PJSC Ukrnafta, which is part of the Naftogaz Group, will operate under the oversight of a newly elected Supervisory Board consisting of three independent members and two representatives of the shareholders — the Ministry of Defense of Ukraine and NJSC Naftogaz of Ukraine.
The composition of the Supervisory Board was approved at the company’s general shareholders’ meeting held on March 6 in Kyiv. This was reported by the press service of the Naftogaz Group, according to the PromPolitInform portal.
“Naftogaz Group has taken another major step toward reforming corporate governance at strategically important state-owned enterprises in Ukraine. We will continue the consistent implementation of corporate governance across all key companies within the Group. I am confident that the appointment of an independent Supervisory Board at Ukrnafta will enhance the company’s efficiency and ensure proper oversight of its operations in line with OECD requirements,” said Naftogaz Group CEO Oleksii Chernyshov.
It is noted that the selection and appointment process was carried out in accordance with the OECD Guidelines on Corporate Governance of State-Owned Enterprises. The three independent members were chosen through a transparent and independent конкурс. They are:
- Tim Dodson, who has more than 40 years of experience in upstream operations and geology. He previously served as Executive Vice President at Equinor and currently chairs the board of the Norwegian company Ennox Technology Sdn Bhd, which specializes in oil waste processing;
- Ireneusz Fąfara, an expert in the financial, industrial, and oil and gas sectors with over 30 years of professional experience. He headed Orlen Lietuva, the largest oil refinery in the Baltic States, for eight years. The refinery processes approximately 10 million tonnes of crude oil annually;
- Duncan Nightingale, who has over 30 years of experience in the oil and gas industry and is an international expert in oil and gas exploration across Latin America, Europe, Africa, and the Middle East. He currently serves as Chief Executive Officer and board member of Blacksteel Energy, where production facilities were modernized under his leadership.
The shareholders will be represented on the Supervisory Board by Liudmyla Darahan from the Ministry of Defense of Ukraine and Roza Tapanova from NJSC Naftogaz of Ukraine, who also served as the state’s representative on Ukrnafta’s previous Supervisory Board.
As a reminder, the largest shareholder of Ukrnafta is NJSC Naftogaz of Ukraine, holding a stake of 50% plus one share. On November 5, 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state the corporate rights previously owned by private shareholders, which are currently managed by the Ministry of Defense.
