Arseniy Yatsenyuk says tasks of Ukrnafta's new Chairman - transparency, new composition of Board and new approaches in activity

A Chairman of the Board of PJSC Ukrnafta must be elected today: "We expect from the company's leadership payment of dividends to the state as well as the real improvement of activity and efficiency of the company on the whole," Prime Minister of Ukraine Arseniy Yatsenyuk underlined at a Government’s meeting on Wednesday, 22 July.

The Prime Minister informed that today a general meeting of shareholders in PJSC Ukrnafta will be held – the Ukraine's largest energy company, which has a private share at a rate of 49% and state share in the amount of 51%.

Members of the Cabinet of Ministers, he emphasized, had a meeting today with the possible candidate for Chairman of the company’s Board: "He has a serious experience in working at the world's leading energy companies."

Arseniy Yatsenyuk reminded that Parliament approved a government bill that actually returned the state the possibility to hold a general meeting of shareholders and influence on the company’s activity.



"Today, during the general meeting of shareholders in the company Ukrnafta should be elected a new Chairman of the Board," he pointed out and added that during the meeting of shareholders must also be taken decisions on the distribution of dividends for 2014: "This sum makes up UAH1.2 billion."

According to the PM, a new chairman of the board will face a number of tasks that "will, first of all, involve transparency and efficiency of the company, a new composition of the Board as well as new approaches in activities of the country's largest oil company."

"Despite the significant drop in oil prices a likely Chairman of the Board has noted that there is scope both for an increase in oil production, and a decrease in the cost of production," he said.

Arseniy Yatsenyuk expressed hope that the meeting of shareholders will be held according to high European standards: "The state as shareholder of the company respects the rights of the minority shareholders, and we believe that the minority shareholders also respects the rights of the state as owner of 50% +1 share of this company."

The Prime Minister again called on NJSC Naftogaz Ukrainy and shareholders of Ukrnafta to "hold the meeting in a transparent way, to let the media know about all voting results on all 30 agenda items, which must be considered today."

After the adoption of an appropriate decision, Arseniy Yatsenyuk highlighted, the preparation and signing of a contract with a new Chairman of the Board should be speeded up: "As soon as the contract is signed with a new board’s chairman, he immediately will take up his duties. The Cabinet of Ministers has adopted a corresponding order on a vote."

"A new chairman of the board has to conduct a competition on completely independent conditions for the posts of board members who must urgently enter upon their duties," he stressed.

"What the Government has promised several months ago - adoption of the bill, convening a meeting of the supervisory board and the shareholders as well as the appointment of a new independent Board Chairman of PJSC Ukrnafta - must happen today," Arseniy Yatsenyuk underlined.