The Cabinet of Ministers of Ukraine has approved the proposals of the Nomination Committee on the appointment of the Supervisory Board of the “GTS Operator of Ukraine,” LLC. It includes three independent members and one state representative.

David Charles Davies (Great Britain, Non Executive Director and Chair of the Audit Committee at Petrofac Limited, as well as a member of the Supervisory Board and Chairman of the Audit Committee at Wienerberger AG, Austria), Jan Chadam (Poland, Associate Professor at the Faculty of Economics of Maria Curie-Skłodowska University, member of the Supervisory Board at Lublin Airport, and previously a member of the Supervisory Board at “Main Gas Pipelines of Ukraine”) and Sergiy Konovets (Ukraine, CFO at Torwell Holding Limited, and previously a member of the Supervisory Board at JSC “Ukreximbank”) have become independent members of the Board. Svitlana Grynchuk (Ukraine, Deputy Minister of Energy of Ukraine) has been appointed to the Supervisory Board as a state representative.

“The corporate management reform at Ukraine’s GTS Operator is strategically important for Ukraine in the context of ensuring the country’s energy security. Its main goal is to create mechanisms for professional management of a large company. This, in turn, will yield a positive effect on macroeconomic stability and attraction of investments,” Minister of Energy of Ukraine German Galushchenko said.

“The completion of the corporate management reform at Ukraine’s GTS Operator is important for our country, because it is one of the IMF’s structural benchmarks, and it is important for us, since the Board has been established directly at our company. We are already charged up for positive results and I am sure that we shall succeed. I welcome the members of the new Supervisory Board!” – Dmytro Lyppa, General Director of the GTS Operator of Ukraine, commented.

The Cabinet of Ministers has previously transferred the corporate rights of the “GTS Operator of Ukraine” LLC from the JSC “Main Gas Pipelines of Ukraine” (with its subsequent dissolution) to the Ministry of Energy of Ukraine.

The said steps are the necessary stages of the corporate management reform at the Gas Transmission System Operator of Ukraine, envisaged by the Law of Ukraine “On Optimisation of the Ownership Structure of the Gas Transportation System Operator of Ukraine.” Its implementation, particularly the establishment of a supervisory board by the end of October 2023, is a structural benchmark of the Memorandum with the IMF, which Ukraine has successfully implemented.

Let it be reminded that the corporate management reform at Ukraine’s GTS Operator is important to ensure the implementation by Ukraine of the Memorandum of Economic and Financial Policies concluded with the IMF on March 24, 2023, as well as that of the Memorandum of Understanding concluded with the European Union on January 16, 2023.