Ukrnafta says new charter provides for transition to collegial body
MOSCOW. July 23 (Interfax) - JSC Ukrnafta shareholders Naftogaz and the Ukrainian Defense Ministry have decided to change the company's type and rename it, and have also approved a new version of the charter.
"From now on, the official name of the enterprise is JSC Ukrnafta," Ukrainian media reported, quoting a company press release.
The new charter was drafted and submitted for the approval of shareholders by the supervisory board, most members of which are independent directors with international experience.
The updated document provides, among other things, for a transition from sole executive body (director) to a collegial body (management board), a clear delegation of powers between management bodies in the form of a general meeting of shareholders, a supervisory board and a management board, as well as a broadening of the supervisory board's functions and role, in keeping with the requirements of independent control.
The updated charter also provides aligns the company's corporate governance compliance regulations with OECD standards and EBRD recommendations.
"The approval of the new JSC Ukrnafta charter is a key juncture in the company's ongoing transformation, and demonstrates the commitment of shareholders and the management team to sustainable development based on responsible and professional corporate governance the principles," the company said.
Ukrnafta had net profit of UAH 16.38 billion in 2024.
Ukrnafta is Ukraine's largest oil producer and operator of the national chain of filling stations. The company started to operate the Glusco network in March 2024 and now operates 544 filling stations in total - 461 under its own brand and 83 under management.
Ukrnafta holds 92 special permits for the commercial development of deposits. It has 1,832 oil and 154 gas production wells on its balance sheet.
The biggest shareholder is Naftogaz with 50% plus one share. The Headquarters of the Supreme Commander-in-Chief ruled in November 2022 to expropriate Ukrnafta shares owned by private shareholders - that stake is now controlled by the Defense Ministry.
