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G7 Ambassadors Concerned About Ukraine's Absence Of Decision On NJSC Naftogaz

Ukraine

The US, EU and IFIs expressed deep concern over the Ukrainian government’s decision to dissolve the Supervisory Board and replace the head of Naftogaz, questioning Ukraine’s commitment to corporate governance reforms.

G7 Ambassadors Concerned About Ukraine's Absence Of Decision On NJSC Naftogaz

The G7 Ambassadors express their concern that the Ukrainian government, as the main shareholder of NJSC Naftogaz, and the company's supervisory board have not yet reached an agreed decision that will allow the current supervisory board to perform its duties independently.

“We urge the government to quickly address this issue in a way that reflects its stated commitment to international corporate governance standards, and to continue to improve the legislative framework for the management of state-owned enterprises in accordance with these standards,” the ambassadors said on Twitter. p>

Almost all the main energy enterprises of the state, where independent supervisory boards work, ended 2020 with colossal losses. So, for example, the Naftogaz group at the end of last year received a loss of 19 billion hryvnia. A year earlier, her profit was 2.6 billion hryvnia.

According to a number of Ukrainian experts, the strategic interest of the Naftogaz Supervisory Board lies in preparing for the privatization of the largest Ukrainian state monopoly, tactically, in making money on Ukrainian imports of natural gas through Swiss intermediaries, when the stake is not on more transparent long-term contracts. and for spot transactions.

As reported, the Cabinet of Ministers of Ukraine, within the framework of the general meeting of shareholders of Naftogaz on April 28, 2021, recognized the work of the supervisory board and the board of the company as unsatisfactory. The Cabinet of Ministers first terminated the powers of all members of the NAC supervisory board - both independent and representatives from the state - with their subsequent re-election in full, but from April 30, 2021.

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