The decision was made at a general shareholders' meeting on the same day. The selection and appointment procedures for the board will adhere to the OECD guidelines for corporate governance in state-owned enterprises.
“We continue to systematically implement corporate governance reforms at all key enterprises where Naftogaz is a shareholder,” said Naftogaz CEO Oleksiy Chernyshov.
“Establishing an independent supervisory board at Ukrtatnafta will enhance the company's efficiency and ensure oversight in line with OECD requirements.”
Independent representatives, selected via a public and transparent competition, will constitute the majority of the future board. Shareholder representatives will also be included.
Along with several other key industrial enterprises, Ukrtatnafta was nationalized in November 2022. The majority stake in the company was previously owned by Ukrainian oligarch Ihor Kolomoyskyi. His shares were transferred to Ukraine’s Defense Ministry. Naftogaz continues to own 43.05% of the company's shares.
Ukrtatnafta operates the largest oil refinery in Ukraine, located in Kremenchuk. Ukraine’s Economic Security Bureau is currently investigating fifteen cases involving former managers of the company.