The state property policy, approved by the government at the end of November, aims to optimize the portfolio of state assets based on a triage process—an analysis of all state assets, categorizing them into groups: those remaining in state ownership, those to be privatized, or those to be liquidated, noted the First Deputy Prime Minister and Minister of Economy, Yulia Svyrydenko.
"The government plans to reduce the number of state-owned enterprises to around one hundred, down from more than three thousand currently in existence. The goal of this optimization is to enhance the efficiency of state companies, increase their contribution to the economy, and reduce the state budget's expenses for maintenance," – she indicated in a column for the Interfax-Ukraine agency.
Svyrydenko added that the policy outlines the criteria for a company to remain under state ownership.
"This could include meeting public needs for certain services ("Guaranteed Buyer"), ensuring national interests ("Energoatom", "Ukroboronprom"), maintaining affordable price levels ("Ukrposhta", "Ukrzaliznytsia"), belonging to natural monopolies ("Ukrenergo"), etc.," – she provided examples as the First Deputy Prime Minister.
According to her, the adopted document also improves the operation of supervisory boards: the appendices contain a policy on the remuneration of executives and supervisory board members, as this issue has always been sensitive for society. The maximum remuneration for a supervisory board member cannot exceed 40% of the maximum compensation for the executive, which is set at market levels, Svyrydenko clarified.
"How is this level determined? The government commissions an independent study of salaries in various sectors where companies of similar size and focus operate," – she explained.
The First Deputy Prime Minister also pointed out that an important change is the introduction of letters of expectations—a new document in the planning system.
"This is a tool through which the state sets specific goals for companies—expectations regarding profitability, liquidity, and other indicators, as well as the volumes of funding from the state budget and payments to the government. Letters of expectations serve as a kind of KPI, the failure to meet which may lead to the termination of the powers of management board members," – Svyrydenko noted.
She also highlighted a significant section—on dividend policy. Clarifying that during martial law, dividends from state companies amount to 75% of profits, the First Deputy Prime Minister added that after the war, when determining dividends, the funds that the company spends on critical investments, such as reconstruction, will be taken into account.
"In the future, the size of dividends may depend on how effectively the company utilizes its resources (ROE indicator). The higher the efficiency, the fewer dividends will need to be paid. Asset value, industry specifics, state financial goals, supervisory board recommendations, and the company's market competitiveness will also be considered," – Svyrydenko explained.
She reminded that after the adoption of the state property policy, the next important steps include conducting triage, privatizing or liquidating unnecessary state assets, forming supervisory boards in several state companies, and delineating commercial and non-commercial activities.