Government updates Naftogaz charter and supervisory board regulations in line with corporate governance law

The Government has amended the Charter of Naftogaz of Ukraine JSC and the regulations governing its Supervisory Board. The documents have been aligned with the requirements of Law No. 3587-IX “On Amendments to Certain Legislative Acts of Ukraine to Improve Corporate Governance.”

These changes are part of a corporate reform aimed at enhancing the transparency, accountability, and efficiency of state-owned enterprises. The updated documents establish modern rules for the formation, operation, and reporting of the company’s Supervisory Board, incorporating best international practices.

What has changed:

• Clarified competencies and functions of the Supervisory Board.
• Introduced a mandatory annual report by the Supervisory Board to the general meeting. The report is included in the company’s annual report and published in accordance with legal requirements.
• Improved procedures for access to information for Supervisory Board members and addressed conflict-of-interest issues.
• Outlined the organisation of the Supervisory Board’s work, including the frequency of meetings, convening procedures, and documentation of decisions.

Aligning Naftogaz’s internal documents with the law is a key practical step in the corporate governance reform.

Law No. 3587-IX, adopted in 2024, requires state-owned companies to adapt their charters, supervisory board regulations, and other documents within a specified transition period.