Government appointed new members of Naftogaz Supervisory Board and amended requirements for Board members

December 13, the Cabinet of Ministers of Ukraine approved a new composition of the Supervisory Board in NJSC Naftogaz of Ukraine.

The resolution of the Cabinet of Ministers terminates the power of the independent members of the Supervisory Board of NJSC Naftogaz, in particular, Paul Warwick, Charles Proctor and Marcus Richards.

Clare Spottiswoode, Bruno Lescoeur, Steve Haysom and Amos J. Hochstein are appointed as new independent members of Naftogaz Supervisory Board.

Pursuant to the decree of the CMU of November 22, 2017, Volodymyr Demchyshyn and Oleksandr Hrytsenko were appointed to represent the Government on the Board. However, Oleksandr Hrytsenko did not file a statement on consent to represent the interests of the state on the Supervisory Board.

As a result, Serhii Popyk and Volodymyr Kudrytskyi were chosen as state representatives on the Suprevisory Board.

Apart from that, the Government approved a decision that allows both independent members of the supervisory boards of state enterprises and representatives of the state to be simultaneously a member of the supervisory boards of more than five legal entities. The resolution also removes restrictions for members of the Supervisory Board of NJSC Naftogaz, inter alia, to be a member of the supervisory board or executive body of more than three other companies.