Strong Supervisory Board will be an impetus for attracting new investments, Deputy PM Yuliia Svyrydenko

Cabinet of Ministers of Ukraine has approved six winners of the selection process for the positions of members of the Supervisory Board of NJSC Naftogaz of Ukraine: four independent members and two state representatives. This decision was made at a meeting on January 24, 2023.

The independent members of the Supervisory Board are: Tor Anfinnsen Martin, former Senior Vice President of Equinor (Statoil), Norway, Marino Anthony, President and CEO of Vermilion Energy, Hookway Richard, who has 33 years of experience at BP, and Ludo van der Heyden, Professor at INSEAD Business School. The Supervisory Board also includes two state representatives: Rostyslav Shurma and Nataliya Boyko.

During the competition, the Ministry of Economy led the selection of four independent members of the Supervisory Board of Naftogaz of Ukraine.

“This is an important element of corporate governance that we are currently lacking. A strong Supervisory Board will be an impetus for attracting new investments and additional support in working with international partners. We expect that specialists with competencies in crisis management, finance, and production will complement the team that is being formed and help strengthen the company,” said Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.

According to her, the Supervisory Board is part of the corporate governance reform. The reform is in line with OECD recommendations on the governance of state-owned companies and aims to reduce the risks of political interference in the work of Naftogaz of Ukraine, as well as to create modern mechanisms for professional management of the company in the interests of Ukrainian citizens.

The relaunch of the Supervisory Board should improve Ukraine’s negotiating position with creditors. Indeed, as part of the second tranche from the International Monetary Fund (IMF) received on November 24, 2022 under the Stand-By Program, Ukraine has committed to form and ensure the work of supervisory boards of energy companies, including Naftogaz of Ukraine.