Energoatom Supervisory Board makes decisions to select CEO, improve company's operations – Economy Ministry

The Supervisory Board of NNEGC Energoatom is implementing a number of decisions to strengthen its corporate governance system and independent oversight functions, the Ministry of Economy, Environment, and Agriculture reported.

As noted on its website on Thursday, this was discussed at a meeting between Economy Minister Oleksiy Sobolev and Energoatom Supervisory Board Chair Rumina Velshi with G7 ambassadors on May 20.

"The recruitment process for the positions of heads of internal audit, compliance, risk management, and corporate secretary has already begun. A search for an independent company to conduct a comprehensive assessment of Energoatom’s corporate governance system, involving international expertise, and to prepare a public report by the end of 2026 has also been agreed upon," the message reads.

In addition, the Supervisory Board has launched an independent whistleblower platform to ensure prompt reporting of potential violations directly to corporate governance bodies.

The Supervisory Board has also already decided to select an international recruiting company to select the company’s new management.

"As part of the competitive process, 12 recruiting agencies – Ukrainian and international – received requests for proposals. The selection model is based solely on professionalism, reputation, and competence, as Energoatom is currently Europe’s largest nuclear operator and operates in a full-scale war," the ministry explained.

It is also noted that there is a need to regulate the regulatory requirements for the CEO position. Under current legislation, a company’s director must have an appropriate nuclear license—this is a requirement of the State Nuclear Regulatory Inspectorate of Ukraine. In practice, only a very limited number of specialists with a purely nuclear background hold such licenses.

"Following consultations with the State Nuclear Regulatory Inspectorate of Ukraine and the Ministry of Energy of Ukraine, the Supervisory Board supported the modernization of the governance model by separating the functions of Chief Executive Officer and Chief Nuclear Officer. This is part of the transition to modern corporate governance standards," the Ministry of Economy noted.

As reported, two independent members of Energoatom’s Supervisory Board, Patrick Fragman and Brice Bouyoun, have resigned. The Ministry of Economy noted that this was due to the scope of the company’s reform tasks significantly exceeding previous expectations and requiring the intense, full-time involvement of all Supervisory Board members.

As Sobolev told reporters, the government expects the selection of new Supervisory Board members to be completed within a few weeks, after which Energoatom’s Supervisory Board will be fully formed.

He explained that future independent Supervisory Board members will likely be selected from among applicants who applied for the competition announced last year.