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Ukraine's Cabinet to select independent member of NJSC Naftogaz Ukrainy's supervisory board

Ukraine's Cabinet to select independent member of NJSC Naftogaz Ukrainy's supervisory boardUkraine's Cabinet of Ministers at a meeting on Wednesday announced a tender to select an independent member of the supervisory board of national joint-stock company Naftogaz Ukrainy.

This is reported by Interfax-Ukraine.

The bids can be submitted during 45 days from the moment of the announcement of the tender.

The government annulled paragraph three of resolution No. 232 dated March 29, 2017, according to which the bids could be submitted during 14 days.

As reported, the government began the corporate governance reform in Naftogaz Ukrainy in 2015 according to OECD guidelines. In May 2016 the supervisory board was created consisting of British citizens Marcus Richards, Charles Proctor and Paul Warwick. First Deputy Economic Development and Trade Minister Yulia Kovaliv was a member appointed by the government and former energy and coal industry minister Volodymyr Demchyshyn was appointed by the Presidential Administration.

The government on March 29, 2017, decided to expand the supervisory board of Naftogaz Ukrainy from five to seven members, adding an independent member and a member from the state.

Early April three British citizens and Kovaliv said they are ready to resign if the government does not implement the corporate governance action plan. Kovaliv resigned on April 17.

Naftogaz Ukrainy unites oil and gas production assets in Ukraine and is the country's gas transit, underground gas storage, and oil pipeline transportation monopoly.
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