Oleksiy Chernyshov discusses Naftogaz corporate governance reform with IMF Mission

The implementation of corporate governance reform and the transparent operation of Naftogaz Group topped the agenda this week as Naftogaz CEO Oleksiy Chernyshov welcomed an IMF Mission to Ukraine.

First and foremost, I would like to express our gratitude to the IMF for their ongoing support of Ukraine, particularly for the start of preparations to review the Monitoring Program with the participation of the Naftogaz Board of Directors. We believe this is an important step towards ensuring Ukraine's macroeconomic stability and the implementation of the Fund's fully-fledged program. Currently, Naftogaz Group is doing its utmost to rebuild trust among our international partners and confirm our status as a reliable partner,” noted Chernyshov.

He also spoke about the recent appointment of the Naftogaz Supervisory Board.

I completely understand that to rebuild trust and attract investments, it was necessary to return to proper corporate governance practices based on OECD principles. The appointment of a new Supervisory Board is the first major step in this direction. Yesterday, the Supervisory Board members and I held our regular meeting. We discussed where Naftogaz is currently as well as key challenges to overcome,” added the Naftogaz CEO.

During the meeting with the IMF Mission, the situation on gas market and compensation for the difference in tariffs between market and subsidized prices were also discussed.

Background Information: 

On 24 January 2023, the Government appointed the Supervisory Board of Naftogaz that is to ensure transparency and control over the Company’s operation. Anthony Marino is the Chairperson of the Company’s Supervisory Board.

Other news