G7 envoys issue statement on Naftogaz row

ua.depositphotos.com

ua.depositphotos.com

The ambassadors of the Group of Seven (UK, US, Canada, France, Italy, Germany, and Japan) have called on Ukraine government to swiftly address management issues related to NJSC Naftogaz of Ukraine.

"G7 Ambassadors reiterate their concern that the Ukraine government, as Naftogaz’s main shareholder, and the company's supervisory board, have not yet reached an agreed solution that will enable the current board to execute their responsibilities independently," reads the tweet by the UK presidency of G7 Support Group in Kyiv.

Read also PM Shmyhal: Kobolyev's dismissal doesn't affect talks with Ukraine's creditors The envoys have urged the government "to resolve this swiftly in a way which reflects their stated commitment to international standards of corporate governance, and continue with legislation on state-owned enterprises' governance in line with these standards."

Naftogaz reshuffle: Background

  • On April 28, 2021, Ukraine's Cabinet of Ministers terminated the powers of members of the Supervisory Board of NJSC Naftogaz of Ukraine, as well as Chairman of the Board Andriy Kobolyev, while appointing Yuriy Vitrenko to that post. The move followed consideration of the company's annual report for 2020. Last year, Naftogaz saw UAH 19 billion (US$684.4 million) in net losses, with the profit target set at UAH 11.5 billion (US$414.3 million).
  • Following the general meeting of shareholders, the performance of the Supervisory Board and the Board of NJSC Naftogaz of Ukraine in 2020 was recognized as "unsatisfactory."
  • In turn, Naftogaz said the decision was a legal manipulation and a violation of the basic principles of corporate governance.
  • On April 29, 2021, the company's press service said Kobolyev would challenge his dismissal.
  • On April 30, 2021, the Cabinet named the cause behind the decision to fire Kobolyev.
  • The Naftogaz Supervisory Board expressed disagreement with the government's decision to dismiss Kobolyev, saying this would lead to negative consequences for the company and for Ukraine as a whole.

Translation: Yevgeny Matyushenko

Unian

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