Ukrnafta forms independent supervisory board
MOSCOW. March 7 (Interfax) - The shareholders of Ukrnafta, Ukraine's largest oil producer, confirmed a new supervisory board on Wednesday, Ukrainian media reported citing Naftogaz Ukraine.
The board includes three elected independent directors - Tim Dodson, Ireneusz Fafara and Duncan Nightingale - and two shareholder representatives appointed by Naftogaz and the Defense Ministry - Roza Tapanova and Lyudmila Daragan, respectively. Tapanova served as the government's representative on the previous board.
Dodson has over 40 years of experience in extraction and geology, Naftogaz said. He is former executive vice president of exploration at Equinor, and currently serves as chairman of the board of directors at Norwegian company Ennox Technology Sdn Bhd, specializing in the processing of oil waste.
Fafara is a specialist in the financial, industrial, and oil and gas sectors with more than 30 years of experience, Naftogaz said. He led the largest oil refining company in the Baltic countries, Orlen Lietuva (controlled by Poland's Orlen), for eight years.
Nightingale has over 30 years of experience in the oil and gas industry, and is an international expert in the search for oil and gas reserves in Latin America, Europe, Africa, and the Middle East, Naftogaz said. He is currently CEO and board member of Blacksteel Energy.
The board directors were elected and appointed in line with OECD principles for corporate governance at state-owned companies, Naftogaz said.
"Naftogaz Group has taken another significant step towards implementing corporate governance reform at strategically important state-owned Ukrainian enterprises. We will continue the consistent implementation of corporate governance at all of the Group's key enterprises. I am confident that the election of Ukrnafta's independent supervisory board will improve efficiency and ensure appropriate control over the company's activities in accordance with OECD requirements," Naftogaz Group CEO Alexei Chernyshov said in the press release.
Ukrnafta has a national chain of 537 filling stations, 456 of which are operating.
Naftogaz is Ukrnafta's largest shareholder with a stake of 50% plus one share. In November 2022, the Ukrainian authorities decided to transfer Ukrnafta shares other than those held by Naftogaz to the state for the duration of martial law. Prior to the seizure, companies controlled by Igor Kolomoisky and Gennady Bogolyubov owned about 42% of Ukrnafta.