The Cabinet of Ministers has exempted the Ukrainian Railways public joint-stock company from its resolution No. 777 “On Competitive Selection of the Heads of Business Entities in the Public Sector of the Economy” and authorized the company’s supervisory board to recommend candidates for the post of board chairperson of the company.

The Cabinet of Ministers made this decision at a meeting on Wednesday, the CFTS portal reports, citing the Interfax Ukraine news agency.

This is intended to ensure selection of candidates for the position board chairperson of the joint-stock company in accordance with the best corporate governance practices.

As reported, the Cabinet of Ministers has transformed Ukrzaliznytsia from a public joint-stock company into a private joint-stock company and approved the company’s updated charter. According to the company, Ukrzaliznytsia remains a state-owned company despite this transformation and there are currently no legal grounds for privatization of the company.