Ukraine's Naftogaz supervisory board extends contract with Kobolev

Source : 112 Ukraine

Monthly salary to stay $75 000, which corresponds to the market standards, according to the company’s supervisory board
17:53, 28 February 2019

Open source

The supervisory board of the National joint-stock company (NJSC) Naftogaz of Ukraine decided to extend a contract with Andrey Kobolev, the Chairman of the Management Board, with $75 000 monthly salaries, RBC reported that citing the sources in the supervisory board of the company.

Clare Spottiswoode, the chairperson of the company’s supervisory board sent a letter to Ukraine’s Prime Minister Volodymyr Groysman with the offer.

The term of office was extended for another three years beginning from January 1, 2019 according to the Ekonomichna Pravda.

The new legislation empowers the supervisory board of the state enterprise to take decisions on the contracts with management.

In the letter, the chairperson of the supervisory board noted that Ukraine’s Prime Minister has repeatedly mentioned his expectancies as for revising amount of remuneration of Kobolev for it to fit the market.

“The appointment and the remuneration committee performed the review of industry level of remuneration involving an external consultant and obtained assurances that the suggested level of compensation corresponds to market standards,” reads the letter.

Related: Naftogaz to terminate contract with UkrGasVydobuvannya in March

“We wanted to pay attention in the fact that the Chairman of the Management Board took the decision and carries it out, spending 100% of his salary and benefits on charity until the end of the year, therefore there is no personal benefit in the result of any decision taken,” Clare Spottiswoode added.

As we reported earlier, NJSC Naftogaz Ukrainy has started the process of recovering $2.6 billion from Gazprom (Russia) under the decisions of the Stockholm arbitration within the jurisdiction of Luxembourg.

Related: EU, EBRD, IFC urge Ukraine to launch “green” auctions

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