The Cabinet has limited the power of the Board of “Naftogaz”

The Cabinet of Ministers of Ukraine enacted a new edition of the Charter of the NJSC “Naftogaz of Ukraine”, which significantly restricts the powers of the Board in favor of the Supervisory Board of the company.

The exclusive competence of nabatea now includes preliminary approval of decisions of the Board relating to the activities of the companies, a shareholder which is a “Naftogaz of Ukraine”, “Ukrtransgaz” “Ukrgazvydobuvannya” and “Ukrtransnafta”.

Decisions on appointment of managers and all members of the boards of subsidiaries, their removal from office require the consent of the Supervisory Board of”Naftogaz”.

The Directors of all “daughters” “Naftogaz” now must be included in the company’s management Board.

The Supervisory Board is entitled to make decisions on other issues not related to its exclusive competence.

It is known that “Naftogaz Ukraine” unites the largest oil and gas companies of the country. The holding is a monopolist on transit and storage of natural gas in underground storage, and oil transportation by pipeline transport through the territory of the country.