Ambassadors of the G7 countries to Ukraine expressed their concern that the Ukrainian government, as the main shareholder of Naftogaz and the company’s supervisory board, has not yet reached an agreed solution that would allow the current board to execute its responsibilities independently.
“We urge the government to resolve this swiftly in a way which reflects their stated commitment to international standards of corporate governance, and continue with legislation on state-owned enterprises’ governance in line with these standards,” the G7 Ambassadors said on Twitter on May 12.
As reported, the government at the general meeting of shareholders of Naftogaz Ukrainy on April 28 recognized the work of the Supervisory Board and the management of the company as unsatisfactory. The Cabinet of Ministers first terminated the powers of all members of the Supervisory Board – both independent and representatives from the state – with their subsequent re-election in full, but from April 30, 2021.
