Supervisory Board of Naftogaz amends composition of Executive Board

On 20 January, the Naftogaz Supervisory Board updated the composition of the company’s Executive Board in compliance with the Law of Ukraine “On joint-stock companies”.

Yaroslav Teklyuk, Naftogaz Chief Legal Officer; Peter van Driel, Naftogaz Group Chief Financial Officer; and Otto Waterlander, Naftogaz Group Chief Transformation Officer were included into the Executive Board. At the same time, the Supervisory Board terminated the powers of Yuriy Kolbushkin and Mykola Havrylenko, CEO of Ukrtransnafta JSC as Executive Board members.

 

Effective immediately the Executive Board of Naftogaz now consists of the following five members: Andriy Kobolyev, the Chairman; Sergiy Pereloma, the First Deputy Chairman; as well as Executive Board members Yaroslav Teklyuk, Peter van Driel and Otto Waterlander.

With this change, the Supervisory Board supports the ambition of CEO Andriy Kobolyev to transform Naftogaz, increase its effectiveness and efficiency and strengthen the group’s ability to deliver on the shareholder objectives. As the sole shareholder of Naftogaz, the Government of Ukraine seeks to increase security of supply of natural gas, seek energy independence and create a transparent and competitive gas market.

Naftogaz as the sole shareholder has changed accordingly the articles of association of its subsidiaries Ukrtransgaz JSC, Ukrgasvydobuvannya JSC, Ukrtransnafta JSC, Ukrspetstransgaz JSC, Chornomornaftogaz National Company JSC. Their collegial executive bodies (executive boards and directorates) have been replaced by sole executive authorities.

The executive board will focus on group-level topics that require formal decisions consistent with the charter of the executive board. In Naftogaz group structure, most operating decisions will be made by the leaders within the business units and the by the group’s functional directors. Currently, Naftogaz group created business units for integrated gas, oil supply, technical services, renewables and heat. With this new structure, Naftogaz believes it can accelerate the realization of its strategy through stronger focus on adopting global best practices and a greater focus on operating targets and bottom line results.

Tags: The Cabinet of Ministers, gas, Naftogaz, contracts, oil, Kobolyev, legislation, Top management, Ukrtransgaz, Ukrtransnafta, Ukrgazvydobuvannya, Favorov, Gas market, gas supplies, OGTSU

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