The Government of Ukraine initiated the process of selection of qualified
candidates to fill the posts of independent members of the Supervisory Board of
the NJSC Naftogaz of Ukraine. The establishment of an independent Supervisory
Board is part of the corporate governance reform at the largest state-owned
company, intended to reduce the risks of political interference in the
activities of the NJSC and to create up-to-date mechanisms to ensure
professional management of the company, thus protecting the interests of
citizens of Ukraine.
The Ministry of Economic Development and Trade of Ukraine note that the
Supervisory Board will comprise 5 members, of whom three are independent and
two shall be appointed by the government. Candidates for the positions of
independent members of the Supervisory Board shall be selected by the Committee
responsible for the appointment of chairmen to manage particularly important
for the economy enterprises. The Committee is composed of 5 Ministers and 5
independent members from international financial institutions and the business
environment. The Supervisory Board shall be approved by the Ministry of
Economic Development and Trade.
In March 2015, the Government of Ukraine approved a plan for a
comprehensive gas sector reform, which was designed to introduce competition,
transparency, market prices for natural gas, to ensure diversifying of gas
imports and reforming the Naftogaz of Ukraine corporate management.
In December 2015, the Government of Ukraine endorsed the new statute of the
NJSC Naftogaz of Ukraine, a regulation on the Supervisory Council and a
regulation on the Management Board of the company. Until April 2017 the
authority of the Supervisory Board will be restricted, in particular, the
general assembly of shareholders shall be responsible for appointment the Board
and approval the financial and investment plans of the company. Starting April
2017, the aforesaid powers will be devolved to the Supervisory Board.
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