EU, EBRD, EIB, World Bank and IFC express concern at dismissal of Ukraine’s Naftogaz leadership
May 6, 2021

EU, EBRD, EIB, World Bank and IFC express concern at dismissal of Ukraine’s Naftogaz leadership

The EU, European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), the World Bank, and the International Finance Corporation (IFC) have expressed their serious concern about recent events at Ukraine’s state oil and gas company, Naftogaz. The supervisory board of the company has been temporarily suspended in order to dismiss the incumbent management team.

“We call upon the leadership of Ukraine to ensure that crucial management decisions at state-owned enterprises are taken in full accordance with the basic tenets of recognised corporate governance standards,” says the common statement, issued on 30 April.

The EU and financial institutions remind that Ukraine has made significant progress recently on advancing the corporate governance reform of state-owned companies towards transparency, accountability and independence.

“It is imperative to build on this progress to bolster the investment climate and attract much needed private-sector investment in Ukraine. We are hoping for renewed commitment from the Ukrainian authorities to continuing reforms that will unlock investments, allowing the country to recover and realise its potential,” says the document.

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