Ukrainian govt to finalize formation of supervisory boards in energy companies by late 2025 – draft govt Action Program
Ukraine's Cabinet of Ministers plans to complete the formation of supervisory boards at state-owned energy companies by December 2025, ensuring that a majority of members are independent, and aims to appoint their executives through open competition, according to a draft of the government's Action Program published on Monday.
The document states that the government continues its policy of introducing European approaches to transparency in wholesale energy markets and implementing an effective model of corporate governance in energy-sector companies.
By December 2025, the government expects supervisory boards to be fully formed, hold their first meetings, approve governance documents (regulations, remuneration policies, codes), and appoint executive bodies' leaders via competitive selection.
The draft stipulates that by December 31, 2026, all heads of state-owned energy companies must be appointed on a competitive basis.
As reported, the International Monetary Fund (IMF) in the updated Extended Fund Facility (EFF) following its eighth review emphasized the urgent need to further strengthen corporate governance in Ukraine's state-owned enterprises, particularly by immediately appointing a CEO for Gas Transmission System Operator of Ukraine (GTSOU) LLC and completing the formation of the supervisory board of Energoatom.
The IMF also said that the Ukrainian authorities are committed to promptly selecting the fifth member of Energoatom's supervisory board, in accordance with OECD standards, and expanding the board to seven members, reflecting the macro-critical importance of the enterprise and the scope of the board's responsibilities.
Energoatom's supervisory board currently includes Chairman Jarek Niewierowicz, Deputy Chair Michael Elliott Kirst, and state representatives Tymofiy Mylovanov and Vitaliy Petruk. The third independent member, Timothy Stone, declined to sign a contract.
The application process for the CEO of Gas Transmission System Operator of Ukraine LLC closed on March 31, 2025. No CEO has been appointed yet, and the company is currently headed by acting CEO Vladyslav Medvedev.
