The corporate governance system we have built is a tool that ensures:

  • Clear definition and distribution of authorities, rights and responsibilities among all participants in corporate relations, namely: executive board (executive body), general meeting (shareholder), company bodies’ officials, management, employees and other stakeholders.
  • Procedures for setting and achieving the company’s objectives, as well as follow-up.
  • Clear decision making rules and procedures.
  • Efficiency, transparency and accountability.
  • Conflict prevention and resolution.
  • Existence of checks and balances system, including internal control functions

This approach enables sustainability for Naftogaz, predictable approaches to doing business and creates opportunities for long-term cooperation with potential investors.

Code of Ethics

Кодекс корпоративної етики

Implementation of modern corporate governance standards is one of the top-priority reforms of the national company. Naftogaz’s management sees the rules of corporate ethics as an integral part of good corporate governance. These rules set the framework for business conduct. Modern corporate ethics assists the company in being more effective in achieving its results, and its employees in being confident in equal opportunities for self-realization, which should ultimately affect both motivation and performance.

Citizens, partners, government and local authorities, the media and other external counterparties have the right to expect ethical business conduct of Naftogaz. Despite the difficult history, the current Naftogaz team strives to build relationships with its counterparties based on the principles of legality, professionalism, integrity, mutual trust and unwavering commitment.

By implementing modern standards of corporate ethics, Naftogaz seeks to bolster the company’s reputation so that its employees can be proud of both their success stories and the ways to achieve them. To maintain unique competencies and attract new qualified professionals, it is important to be a respected company, and the employer of choice.

In 2017, Naftogaz developed and approved a new version of the Code of Corporate Ethics (Code).  It is based on generally accepted principles, norms of Ukrainian and international law, and introduces the best European practices. 

The Code defines the following core values of cooperation: integrity and trust, transparency, professionalism, fairness, focus on learning.

Naftogaz respects personal freedom, human rights and dignity, and does not allow any form of workplace harassment and conduct that would be considered offensive or unacceptable. Managers must not allow using methods in their management practices that degrade the personal dignity of employees.

Discrimination or preferences based on origin, social and property status, race and nationality, age, sex, language, political views, religious beliefs, type and nature of occupation, sexual orientation, place of residence, and other circumstances are not allowed.

The main criteria for making personnel-related decisions are the qualifications of the employee, professional abilities, actual achievements, and other criteria related to the employee’s work. Naftogaz supports and encourages initiative and creativity in employees, promotes the development and realisation of the staff’s skills and abilities.

The company also considers corporate social responsibility to its employees and members of their families, to the residents of the communities where it operates, and to society as a whole to be an important element of the interaction between the state, business and society.



The hotline is a channel for the employees, the contractors of Naftogaz Group and other persons to report the cases of the Naftogaz Group Code of Corporate Ethics violation.  

What exactly should be reported via the hotline?
Violations of the Code of Corporate Ethics, including the conflicts of interest among employees, theft and improper use of the Naftogaz Group assets, violations of the Anti-Corruption Program or anti-corruption laws are to be reported.  The hotline also accepts health and safety reports, which are reviewed based on the different procedure, compared to the reports referred to below.

What happens next once the notification is received?
Notifications are received by an independent company that picks out irrelevant messages (those that do not apply to the corporate ethics rules). Relevant notifications are processed by the Compliance Office, as well as the Security Office and the Internal Audit Department of Naftogaz Group. The information provided in the notification is verified and analysed engaging the relevant corporate functions and units and obtaining the employees’ explanations.  If the reporting person stated no wish to remain anonymous, we may contact him/her for clarification.  The internal check or investigation is conducted should there be grounds for it.  If the reported violations are confirmed, disciplinary penalties may be taken against the violator.

How long does it take to review the notification?
Our policy is to respond to the notification within 30 days following the date of its receipt.

What are the ways to assist in the notification review?
One shall provide as much actual information as possible about the violation and who committed it and when, in particular:

  • what exactly is the violation?  Date, place, time, nature of the violation, information about the persons involved, evidence, etc.
  • who committed the violation?  Full name, place of work, position and other information.

If the notification does not include the specific information that can be verified, it may be not reviewed.  Especially if the notification is anonymous and it is impossible to clarify the details with the person who submitted it.