The Ministry of Economic Development and Trade of Ukraine calls for applications from qualified candidates to the positions of independent members of the supervisory board of Naftogaz. The search is assisted by Odgers Berndtson recruiting agency commissioned by the European Bank of Reconstruction & Development. Naftogaz supervisory board shall consist of five members, including three independent members and two appointed by the government.
The application guidelines as well as Naftogaz statutory documents and information on the corporate governance reform can be found on the company website in the Corporate Governance section.
“The management team of Naftogaz welcomes the launch of the candidates selection procedure and encourages qualified professionals to apply. The establishment of an independent supervisory board in line with the OECD standards is a prerequisite to transforming Naftogaz into a transparent commercial company, whose goal shall be maximizing value for its ultimate owner — the people of Ukraine”, commented Andriy Kobolyev, CEO of Naftogaz.
Background on corporate governance reform in Naftogaz
In 2015, the government of Ukraine embarked on the corporate governance reform in Naftogaz developed in line with the OECD principles of corporate governance for state-owned enterprises. These principles regulate relations with shareholders and stakeholders, requirements towards transparency and information disclosure, segregation of duties of management bodies at all levels, as well as other matters of corporate governance.
In the result of the corporate governance reform, the supervisory board of Naftogaz shall be effectively insulated from political meddling and graft. It shall receive an unprecedentedly wide range of authority and responsibility, including, i.a., improved control over the company’s executive board. The supervisory board shall establish committees dealing with audit, ethics, as well as nomination and remuneration issues. The supervisory board shall also set up and control functions responsible for compliance, risk management and prevention of corruption.