G7 ambassadors call on government to reach agreement with Naftogaz's supervisory board.

The ambassadors of the G7 countries have called on the Cabinet of Ministers to quickly reach an agreed decision with the current supervisory board of NJSC Naftogaz of Ukraine to enable it to independently perform its duties.

According to Ukrinform, the diplomats announced this on the Twitter account of the UK Presidency of the G7 Ambassadors' Support Group in Kyiv.

The diplomats reiterate their concern that the government of Ukraine, 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”.

“We urge 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,” the diplomats said.

As reported, on April 28, the Cabinet of Ministers dismissed Andriy Kobolyev as CEO of NJSC Naftogaz of Ukraine and appointed Yuriy Vitrenko to replace him.

In 2020, Naftogaz Group’s net consolidated losses came to UAH 19 billion, while the company's financial plan approved by the Cabinet of Ministers provided for UAH 11.5 billion in profit.

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