Ukraine's Naftogaz, Defense Ministry start forming independent board at Ukrtatnafta

MOSCOW. May 22 (Interfax) - The co-owners of Ukrtatnafta, state oil and gas company Naftogaz Ukraine and the Ukrainian Defense Ministry have begun the process of forming an independent supervisory board at the oil refiner.

"An independent supervisory board will be formed at Ukrtatnafta. This decision was made by Naftogaz Ukraine and the Defense Ministry of Ukraine - the only shareholders of the company at a meeting on May 21," Ukrainian media reported Naftogaz as saying on its Telegram channel.

"The process of electing and appointing the board will be carried out in line with the guidelines of the Organization for Economic Cooperation and Development (OECD) for corporate governance at state-owned companies. The majority on the supervisory board will be held by independent representatives elected in a public and transparent competition. The newly created board will also include representatives of shareholders," the statement said.

A decision was made in November 2022 to hand over private owners' corporate rights at Ukrtatnafta to the state. They are now managed by the Defense Ministry and Naftogaz owns the other 43.05% of shares.