Ukrainian govt steps in to supervise Naftogaz directly

Ukraine's cabinet of ministers will take on the duties of state gas supplier Naftogaz's supervisory board, following the resignation of three of its independent directors, the company reported on September 27.

Independent directors Clare Spottiswoode, Bruno Lescoeur and Ludo Van der Heyden resigned from the board after Ukraine's government said earlier this month it would hold a competition to replace them. Announcing their decision, Spottiswoode said that Naftogaz's CEO since April, Yuriy Vitrenko, was failing to co-operate with the board.

With the departure of the three independent members, Naftogaz said the board is now invalid, and the government has therefore terminated the powers of state representatives Nataliya Boyko, Yuliya Kovaliv and Yulia Svyrydenko.

"It was necessary to terminate the powers of the government representatives by transferring authority from the company to the cabinet of ministers of Ukraine to perform the functions of the company's supervisory board before the start of the heating season until the election of new members," Naftogaz said.

The competition for new members will be held in the coming months, and will be in full compliance with international standards, Naftogaz said. The selections should be made by December.