KYIV, Aug 15 – Minority shareholders of Ukrnafta represented by the Privat group have given up the right to appoint the chairman of the company's board only from their nominees in exchange for forming a supervisory board with a majority of independent directors, Executive Director of Naftogaz Ukrainy Yuriy Vitrenko said.

Naftogaz owns a 50% + 1 share of Ukrnafta, and a group of companies associated with former shareholders of PrivatBank owns about 42% of the shares.