Iryna Kovalchuk – GC Powerlist
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Middle East 2023

Energy and utilities

Iryna Kovalchuk

Group general counsel | ZMI Holdings

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Middle East 2023

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Iryna Kovalchuk

Group general counsel | ZMI Holdings

How do you balance your responsibilities as a GC with your involvement in dispute resolution and M&A matters? 

M&A work has been a significant part of my role as an in-house counsel in 2021-2023, which has resulted in successful completion of ZMI Holdings’ acquisition by ADNOC L&S. As a member of the senior leadership team, primarily responsible for various aspects of the transaction, I was integral to the process. What made the transaction successful and how the M&A work could be balanced with day-to-day work as a GC and dispute resolution? This was achieved due to the following: 1) good working relationship. I have established good working relationship with a senior leadership team, counterparts, and teams throughout the organisation which guaranteed me full support and favourable working environment; 2) external support. I surround myself with the best possible external resources. I am vigorously supported by external counsels, who, by deploying “peripheral vision”, help me to achieve the business’ strategic objectives; and 3) effective use of alternative dispute resolutions mechanisms (ie mediation, negotiations) as the primary and preferred method of dispute settlement. Legal department is focused on dispute avoidance and preservation of business relationship, when deciding on the best dispute resolution mechanism.  

 

Could you share an example of a time when you came up with an innovation that improved how your legal team works and did not come at a large expense?  

I have developed a system that allows the teams across the business to access up-to-date contractual terms and empowers to produce contracts, where their needs are straightforward. I have developed contract management system that provides: 1) risk and compliance checks based on a standard questionnaire. These give teams the option to divert to the legal department, where there is a legal or compliance issue; 2) contract automation, using BIMCO (the world’s leading organisation responsible for developing standard contracts for shipping industry) platform, NDA templates, clients’ standard form of contracts; 3) embedded electronic signatures to speed up the execution processes; and 4) a repository that stores all signed contracts and ancillary documents.  

Although more complex matters still require approval of the legal department, using automation and other tools empowers business units to produce their own contracts efficiently saving time for the legal team.  

 

What measures has your company taken to embed sustainability practices into its core business operations, and how does the role of the general counsel contribute to driving and ensuring sustainable practices within the company?  

Here are some ways that sustainable practices are being implemented throughout the organisation: 1) energy efficiency: Implementing energy-efficient technologies and energy management systems; 2) renewable energy: Incorporating renewable energy sources such as wind, solar, and hydrogen to reduce carbon emissions; 3) fuel-efficient vessels: Using fuel-efficient vessels to reduce the amount of fuel used in offshore operations, reducing carbon emissions, using vessels with hybrid or electric propulsion systems, optimising vessel routes and speeds; 4) sustainable sourcing: Using sustainable materials and products to reduce the environmental impact of the industry; and 5) waste reduction: Implementing waste reduction strategies such as recycling and waste reduction programs, reducing the industry’s impact on the environment.  

As general counsel, I work closely with the senior management, CEO, COO to help in developing and implementing sustainability practices at every level of our company and promoting sustainability in offshore industry. 

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