OREANDA-NEWS. April 29, 2009. The state represented by Energy Company of Ukraine and the private investor in the person of DTEK have once more demonstrated their ability of finding constructive solutions. This is the fact stated by Maxim Timchenko, the Chief Executive Officer of DTEK when commenting the results of the first meeting of the new Supervisory Board of Dneproenergo held on April 28, 2009.

According to Maxim Timchenko, at the meeting the Supervisory Board approved the organizational structure of Dneproenergo, elected the Chairman of the Supervisory Board, the deputy Chairman and the Secretary. Besides, the provisions for interaction between the Supervisory Board and the Management Board of the Company were established.

As stated by Maxim Timchenko, today Dneproenergo is the only example of successful public-private partnership based on the agreed position with respect to the corporate governance of the Company.

‘Representatives of DTEK in the Supervisory Board of Dneproenergo voted for the representative of Energy Company to be appointed the Chairman of the Board. Thus, DTEK agreed that the leading role in managing the company should be played by the state’, noted Maxim Timchenko. – ‘Thanks to that the state will be able to fully control the Management Board that is entirely accountable to the Supervisory Board’.

Mr. Timchenko emphasized that DTEK as a strategic investor intended to create a stable environment for financial investments into the Company and its proper development. ‘For that DTEK, as a socially responsible company, intends to implement projects for development of Dneproenergo’s social infrastructure in addition to the investment programme’, he said.

‘In DTEK there is a system of social partnership, the concept and practical measures of which are described in the Social Partnership Declaration made between the Company, its operating enterprises and local authorities in the regions and territories of the company’s presence.’, Maxim Timchenko explained. – ‘In the nearest time this system of social partnership will be disseminated to cover those cities and regions where Dneproenergo’s assets are located.