Public Joint Stock Company "Ukrnafta," which completed the formation of its supervisory board in August 2024, with a director serving as the executive body since the end of 2022, is currently working on establishing its management board, as reported by the chairman of the supervisory board, Duncan Nightingale.
"Regarding the management board: we are already selecting candidates for the positions. We hope to complete this process within the next two to three months... Together with the shareholders, we are developing a new company charter, taking into account best business practices," he said in a brief interview with Interfax-Ukraine.
Nightingale reminded that in 2024, a new supervisory board was elected at "Ukrnafta," consisting of five members: two representatives from shareholders - the Ministry of Defense of Ukraine and NJSC "Naftogaz of Ukraine," along with three independent directors from Norway, the UK, and Canada.
"We are actively working on implementing the best OECD practices alongside the management of 'Ukrnafta,'" emphasized the chairman of the supervisory board.
According to him, the company is also adopting best ESG practices and European standards for non-financial reporting.
"The ESG development plan is currently in development, and we hope to implement it this year. Thank you to USAID for supporting this project," added Nightingale.
"Ukrnafta" is the largest oil production company in Ukraine and operates the national network of gas stations. In March 2024, the company took over the management of Glusco's assets and currently operates 544 gas filling stations - 461 owned and 83 managed.
The largest shareholder of "Ukrnafta" is NJSC "Naftogaz of Ukraine," holding a stake of 50% + 1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer the state ownership of corporate rights in the company, previously owned by private owners, which is now managed by the Ministry of Defense.
The general meeting of shareholders of "Ukrnafta" on November 9, 2022, amended the company charter, changing the collective executive body (management board) to a sole executive body (director) represented by Sergey Koretsky - the former CEO of the WOG gas station network, one of the largest in the market.
In early March 2024, the meeting approved Tim Dodson, Ireneusz Fonfara, and Nightingale as independent members of the supervisory board elected through a competitive process, with Nightingale subsequently elected as chairman of the board.
Nightingale has over 30 years of experience in the oil and gas industry and is an international expert in exploring oil and gas reserves in Latin America, Europe, Africa, and the Middle East. He currently serves as the CEO and board member of Blacksteel Energy.
Dodson has over 40 years of experience in extraction and geology, previously serving as executive vice president at Equinor and currently chairs the board of Norwegian Ennox Technology Sdn Bhd, which specializes in oil waste processing.
Fonfara became the head of the Polish concern Orlen in April 2024, leading to the election of Ekaterina Kuznetsova as the new independent member of the supervisory board. Kuznetsova has over 25 years of experience in international auditing firms, having progressed from junior consultant to senior manager at Ernst & Young (Australia); she worked as the general manager of the finance department at the corporate center of SingTel Optus (the second telecommunications operator in Australia) and as the capital markets group director at PwC (UK).
The company’s shareholders are represented by Lyudmila Daragan (Ministry of Defense) and Roza Tapanova ("Naftogaz"), who also served as the state representative on the previous supervisory board of "Ukrnafta."