the European banking
and financial services sectors.
Corporate Communications Department
DTEK
Tel.: +38 (044) 581 45 37
+38 (044) 581 45 55
E-mail: pr@dtek.com
www.dtek.com
