NJSC Naftogaz of Ukraine and Ukrainian Defence Ministry, the sole shareholders of PJSC Ukrtatnafta, have launched the process of forming an independent supervisory board of the company.
The relevant decision of the company's general meeting was made on 21 May 2024, the press service of Naftogaz of Ukraine said in a statement.
"We continue to systematically implement corporate governance reform at all key enterprises in which Naftogaz is a shareholder. The election of an independent supervisory board of Ukrtatnafta will contribute to the company's efficiency and ensure control over its activities in accordance with OECD requirements," said Oleksiy Chernyshov, CEO of Naftogaz Group.
The procedure for electing and appointing the board will be carried out in accordance with the OECD Guidelines on Corporate Governance of State-Owned Enterprises.
Independent representatives elected in a public and transparent competition will form the majority of the future Supervisory Board. It will also include representatives of shareholders.
- On 5 November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer the share of Ukrtatnafta's corporate rights owned by private owners to the state. Currently, the Ministry of Defence manages them. The remaining 43.05% of the company's shares are owned by Naftogaz of Ukraine.
- On 6 March 2024, the Supervisory Board was also appointed at PJSC Ukrnafta. It includes three independent members and two representatives of the shareholders - the Ministry of Defence of Ukraine and Naftogaz of Ukraine.