On 20 May, Minister of Economy, Environment and Agriculture of Ukraine Oleksii Sobolev and Chair of the Supervisory Board of JSC NNEGC Energoatom Rumina Velshi met with the Ambassadors of the G7 countries.
The parties discussed the progress of corporate governance reform, the work of Energoatom’s Supervisory Board, and next steps to renew the company’s management team.
During the meeting, the Minister and the Chair of the Supervisory Board discussed with the G7 Ambassadors the progress made in building proper corporate governance in the company.
The Supervisory Board is currently implementing a number of decisions aimed at strengthening the corporate governance system and independent control functions. Recruitment has already been launched for the heads of internal audit, compliance, risk management, and the corporate secretary. The launch of a search for an independent company to conduct a comprehensive assessment of Energoatom’s corporate governance system, with international expertise and a public report to be prepared by the end of 2026, has also been approved. Separately, the Supervisory Board has launched an independent whistleblower platform to ensure that information about possible violations can be promptly reported directly to the corporate governance bodies.
In addition, the Supervisory Board has already decided to launch an international executive search for the company’s new leadership. At the same time, there is a need to address regulatory requirements for the CEO position. Under current legislation, the head of the company must hold the relevant nuclear licence, as required by the State Nuclear Regulatory Inspectorate of Ukraine. In practice, such licences are held by only a very limited number of specialists with a purely nuclear background.
Following consultations with the State Nuclear Regulatory Inspectorate of Ukraine and the Ministry of Energy of Ukraine, the Supervisory Board supported the modernisation of the management model by separating the functions of Chief Executive Officer and Chief Nuclear Officer. This is part of the transition to modern corporate governance standards.
As part of the accelerated competitive procedure, 12 recruitment agencies — both Ukrainian and international — received a request for proposals. The selection model must be based exclusively on professionalism, reputation, and competencies, as Energoatom is currently the largest nuclear operator in Europe and operates under conditions of full-scale war.
In addition, during the meeting, Oleksii Sobolev and Rumina Velshi discussed with the G7 Ambassadors the workload of Supervisory Board members.
The scope of tasks related to the company’s reform has significantly exceeded initial expectations and requires extremely intensive involvement of all Supervisory Board members on an ongoing basis — effectively in a full-time format. In this context, two independent Supervisory Board members, Patrick Fragman and Brice Bouyon, have recently submitted their resignations.
Despite this, the Supervisory Board as a whole continues to operate normally to ensure the company’s further reform.
“Constructive cooperation within Energoatom’s Supervisory Board continues, with a shared understanding of priorities and the need to strengthen the company’s governance. At the same time, the work of both the Supervisory Board and Energoatom continues without interruption. All Supervisory Board members, including those who have submitted their resignations, continue to perform their duties until the completion of the prescribed transition procedure,” said Oleksii Sobolev, Minister of Economy, Environment and Agriculture of Ukraine.
As a reminder, the independent Supervisory Board of JSC NNEGC Energoatom was formed in January 2026. Its establishment is part of the implementation of modern corporate governance standards in state-owned companies of strategic importance.