Corporate Governance

In 2015, the government of Ukraine embarked on the corporate governance reform in Naftogaz developed in line with the OECD principles of corporate governance for state-owned enterprises. These principles regulate relations with shareholders and stakeholders, requirements towards transparency and information disclosure, segregation of duties of management bodies at all levels, as well as other matters of corporate governance.

In the result of the corporate governance reform, the supervisory board of Naftogaz shall be effectively insulated from political meddling and graft. It shall receive an unprecedentedly wide range of authority and responsibility, including, i.a., improved control over the company’s executive board. The supervisory board shall establish committees dealing with audit, ethics, as well as nomination and remuneration issues. The supervisory board shall also set up and control functions responsible for compliance, risk management and prevention of corruption.