.“Dismissal of Naftogaz CEO raises doubts over Ukraine’s corporate governance reforms,” headlines an Atlantic Council blog by Aura Sabadus, a regional expert on the energy industry.
“This breach of corporate-governance standards is likely to create a new point of tensions with international financial institutions and Ukraine’s other Western partners…Naftogaz is set to experience a turbulent period, as the new CEO is likely to move to rid the management team of Kobolev allies.”
” reads a letter signed yesterday by members of the Naftogaz Supervisory Board. Noting that the Board has power over personnel decisions, the letter charges that the Cabinet’s move “seriously jeopardizes the business continuity of the Naftogaz Group, as well as the implementation of the corporate governance reform in the public sector of Ukraine’s economy.” Written during the Board’s 2-day suspension, the letter is signed by Clare Spottiswoode as “Ex-Chair of the Supervisory Board.”
, the state oil and gas company reported. Naftogaz CEO Andriy Kobolev said the company turned a net profit during the first quarter of this year. “The company bottomed out and started generating profit,” declining to go into details. He said the company might seek to place a Eurobond, noting: “We now believe that the borrowing market for Naftogaz is very positive and attractive.”