The Ukrainian Cabinet of Ministers prolongs the powers of two independent Naftogaz supervisory board members

The government supported the extension of the contracts of Bruno Lescoeur and Clare Spottiswoode as independent members of Naftogaz supervisory board for the period of six months
The Cabinet of Ministers of Ukraine has prolonged the contracts of two independent members of supervisory board of NJSC Naftogaz of Ukraine (hereinafter Company) for six months. The relevant resolution 1562-p was adopted by the government on 14 December 2020.

The government supported the extension of the contracts of Bruno Lescoeur and Clare Spottiswoode as independent members of Naftogaz supervisory board for the period of six months. The government authorized the Company CEO Andriy Kobolyev to sign additional agreements with them.

On 15 December 2020, the CMU’s resolution came into force.


Background information:

Clare Spottiswoode – supervisory board chair since December 2017, chair of ethics and compliance committee.

Between 1993 and 1998, Clare Spottiswoode was the Director General of Ofgas (Office of Gas Supply), regulatory body of Great Britain. At the time, she completed the first unbundling in the world and played a key role in the liberalization of the gas market in Great Britain.

As a chair of Naftogaz supervisory board, Clare Spottiswoode focuses on work with international and Ukrainian stakeholders. In particular, since 2018 she has been responsible for the unbundling of Naftogaz, including negotiations with Ukrainian and international partners (European Commission, Energy Community Secretariat), consortium of European GTS operators, and the government. The successful completion of unbundling made it possible to sign a new deal between Naftogaz as a transit organizer and Gazprom governing Russian gas transit through the territory of Ukraine until 2024. This agreement provides Ukraine with guaranteed revenues from gas transit over the next five years of USD 7.2 billion.

Clare Spottiswoode is engaged on the Naftogaz side in cooperation with the US government, European Commission, G7 representatives, IMF, EBRD, and World Bank. The prolongation of her powers testifies to the Ukrainian government’s commitment to engage independent directors when addressing complex issues such as the transformation of Naftogaz Group, energy security, and preparing the Group for a planned future IPO.


Bruno Lescoeur – member of supervisory board since December 2017, chair of audit and risks committee, and chair of nomination and remuneration committee.

Bruno Lescoeur has performed many of the most senior functions in the French energy sector, including responsibility for nuclear operations and international activities in Electricite de France (EDF), one of the biggest energy companies in the world.

As a chair of the Naftogaz audit and risks committee, Bruno Lescoeur implemented an internal control and audit system. He ensures effective cooperation with the independent external auditor of Naftogaz and with auditors engaged in independent forensic audits.

The committee headed by Bruno Lescoeur provided recommendations on Naftogaz Eurobonds totaling USD 1.5 billion that were successfully placed in 2019. This capital was used by the company for upstream project development. Investor interest and confidence was an acknowledgement of Naftogaz efforts to transform the Company into transparent and reliable brand.

Bruno Lescoeur is also actively involved in communication with the government and the Ministry of Finance for the settlement of Naftogaz liquidity issues and timely approval of the Group’s financial plans. His role in the performance of proper supervision and control over internal control systems and, in particular, internal audit functions, is crucial for the Group’s sustainable development and allows for the early detection of corruption risks.

Integrated Communications Department
NJSC Naftogaz of Ukraine


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