Photo from UNIAN, Viacheslav Ratysnkyi
President Volodymyr Zelensky of Ukraine says he believes National Joint Stock Company Naftogaz of Ukraine will become profitable after the head of the board and members of the supervisory board have been replaced.
Zelensky's comment came as the president spoke with journalists on the sidelines of the Democracy in Action forum, answering the question on whether he regrets the move to sack chairman of the board and members of the supervisory board of Naftogaz.
"Naftogaz will finally become profitable," Zelensky said.
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- On April 28, 2021, Ukraine's Cabinet of Ministers suspended the powers of members of the Supervisory Board of NJSC Naftogaz of Ukraine, apparently to allow shareholders to sack Chairman of the Board Andriy Kobolyev, while appointing Yuriy Vitrenko to that position.
- The move followed consideration of the company's annual report for 2020.
- The decision is a legal manipulation, Naftogaz claimed in a statement on Wednesday, April 28.
- Along with the dismissal of the Supervisory Board for two days to sack Kobolyev, it is "is a violation of the basic principles of corporate governance of state-owned enterprises," the company's press service said.
- Any decisions on the CEO's appointment or dismissal are reserved to the supervisory board and cannot be delegated, the statement adds.
- On May 1, all members of the Supervisory Board at NJSC Naftogaz of Ukraine submitted resignation letters.
- On May 5, members of the Executive Board at NJSC Naftogaz of Ukraine publicly addressed the Ukrainian government with an appeal to resolve the situation with the Supervisory Board after the latter's members had filed for resignation amid the shocker sacking of CEO Andriy Kobolyev.
- On May 12, the ambassadors of the Group of Seven (UK, US, Canada, France, Italy, Germany, and Japan) called on Ukraine government to swiftly address management issues related to NJSC Naftogaz of Ukraine.
- On May 19, the government extended for another year the contracts with the members of the company's Supervisory Board.
Translation: Yevgeny Matyushenko