Congressional Ukraine Caucus supports open tender for Naftogaz supervisory board.

The Congressional Ukraine Caucus has reported on the close monitoring of an open tender for seats in the independent supervisory board of NJSC Naftogaz Ukrainy in accordance with the standards set by the international community.

"The Congressional Ukraine Caucus is closely monitoring the open competition to fill the independent supervisory board seats at Naftogaz consistent with standards set by the international community. Robust corporate governance and transparency are key to ensuring Ukraine's energy security and independence. As Ukraine works to strengthen its integration within the community of democracies and the free world, we urge the country's leadership to continue to demonstrate its commitment to the necessary reforms," Congressional Ukraine Caucus Co-Chairs Representatives Marcy Kaptur, Brian Fitzpatrick, Mike Quigley, and Andy Harris released the following statement related to the filling of independent supervisory board seats at Naftogaz.

As reported, the supervisory board of Naftogaz after the resignation of independent members stopped working at the end of September this year. After receiving letters of resignation from the members of the supervisory board in early September, Prime Minister Denys Shmyhal instructed to announce a tender for the selection of three more independent members to the previously announced competition for the selection of one independent member of the supervisory board.

According to him, the competition should end in November this year, so that the new members of the supervisory board have enough time to determine the requirements for a candidate for the post of head of the Naftogaz board and hold a tender for his election no later than May 1 of next year.

During the absence of the supervisory board, if necessary, some of its functions can be performed by the Cabinet of Ministers within the framework of a meeting of shareholders, approving the necessary decisions.

In addition, the Cabinet of Ministers delegated to the Naftogaz board the authority to approve internal regulations for the period prior to the appointment of the supervisory board, in particular, on issues related to the operation of the internal control system, appointment and dismissal of the head of risk management, the head of compliance, the authorized person for anti-corruption program and the financial controller, who regulate the activities of NJSC Naftogaz Ukrainy.

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