Ministry of Economy of Ukraine
Ukrainian government to recruit independent directors for Naftogaz supervisory board
19.01.2016 | 14:02 | Directorate for relations with state bodies and publicThe Ministry of Economic Development and Trade of Ukraine initiated recruitment of qualified candidates to become independent board members of Naftogaz. Creating an independent and qualified supervisory board in Ukraine’s largest state-owned energy company is part of the corporate governance reform which will reduce the risks of political interference in the company’s operations and ensure that the company is managed in the interests of all Ukrainians. The corporate governance reform includes creation of independent and qualified supervisory board, introduction of internal audit, compliance, anti-corruption and risk management functions which will report to the supervisory board.
The five-member supervisory board will include three independent directors and two directors representing the Ukrainian government. The candidates for independent board members will be selected and recommended for appointment by the Nomination Committee of the Ministry of Economic Development and Trade of Ukraine, which consists of 5 government ministers and 5 independent members from IFIs and business community. All candidates for the supervisory board directors will be appointed by the Ministry of Economic Development and Trade of Ukraine.
The Ministry of Economic Development and Trade of Ukraine with the financial assistance of the European Bank for Reconstruction and Development has retained Odgers Berndtson, an international executive search firm, to assist with the recruitment of suitable candidates.
“Naftogaz should be managed in the interests of the Ukrainian people as a transparent and efficient business. A strong and independent supervisory board will be a guarantee that there is no going back to the old practices of price manipulation and corruption for the benefit of select political figures. This is the first time that we are creating an independent supervisory board in the largest state-run company in the country. The government and current management of Naftogaz are committed to go through with the corporate governance reform with the support of our international partners.”, said Aivaras Abromavicius, Minister of Economic Development and Trade of Ukraine.
In March 2015, the Ukrainian government adopted a comprehensive reform package for the country’s energy sector to introduce competition, transparency and market prices for natural gas, diversify imports, and overhaul corporate governance of Naftogaz. The reform is supported by the European Bank of Reconstruction and Development and other IFIs. In December 2015 the government approved a new charter of Naftogaz, rules of procedure of the supervisory board, and rules of procedure of the management board. The supervisory board will exercise limited powers until April 2017, i.e., appointments to the management board and approvals of the financial and investment plans will be performed by the general shareholders’ meeting. Since April 2017, the supervisory board will exercise these powers.
About Naftogaz
Naftogaz is a vertically integrated group whose activities span from gas extraction, import and supply through gas transmission and storage. The companies in which Naftogaz owns shares are major players in the gas and oil markets. Naftogaz is one of the largest groups in Ukraine by a number of parameters, including asset value and revenues. Naftogaz is the largest taxpayer in Ukraine.
About Odgers Berndtson
Odgers Berndtson is a leading global executive search, board services and organizational leadership company, with more than 200 partners managing client engagements from offices in 53 cities across 27 countries throughout North America, Latin America, Europe, Africa and the Middle East, and Asia Pacific.
http://www.odgersberndtson.com
Brief for the position of Supervisory Board Member of Naftogaz
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