Naftogaz announced a return to the practice of manual management of state-owned enterprises after the Cabinet’s decision to dismiss the head of the NAC Andriy Kobolev and the company’s supervisory board. The board of Naftogaz announced this on Wednesday, April 28.
The company claims that the government’s decision is a legal manipulation.
“The dismissal of the supervisory board for two days in order to make a decision on the dismissal of the chairman of the board is an insult to the basic principles of corporate governance of state-owned enterprises,” the statement said.
Naftogaz noted that, in accordance with the company’s charter and the Law on Joint Stock Companies, proposals to the general meeting to appoint or dismiss the chairman of the board together with the relevant decision of the supervisory board belong to the exclusive competence of the supervisory board and cannot be transferred to the general meeting.
“Such actions of the Cabinet of Ministers are a signal to all state-owned enterprises: work in the interests of the budget and the people of Ukraine, and not in the interests of individual political forces, will be punished. In addition, this is a clear signal to investors in securities of Ukrainian issuers: the working conditions of state-owned enterprises in Ukraine are unpredictable and may change depending on political expediency, “the NAC said.
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