11:30 03.05.2021

Cabinet urges Naftogaz's supervisory board to continue holding office until new members selected

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Cabinet urges Naftogaz's supervisory board to continue holding office until new members selected

The Cabinet of Ministers calls on the supervisory board of NJSC Naftogaz Ukrainy to continue holding office until the end of the competition for the posts of new members, the Uriadovy Portal has reported.

"The Cabinet of Ministers took into account the official statement of the supervisory board of NJSC Naftogaz Ukrainy and by its resolution dated April 28, 2021 No. 370 offered its members to hold their posts for the period of a new competition and selection of new independent members of the supervisory board," the Uriadovy Portal said in a report on Sunday night.

It is noted that the government hoped that the Naftogaz's supervisory board, "in continuation of the best corporate governance practices, will take a position regarding the further fulfillment of its duties. This will ensure high-quality, independent and sustainable management of the largest state-owned company NJSC Naftogaz Ukrainy."

"The Cabinet of Ministers remains committed to the corporate governance reform according to OECD [Organisation for Economic Co-operation and Development] guidelines, which are designed to improve the management of public sector enterprises," the report said.

As reported, the government at the general meeting of shareholders of Naftogaz Ukrainy on April 28 recognized the work of the supervisory board and the management of the company as unsatisfactory. The Cabinet of Ministers first terminated the powers of all members of the supervisory board – both independent and representatives from the state – with their subsequent re-election in full, but from April 30, 2021.

Having dismissed the supervisory board for two days, the Cabinet prematurely terminated the powers of head of the board of Naftogaz, Andriy Kobolev, relieving him of office on April 28, and also elected and appointed Yuriy Vitrenko as the head of the company from April 29 for a period of one year.

On April 30, all members of the supervisory board of NJSC Naftogaz Ukrainy, who were present at the extraordinary meeting on Friday, filed their resignation notices, which will be effective on May 14, 2021.

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