The Ministry of Economy announced a competitive selection for the supervisory board of Naftogaz

On December 8, the Ministry of Economy of Ukraine announced a competitive selection for 4 positions of independent members of the supervisory board of Naftogaz of Ukraine. The corresponding announcement is published on the website of the ministry.

4 independent members of the supervisory board will be selected by competition. Among the minimum requirements:

• Higher education, in particular (but not limited to) the fields of petroleum engineering, management and administration, economics, finance, auditing, international relations, law;
• Proficiency in English; Ukrainian is desirable;
• No outstanding criminal record;
• Adherence to the principles of impartiality and integrity;
• Having an impeccable business reputation;
• May not be and has not been for the previous six years a founder, shareholder (participant), manager, member of the supervisory board, employee, or representative of a person to whom the Government of Ukraine has applied personal, special economic, or other restrictive measures (sanctions).

According to the Ministry of Economy, each independent member of the supervisory board of Naftogaz should have such experience, competencies, and professional skills that differ significantly from those of the other members of the supervisory board, thus creating a diverse board that can in the aggregate provide comprehensive guidance to the company’s development and growth. The below experience is desirable for individual candidates, but obligatory for the supervisory board, includes:

• Experience as a non-executive director at international listed corporations is a significant advantage;
• Experience in senior management positions in major international and regional oil and gas companies;
• A career record of success in diverse and challenging assignments in multiple geographies, including developing countries;
• Experience of interaction with government officials and energy regulators; understanding of EU regulations affecting the industry, including the specifics of state aid control;
• Knowledge of the European energy market, trends, and the prospects for the development of renewable energy sources;
• Experience and contacts in the international investment community, knowledge of the sources of funding in the capital markets, and experience in raising both debt and equity in the international markets.

Documents are accepted until 18:00 (Kyiv time) on December 26, 2022.

"I hope for a quick and transparent selection procedure in accordance with international standards, in particular OECD standards," said Oleksiy Chernyshov, head of Naftogaz.