Yesterday at the premises of NJSC Naftogaz the meeting of Ukrnafta’s Supervisory Board took place.

At the meeting it was decided to:

-       change the Executive Board of Ukrnafta, immediately removing Mikhail Bakunenko, Mikhail Gnip, Oleksiy Kushch and Natalia Dolina from the Board, and removing Volodymyr Pustovarov starting from December 22, 2015;

-       approve the three new candidates for the members of the Executive Board;

-       choose PWC as the auditor of the company to run an independent audit of the company’s financial operations.

Also, at the meeting Chairman of the Executive Board of Ukrnafta Mark Rollins presented his report on the current financial status of the company. The members of the Supervisory Board also discussed strategic ways of the company’s development. As an option it was considered developing Ukrnafta as an independent upstream enterprise, having created a vertically integrated oil and gas company on its basis.

“It was a constructive discussion and I’m pleased that three of the nominated candidates for the Executive Board were approved. However, it is of high importance to have the new contracts approved as well to ensure smooth transition to the new management board. As of today, the company is left with no management, which could be a serious obstacle to its effective functioning”, said Mark Rollins.

It is worth mentioning, that initially the suggested agenda of the meeting included considering the new organisational structure of Ukrnafta, with new job titles, areas of responsibilities and new contracts for member of the Executive Board with market based salaries. It is now expected decisions on these important issues will be made at the next meeting of the Supervisory Board.

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