Ukrnafta changes its management model – from single-person to collegial
Photo: Ukrnafta / Facebook

Shareholders Ukrnafta approved a new version of the company's Charter, which provides for a transition from sole management by the director to collegial governance. This was reported by Ukrnafta press service.

Also, the company's shareholders – Naftogaz and the Ministry of Defense – decided to change the type and rename Ukrnafta to PJSC "Ukrnafta".

It is noted that the draft of the new version of the Statute was developed and submitted to the shareholders for approval by the Supervisory Board, the majority of whose members are independent directors with international experience.

Yes, according to the Statute, instead of one person, a team of managers will make all decisions.

In addition, the Statute provides for:

  • a clear division of powers between the governing bodies (general meeting of shareholders, supervisory board, board of directors);
  • expanding the functions and role of the Supervisory Board to meet the requirements of independent oversight;
  • standards of corporate governance compliance with OECD standards and EBRD recommendations.

"The new version of the Statute of PJSC Ukrnafta is another significant step towards implementing the best global practices of corporate governance in the company,"– commented acting director Yuriy Tkaczuk.