The recent resignation of all of the independent members of the Naftogaz Supervisory Board illustrates the sad state of the reform process in Ukraine. The reasons behind these resignations, which were publicly explained by the former members of the supervisory board in a letter to the Ukrainian government, are straightforward: they resigned because the Ukrainian government blocked gas market reforms, failed to implement corporate governance reform at Naftogaz, and continually attempted to interfere through “manual control” of the company’s operational activities.
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In this photo released by the International Monetary Fund, Managing Director Christine Lagarde (R) (R) greets Ukrainian President Petro Poroshenko (L) at the IMF Headquarters June 20, at the IMF Headquarters in Washington, DC.
