The Ukrnafta shareholders – the Naftogaz of Ukraine NJSC and the Ministry of Defense of Ukraine – have taken the decision to change the type and rename the Company, as well as approved a new revision of the Articles of Association. From now on, the official name of the Company is the Ukrnafta JSC.

The draft of the new revision of the Articles of Association was developed and submitted for approval to the shareholders by the Supervisory Board, most of the members of which are independent directors with international experience.

"The new revision of the Articles of Association of the Ukrnafta JSC is another significant step towards implementing the best international corporate governance practices in the Company," – said the Acting Director Yurii Tkachuk.

The updated document, in particular, provides for:

• the transition from a single executive body (Director) to a collegial one (Management Board);

• clear distribution of powers between management bodies (General Meeting of Shareholders, Supervisory Board, Management Board);

• expanding the functions and role of the Supervisory Board that meets the requirements of independent control;

• standards of compliance of corporate governance with the OECD standards and EBRD recommendations.

The approval of the new revision of the Articles of Association of the Ukrnafta JSC is a key moment in the ongoing transformation process in the Company and demonstrates the attitude of shareholders and management team to sustainable development according to the principles of responsible and professional corporate governance.