All independent directors of Naftogaz to quit the Supervisory Board because the government is derailing the reforms

19.09.2017, 21:45:00

Naftogaz will hold a media briefing to comment on the decision

Today the remaining two independent members of Naftogaz Supervisory Board have informed the company about their decision to resign. Independent Supervisory Board Members Paul Warwick and Marcus Richards explained their decision by the government’s lack of commitment to duly implement the corporate governance reform.

“The independent Supervisory Board members made it very clear to the Government in April 2017 that their continuing involvement in this critical reform project was contingent on material progress. Despite assurances from senior politicians, deadlines have passed and commitments have not been delivered with an environment of government control, not envisaged in the Corporate Governance Action Plan. Increasing political meddling becoming increasingly evident and, unfortunately, the norm. Essentiatty, no material change has occurred over the last five months despite the assurances we received to the contrary”, said Paul Warwick, Chairman of the Supervisory Board, in his letter.
















Public Relations Department
NJSC Naftogaz of Ukraine