Good corporate governance practices will help ensure Ukraine’s macroeconomic stability and attract investment. This was discussed during a meeting between First Deputy Prime Minister – Minister of Economy of Ukraine Yuliia Svyrydenko and Chairperson of the Supervisory Board of NJSC Naftogaz of Ukraine Anthony Marino. The meeting was also attended by Chairman of the Board of Naftogaz Oleksiy Chernyshov and a member of the Supervisory Board Nataliya Boyko.

In late January this year, the Cabinet of Ministers of Ukraine approved six winners of the selection process: four independent members and two state representatives. During the competition, the Ministry of Economy led the selection of four independent members. Eventually, in early February, Anthony Marino was elected Chairperson of the Supervisory Board. He is currently on a working visit to Kyiv.

Yuliia Svyrydenko congratulated Anthony Marino on his appointment and emphasized that relaunch of the Supervisory Board was an important link in corporate governance that would help improve Ukraine’s negotiating position with creditors.

“We have stepped up the requirements as to professionalism of the Supervisory Board members. Good corporate governance practices are important not only for ensuring transparency of processes within the company, but also for implementing development projects that should work to ensure the country’s macroeconomic stability. Given the challenges of war, we must work together to achieve energy independence. Therefore, the competence of Supervisory Board specialists is extremely important for us, as they will help us get additional support in working with international partners and maximizing investments,” emphasized Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.

It is worth mentioning that the corporate governance reform is in line with OECD recommendations on the governance of state-owned companies and aims to reduce the risks of political interference in the work of Naftogaz of Ukraine, as well as to create modern mechanisms for professional management of the company in the interests of Ukrainian citizens.

The relaunch of the Supervisory Board should improve Ukraine’s negotiating position with creditors. Indeed, as part of the second tranche from the International Monetary Fund (IMF) received on November 24, 2022 under the Stand-By Program, Ukraine has committed to form and ensure the work of supervisory boards of energy companies, including Naftogaz of Ukraine.