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Ukraine government asks Naftogaz supervisory board to stay in place for now

05/02/2021 | 02:15am EDT

KYIV, May 2 (Reuters) - Ukraine's government said on Sunday that it has proposed that the supervisory board of state-run energy firm Naftogaz stay in place until new independent board members are elected.

Members of the board said on Friday they had decided to resign following the ouster of the company's chief, which has raised concerns among the company's international partners.

"The government hoped that the supervisory board of Naftogaz, in keeping with the best traditions of corporate governance, would accept the proposal to continue fulfilling its duties," the government said in a statement.

"The Cabinet of Ministers remains committed to OECD corporate governance reform, which aims to improve the governance of public sector enterprises," it said.

The government on Wednesday unexpectedly replaced Andriy Kobolyev, who had run the company for seven years, with Yuriy Vitrenko, acting energy minister.

The sacking prompted Ukraine's Western backers to warn that integrity and transparency in such appointments were key to maintaining confidence in the country's commitment to reform.

Naftogaz, one of Ukraine's biggest companies, combines gas and oil production facilities, and a gas storage business. It also supplies gas to consumers. (Reporting by Pavel Polityuk; Editing by Susan Fenton)


© Reuters 2021
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