18:32 25.10.2021

Economy Ministry announces competition for selection of four independent members of Naftogaz supervisory board

3 min read
Economy Ministry announces competition for selection of four independent members of Naftogaz supervisory board

The Ministry of Economy has announced a competition to select four independent members of the supervisory board of NJSC Naftogaz Ukrainy, candidates must submit documents by December 6, the ministry said on its website on Monday.

"The earliest possible competition for selection of independent board members for Naftogaz is a priority for the government, given the current situation in the energy market and all existing external challenges," the ministry's press service said, citing First Deputy Prime Minister, Minister of Economy Oleksiy Liubchenko.

"I would like to thank our partners from the committee for the appointment of heads of enterprises of special importance for the economy, Jason Pellmar, Marcin Swiecicki, Vahram Stepanyan, Matteo Patrone and Matti Maasikas, who got involved in the active work, realizing the importance and relevance of the appointment of a governing body for such an important company as Naftogaz Ukrainy," Liubchenko said.

Requirements for candidates include higher education, in particular (but not only) in the field of petroleum engineering, management and administration, economics, finance, audit, international relations, law, work experience as a non-executive director in an international public company, experience in management positions at least ten years, proficiency in the European energy market, knowledge of English, Ukrainian is desirable.

As reported, the government of Ukraine, at the meeting of Naftogaz shareholders on April 28, 2021, recognized the work of supervisory and management boards 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 government prematurely terminated the powers of Andriy Kobolev, dismissing him from the post of Naftogaz board chairman from April 28, and from April 29, the government elected and appointed Yuriy Vitrenko, who was the acting Energy Minister at that time, as the company head for a period of one year.

The independent members of the supervisory board considered these personnel changes unlawful. However, initially a compromise was reached – they agreed to continue working in the supervisory board until a new competition for selection of members of the supervisory board was held. All this time they continued to seek Vitrenko's resignation. After receiving letters of resignation from the independent members in early September, Prime Minister Denys Shmyhal ordered to announce a competition for selection of three more independent members to the previously announced competition for selection of one independent member of the supervisory board.

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