This year we will be very active in attracting investors and donor funds – Chairman of the Supervisory Board of Ukrnafta

Interview with Duncan Nightingale, Chairman of the Supervisory Board of Ukrnafta, to Interfax-Ukraine

Author: Dmytro Koshovyi

Discussion around the supervisory boards’ activities in state-owned enterprises has never been as active as it was at the end of 2025. The rationale for their establishment and the involvement of foreign members, their independence and effectiveness, the level of remuneration, and the accountability of their members were discussed. These debates culminated in mid-November with the Cabinet of Ministers of Ukraine approving an action plan to renew the composition of supervisory boards and executive bodies at several energy companies.

Interfax-Ukraine gain insight into how the supervisory board at one of Ukraine’s fuel-and-energy-sector companies operates and spoke with Duncan Nightingale, Chairman of the Supervisory Board of Ukrnafta, about the results of nearly two-years work and plans for the current year.

— Could you describe how the Supervisory Board of Ukrnafta is currently structured and operates? How often and where does it meet? How is interaction with the Management Board organised? How deeply is the Supervisory Board involved in strategic and key management decisions?

The Supervisory Board of Ukrnafta consists of five members. Three of them are independent, including myself as a Chair. The remaining two members represent the shareholders, the State (through the Ministry of Defence of Ukraine), and Naftogaz of Ukraine.

The purpose of our Supervisory Board is to act as the primary oversight and control body, guided by the best business practices, including OECD principles of corporate governance and transparency.

I believe, the Supervisory Board of Ukrnafta serves as a strong example