The new independent members of the Supervisory Board are former Senior Vice President of Equinor (Statoil) (Norwegian company) Tor Martin Anfinnsen; former President and CEO of Vermilion Energy and present President and CEO of Tenaz Energy Anthony Marino; Richard Hookway, who brings 33 years of experience at BP; and INSEAD business school professor Ludo Van der Heyden.
The Supervisory Board also includes two state representatives: Deputy Head of the Office of the President of Ukraine Rostyslav Shurma, and Advisor to the Prime Minister of Ukraine on energy issues Nataliya Boyko/
Naftogaz must be governed in a transparent and efficient manner in the interests of the citizens of Ukraine first and foremost. That is why I am extremely grateful to the government for the appointment of a new Supervisory Board. This shall ensure transparency and control over the performance of the company’s Executive Board in line with OECD requirements. This is a crucial step aimed at rebuilding trust in the performance of the entire Naftogaz Group that is one of my key tasks as the Group’s CEO”, noted Naftogaz CEO Oleksiy Chernyshov.
The Supervisory Board was appointed based on the results of a transparent and independent competition in line with OECD Principles of Corporate Governance and OECD Guidelines on Corporate Governance of State-Owned Enterprises.
Since 27 September, 2021, the company had been without a Supervisory Board due to the termination of the powers of all members. Until the appointment of the new composition, the functions of the Supervisory Board were performed by the Cabinet of Ministers of Ukraine (according to Article 51 of the Law of Ukraine “On Joint Stock Companies” and the company’s Charter).
On 4 November, 2022, on his first day as Naftogaz CEO, Oleksiy Chernyshov approached the Government to resume work on the appointment of a new Naftogaz Supervisory Board.
Pursuant to the applicable charter of National Joint Stock Company “Naftogaz of Ukraine”, the number of Supervisory Board members shall be established by the Cabinet of Ministers of Ukraine and shall include seven members. The Supervisory Board shall include independent members (the “independent directors”) the number of which shall constitute the majority of Supervisory Board members.