On October 31, 2023, as part of the corporate reform of Gas Transmission System Operator of Ukraine, LLC, the Cabinet of Ministers approved the composition of the Supervisory Board of the company: three independent members and one state representative.

David Charles Davies (Great Britain, Non-Executive Director and Chair of the Audit Committee at Petrofac Limited, a member of the Supervisory Board and Chairman of the Audit Committee at Wienerberger AG, Austria), Jan Chadam (Poland, Associate Professor at the Faculty of Economics of Maria Curie-Skłodowska University, a member of the Supervisory Board at Lublin Airport, Poland, and previously a member of the Supervisory Board at Main Gas Pipelines of Ukraine) and Serhii Konovets (Ukraine, CFO at Torwell Holding Limited, and previously a member of the Supervisory Board at JSC Ukreximbank) have become independent members of the Board.

Svitlana Hrynchuk (Ukraine, Deputy Minister of Energy of Ukraine) has been appointed to the Supervisory Board as a state representative.

According to the obligations to the International Monetary Fund, the Government of Ukraine had to form the Supervisory Board of GTS Operator of Ukraine, LLC by the end of October 2023.

“The appointment of the Supervisory Board in GTS Operator of Ukraine is one of the structural beacons that the IMF has identified for Ukraine. We had a clear deadline and we met it,” Oleksii Sobolev, Deputy Minister of Economy, commented.

Background:

On May 31, 2023, the Cabinet of Ministers of Ukraine adopted amendments to Resolution No. 643, which provide for the extension of the procedure for appointing members of the Supervisory Board of GTS Operator of Ukraine, LLC through the Nomination Committee.

On August 30, 2023, President Volodymyr Zelenskyy signed Law On Optimization of the Ownership Structure of the Gas Transmission System Operator of Ukraine, which provides for the transfer of corporate rights of GTS Operator of Ukraine, LLC from JSC Main Gas Pipelines of Ukraine to the Ministry of Energy of Ukraine.

On September 22, 2023, the Cabinet of Ministers of Ukraine transferred the corporate rights of GTS Operator of Ukraine, LLC to the Ministry of Energy of Ukraine.

On September 25, 2023, members of the Nomination Committee approved the requirements for candidates, on the basis of which the competitive selection for the positions of three independent members of the Supervisory Board of Gas Transmission System Operator of Ukraine, LLC was announced.

GTS Operator of Ukraine, LLC

A natural monopoly that provides transportation of natural gas to consumers of Ukraine and the countries of the European Union.

The company was established in 2019 to fulfill international obligations to the Energy Community to ensure the independence of the gas transmission system operator of Ukraine.

Starting from January 1, 2020, GTS Operator of Ukraine, LLC is a certified gas transmission system operator of Ukraine and is completely independent from vertically integrated enterprises.

General Director – Dmytro Lyppa.