Naftogaz Plays its Cards to Decrease Political Intervention

Ukraine’s Naftogaz hopes that the collaboration with global law firm Baker & McKenzie and consulting firm PricewaterhouseCoopers will help coming up with a plan meant to eliminate undue political intervention in the company’s business.  

‘Naftogaz has initiated a project on developing a Corporate Governance Action Plan in order to fundamentally improve the company’s efficiency and transparency for the benefit of Ukrainian people as the ultimate owner of Naftogaz’ reads a note released on Monday.

The plan also aims to set up a Supervisory Board of Naftogaz and gradually increase its independence, while proceeding with the unbundling of the TSO.  

‘The company defined corporate governance reform as a priority immediately after the change of management last spring. Given the complexity of this reform, including its political sensitivity, it proceeds in several stages.’