Chair of the Supervisory Board of Naftogaz: Vitrenko refused to voluntarily suspend his powers

Chair of the Supervisory Board of NJSC Naftogaz of Ukraine, Clare Spottiswoode, discussed the situation of the order of NAPC demanding to cancel the decision on the appointment of Chairman of the Executive Board Yurii Vitrenko with the Government of Ukraine. This is stated in a letter sent to Kosatka.Media.

She mentions that the Chairman of the Executive Board is challenging the order, as reported on the Naftogaz website. This challenge is initiated by the Chairman individually, without consultation either with Executive or Supervisory Board members.

“Considering own fiduciary responsibility, the Supervisory Board Chair immediately discussed the new situation with the shareholder, the Government of Ukraine. Prime Minister Denys Shmyhal, together with the Minister of Justice, took part in this discussion for the Cabinet of Ministers of Ukraine. The Prime Minister of Ukraine committed to a final resolution, including within 10 business days from 15 June 2021 in line with the demand of the request to resolve on termination of Yuriy Vitrenko’s contract.”

“The Chairman of the Executive Board declined to step down for this period voluntarily. I have now called an extraordinary Supervisory Board meeting to discuss the suspension of the Chairman of the Executive Board. I believe that suspension is in the interest of Naftogaz and of Ukraine to ensure that we keep to the highest standards of good corporate governance.”

To recap, the Head of the National Agency for the Prevention of Corruption issued an order that the appointment of Yurii Vitrenko, Chairman of the Board of NJSC Naftogaz of Ukraine, and the contract with him should be cancelled as illegal. Yurii Vitrenko announced that he would appeal this decision in court.

Tags: The Cabinet of Ministers, Naftogaz, Kobolyev, legislation, Top management, Vitrenko, Gas market, Shmyhal

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