One more supervisory board member left Naftogaz

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The supervisory board member of Naftogaz of Ukraine, independent director Charles Proctor resigns his office through the absence of support of the corporate governance reform on the part of the government.

The supervisory board member of Naftogaz of Ukraine, independent director Charles Proctor notified the Supervisory Board of his decision to resign his office on September 30, 2017. It is the second yet member of the supervisory board who tendered a resignation during the past half a year. Before him, the same was made by the former chairman of the supervisory board Yulia Kovaliv acting as a representative of the state.

Mr. Proctor explained his decision by the absence of proper support of the corporate governance reform on the part of the government, despite numerous promises of the government officials. He also notes that such a situation not only jeopardizes the corporate reform process, but also requires much more time for performing the duties of the independent director than it was agreed at the time of his appointment. These factors will prevent further effective performance of his duties, therefore, unfortunately, he decided to terminate his powers.

Among the other serious problems directly affecting the successful activities of the supervisory board, the company mentioned the retarded approval of the financial plans of the group companies for 2017, which adversely affected the current activities of Naftogaz, in particular the investments in the top-priority projects for supporting the gas transportation infrastructure and increasing the domestic gas production.