The Government will serve as Naftogaz supervisory board until the new election process

The Government of Ukraine has terminated the powers of Nataliya Boyko, Yuliya Kovaliv and Yulia Svyrydenko as Naftogaz of Ukraine National Joint Stock Company supervisory board members.

Earlier, Naftogaz received official notice from Clare Spottiswoode, Bruno Lescoeur, Ludo Van der Heyden confirming their resignation as independent directors on the company’s supervisory board.

This happened after the Government of Ukraine announced that a competition to select four independent members of the Company’s supervisory board to replace them, which will be held in the coming months in full compliance with international standards.

According to the Charter of Naftogaz, following the departure of three independent members of the supervisory board, the supervisory board became invalid.

It was necessary to terminate the powers of the government representatives by transferring authority from the Company to the Cabinet of Ministers of Ukraine to perform the functions of the Company’s supervisory board before the start of the heating season until the election of new members.

“I’m personally grateful to the government representatives Yulia Svyrydenko, Nataliya Boyko and Yuliya Kovaliv for their constructive work under difficult conditions in the best interests of the company,” said Yuriy Vitrenko, Chairman of the Naftogaz Executive Board.

The Company welcomes the government's decision as a solution to the current situation and expects that by December 2021, new independent members of the supervisory board will be elected through an open competition based on the merits of the candidates, including their ability to ensure management accountability in accordance with international best practices, as well as to promote foreign investment and promote the interests of the company on the international scene.

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