Page 61 - UKRRptFeb23

9.2 Major corporate news 9.2.1 Oil & gas corporate news
NABU charges ex-head of Naftogaz Andriy Kobolyev with misappropriation of funds over gargantuan bonus. According to the National Anti-Corruption Bureau, Kobolyev violated the law when he paid himself a bonus of Hr 229 million in 2018, which equaled close to $10 million
The Cabinet of Ministers of Ukraine has appointed six members of the Supervisory Board of National Joint Stock Company “Naftogaz of Ukraine”. The relevant decision was made during a government meeting on 24 January 2023.
The new independent members of the Supervisory Board are former Senior Vice President of Equinor (Statoil) (Norwegian company) Tor Martin Anfinnsen; President and Director General of Vermilion Energy Anthony Marino; Richard Hookway, who brings 33 years of experience at BP; and INSEAD business school professor Ludo Van der Heyden.
The Supervisory Board also includes two state representatives: Deputy Head of the Office of the President of Ukraine Rostyslav Shurma, and Advisor to the Prime Minister of Ukraine on energy issues Nataliya Boyko “Naftogaz must be governed in a transparent and efficient manner in the interests of the citizens of Ukraine first and foremost. That is why I am extremely grateful to the government for the appointment of a new Supervisory Board. This shall ensure transparency and control over the performance of the company’s Executive Board in line with OECD requirements. This is a crucial step aimed at rebuilding trust in the performance of the entire Naftogaz Group that is one of my key tasks as the Group’s CEO”, noted Naftogaz CEO Oleksiy Chernyshov.
The Supervisory Board was appointed based on the results of a transparent and independent competition in line with OECD Principles of Corporate Governance and OECD Guidelines on Corporate Governance of State-Owned Enterprises. Since 27 September, 2021, the company had been without a Supervisory Board due to the termination of the powers of all members. Until the appointment of the new composition, the functions of the Supervisory Board were performed by the Cabinet of Ministers of Ukraine (according to Article 51 of the Law of Ukraine “On Joint Stock Companies” and the company’s Charter).
On 4 November, 2022, on his first day as Naftogaz CEO, Oleksiy Chernyshov approached the Government to resume work on the appointment of a new Naftogaz Supervisory Board.
9.2.3 Transport corporate news
Ukraine will begin production of railway products that have been historically manufactured in Russia. The Ukrainian multidisciplinary industrial and investment group Aurum, which exports products to Eastern Europe and the Middle East, plans to mass-produce products for the railway industry in 2023. These products had been used by Ukraine previously but
61 UKRAINE Country Report February 2023 www.intellinews.com