Naftohaz independent directors Warwick, Richards resign over derailment of reforms

газ суд нафтогаз росукрэнерго

According to Paul Warwick and Marcus Richards, Naftohaz Independent Supervisory Board members, political interference in the work of Ukraine's major gas and oil operator has become common and keeps growing.

Censor.NET reports quoting Tymofii Mylovanov, a member of Ukraine's National Bank Supervisory Board, as saying on Facebook.

"The last independent members of the Naftohaz Supervisory Board are set to resign. Paul Warwick and Marcus Richards say their move is due to the derailment of the reforms [within the company] by the government. Let us remember that in the past, before the reforms started, Naftohaz had almost bankrupted the country. State enterprises, especially such massive ones as Naftohaz or Ukrzaliznytsia (Ukraine's national railway operator), will always be in sight of politicians and corrupt officials because of their large cash flows," he said.

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"In their letter, Warwick and Richards say that in April 2017 they already made it clear to the representatives of the Cabinet of Ministers that the government had failed to implement the Corporate Governance Action Plan for Naftohaz," Mylovanov added.

"Despite the assurances given to the directors by the representatives of the country's leadership, no significant progress has been made in the last five months. None of the actions falling within the control of the government has been carried out. On the contrary, the extent of political interference in the work of Naftohaz continues to grow and, unfortunately, has become common," the message says.

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"Such companies need appropriate, transparent, and institutionally strong corporate management so that they work for the good of the taxpayers and citizens of Ukraine, rather than enriching or sponsoring the political campaigns of certain individuals. The resignation of the members of the supervisory board is a signal to the market and society that there are very serious risks," Milovanov added, noting that a briefing of the Naftohaz leadership regarding the resignation of Warwick and Richards will be held today.Источник: https://censor.net.ua/en/n456046