Ukrtatnafta’s shareholders to establish independent supervisory board

Ukrtatnafta’s shareholders to establish independent supervisory board

Naftogaz of Ukraine NJSC and the Ukrainian Defense Ministry have launched the procedure for establishing an independent supervisory board of Ukrtatnafta PJSC.

The relevant statement was made by Naftogaz Group’s press service, an Ukrinform correspondent reports.

The corresponding decision was endorsed at a meeting of Ukrtatnafta’s shareholders on May 21, 2024.

“We continue to systematically implement corporate governance reform across all key enterprises, where Naftogaz acts as a shareholder. Establishing an independent supervisory board of Ukrtatnafta will contribute to the company’s efficiency and ensure control over its activities in accordance with the OECD requirements,” Naftogaz Group Board Chairman & CEO Oleksiy Chernyshov noted.

The independent representatives selected through a public and transparent competition will form the majority in the future supervisory board. Additionally, it will include the representatives of shareholders.

The election and appointment procedures of the supervisory board will be carried out in accordance with the OECD Guidelines on Corporate Governance of State-Owned Enterprises.

A reminder that Ukrtatnafta PJSC was transferred to the state ownership in October 2022. Naftogaz owns 43.05% of the company’s shares, and the rest was transferred to the Ukrainian Defense Ministry.

Kremenchuk Oil Refinery, which had been repeatedly targeted by Russian attacks, is part of Ukrtatnafta PJSC.

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