The competition to select independent members of the Advisory Board of Farmastor, held as part of the Corporate Governance Professional Association (CGPA) ‘s “Board Test Drive” project, which the association is implementing in partnership with Boyden Ukraine, has concluded. Farmastor is a large Ukrainian pharmaceutical group that includes the Dobryi Den pharmacy chain, which has been operating since 2006 and comprises more than 800 pharmacies in over 50 cities across Ukraine.
As a result of the competitive selection process, Petro Chernyshov, Oleksandr Pochkun, and Hennadiy Verbylenko were appointed as independent members of the Board.
Petro Chernyshov is a well-known top manager in the country with almost 30 years of experience working in large national and international companies operating in the fields of manufacturing, distribution, logistics, telecommunications, and retail (Veon Group, Kyivstar, Carlsberg Group), a former member of the supervisory boards of Farmak and Biosphere, and currently the chairman of the Supervisory Board of Kyiv Aviation University and a member of the Supervisory Board of the Kolo grocery store chain.
Oleksandr Pochkun is a managing partner at the auditing company Baker Tilly Ukraine, a member of the National Registry of Corporate Directors, with more than 20 years of experience in providing auditing services, project management, legal expertise, tax and financial consulting; member of supervisory boards of various businesses and non-profit organizations, co-founder of the Union of Ukrainian Entrepreneurs.
Gennadiy Verbylenko is a former CEO and current member of the Supervisory Board of the Comfy chain. He has extensive experience in developing large-scale retail businesses and digital transformation.
In addition to independent directors, the Board includes Farmastor shareholders.
The Board has already held its first introductory meeting, during which Petro Chernyshov was elected Chairman of the Board and Dmytro Tarnavsky was appointed Corporate Secretary of the company. In addition, during the meeting, the independent directors received key information about the company’s activities. They agreed on the vision for the Board’s tasks during the “Test Drive” period and expectations regarding the forms of its work. If the Advisory Board is successful, it is planned to transform it into the company’s full-fledged Supervisory Board in the future.
“We see that the” test drive” format helps business owners decide on fundamental changes to the company’s corporate governance model. Indeed, this is not easy to do, especially during wartime. The participation of experienced specialists from CGPA and Boyden in the process of forming the Board gives the owners confidence; I am grateful to them for their trust. Together, we have formed a high-quality Board, which I hope will be the optimal response to the challenges facing the company. Of course, we will assist it in every way possible,” said Oleksandr Okuniev, Chairman of the CGPA Board of Directors.
Igor Chervonenko, co-founder of the Farmastor group of companies, emphasized: “We believe that the creation of the Advisory Board is a new stage in the company’s development. Independent directors will provide us with expertise and new insights and act as arbitrators in our discussions. To be honest, I was cautious about this Project, but our first meetings have put me in an optimistic mood.”
In turn, Petro Chernyshov, an independent director, noted: “An interesting company, interesting people, serious expectations from the Board—everything an experienced corporate director needs to agree to participate in the Project! I hope that my experience will help Farmastor.”
The “Board Test Drive” project is a new initiative of the CGPA aimed at promoting the implementation of best corporate governance standards in Ukrainian companies. Within the framework of the Project, the association helps companies – its own collective members – create a Board whose composition is drawn from among its individual members. The Project runs for 6 months, is non-commercial, and provides services to the association’s members, with independent Board members working pro bono during the Project.
For businesses, the Project offers a unique opportunity to test the Board format without any risk or obligations, obtain practical results in the form of recommendations on strategy, investments, and corporate control, and form the core of a “permanent Board” that will continue to operate after the Project is completed.
For Project participants – CGPA members elected to the Boards – there are opportunities to get to know the company and its owners, prove themselves as specialists, gain valuable practical experience working in an effective Board, and, in the event of a successful “test drive,” obtain a position as a Board member. Another significant opportunity is to establish new professional contacts in the business environment.
Those wishing to participate in the Project can contact CGPA, as it will continue to involve new companies.