The Cabinet of Ministers has amended the charter of NAEK Energoatom, in particular by increasing the number of members of its supervisory board from five to seven, four of whom must be independent. The relevant amendments were approved by Cabinet Resolution No. 983 of August 15, 2025, published on the Government Portal.
According to paragraph 74 of the amended charter of Energoatom, the supervisory board consists of seven members, the majority of whom, namely four, must be independent, and three members must represent the state.
According to the company’s report in the NSSMC’s information disclosure system, the amendments supplement the powers of the general meeting of shareholders, and some of their powers have been transferred to the supervisory board.
Thus, the competence of the general meeting of shareholders no longer includes, among other things, the decision to appoint and dismiss the chairman and members of the management board in accordance with the proposals of the supervisory board. According to paragraph 12 of the amended charter, the election and termination of the powers of the chairman and members of the management board is the exclusive competence of the supervisory board. As well as approving the regulations on the management board, reviewing the management board’s report and making decisions based on its results, approving the company’s financial plan, as well as its medium-term (three to five years) investment plan and strategic development plan.
However, the powers of the general meeting of shareholders were expanded to include, in particular, the submission for approval by the Ministry of Finance of proposals on certain financial indicators, the amount of payments to the state, budget financing and quasi-fiscal operations, approving the owner’s letter of expectations based on the State Property Policy and after consultation with the company’s supervisory board, and approving the results of the supervisory board’s performance assessment.
As reported, the Cabinet of Ministers plans to complete the formation of supervisory boards of state-owned energy companies by December 2025, in full compliance with the principle of a majority of independent members, and wants to appoint the heads of such companies on a competitive basis. This is stated in the draft Government Action Program published on August 18.
In its updated Extended Fund Facility (EFF) program for Ukraine following the eighth review in early July, the International Monetary Fund (IMF) noted the need to further strengthen corporate governance of state-owned enterprises in Ukraine, in particular, the immediate appointment of the head of LLC Gas Transmission System Operator and the completion of the formation of the supervisory board of NAEK Energoatom, which provides for the expansion of its composition to seven members.
The supervisory board of Energoatom currently includes its chairman, Jarek Niewierowicz, and deputy chairman, Michael Elliott Kirst, as well as state representatives Timofey Milovanov and Vitaliy Petruk. The third independent member of the supervisory board, Timothy Stone, refused to sign the contract.
On August 8, the supervisory board of Veles Insurance Company (Odessa) extended the term of office of the chair of the management board, Oksana Sherstneva, until September 1, 2025, according to information published by the National Securities and Stock Market Commission (NSSMC) on the holding of a general meeting.
As reported, on July 17, 2025, the National Bank of Ukraine imposed measures on Veles Insurance Company in the form of a written warning due to the fact that the insurer’s authorized capital does not meet the requirements of the Insurance Law regarding its minimum size. In addition, an enforcement measure in the form of a written warning was also applied to IC Veles due to the non-compliance of the insurer’s business reputation and significant shareholders with the requirements of the law.
The company’s shareholders plan to consider increasing the authorized capital by 61.5%, or UAH 24 million, at a general meeting on August 14, 2025.
Veles Insurance Company has been operating in the market since 1998. It holds 15 licenses for voluntary and compulsory types of insurance. It is a member of the Insurance Business Association. Its authorized capital is UAH 39 million.
Former Danish Foreign Minister Eppe Kofod has been elected chairman of the Supervisory Board of NPC Ukrenergo, the company reports.
“An independent representative Eppe Kofod became the Chairman of the Supervisory Board, and the state representative Anatoliy Hulei became his deputy,” Ukrenergo said in its Telegram channel.
It is noted that at its first meeting after the appointment on December 12, the SB also created committees on audit, appointment and determination of remuneration, investment and strategy and decided on their heads.
Ukrenergo’s Supervisory Board consists of seven members: four independent members elected through a competitive selection process and three state representatives. The independent members of the SB were approved by the Cabinet of Ministers’ Resolution No. 1168-r of November 26, 2024: Patrick Greichen, who served as State Secretary of the German Ministry of Economic Affairs and Climate Protection in 2021-2023, Luigi de Francischi, former CEO of TERNA and Enel (already a member of the NPC’s SB), Eppe Kofod, former Minister of Foreign Affairs of Denmark, and Jan Montell, who has experience as a top manager and board member of a number of Finnish energy companies.
The representatives of the state were approved by the Government Decree No. 1232-r of December 10, 2024. The appointees are: Yuriy Boyko, who headed the Ministry of Energy of Ukraine in 2020-2021, is currently an advisor to the Prime Minister and a member of the previous Supervisory Board of NPC; Oleksiy Nikitin, who previously worked, among other things, at SE NPC Ukrenergo as Head of the Electricity Market Development Department, and then at Ukrhydroenergo as Director of the Commercial Department; Anatoliy Guley – built his career in the banking sector, was Chairman of the Board of Oschadbank and Activ Bank, as well as Deputy Chairman of the Board of Alfa Bank, and is a shareholder of Accordbank.
The Supervisory Board of the insurance company Krajina (Kyiv) at the meeting on November 14 appointed Roman Yaroshenko, who had been the head of the supervisory board of Asvio Bank JSC for the last five years, as the head of the supervisory board of the financial institution. According to the message of the insurance company in the information disclosure system of the National Commission on Securities and Stock Market, at the same meeting the Supervisory Board, in connection with the appointment of a new head, terminated the powers of Elyana Pustovalova in this position.
IC “Krajina” has been operating in the insurance market of Ukraine since 1994. It has licenses for 23 types of insurance.
On October 17, 2024 the Antimonopoly Committee of Ukraine has granted permission to a natural person – citizen of Ukraine to acquire control over IC “Krajina”.
According to the data of NCSSM as of Q2 2024 the shareholders of the company were the joint-stock company “Closed non-diversified venture corporate investment fund ‘Kiwi’-76,2%, ZNVKIF ‘Sirius’ and Oleg Zimin 7,491% each.
Asvio Bank (formerly Privatinvest Bank) was founded in 1991. According to the NSCM as of Q2 2024, the bank’s shareholders were Vyacheslav Suprunenko (69.9016%), his brother Alexander Suprunenko (20%), and Andriy Zaets (7.693%).
According to the NBU, as of June 1, 2024, Asvio Bank ranked 42nd among 63 Ukrainian banks in terms of assets – UAH 3.06 billion. Net profit of the financial institution for 2023 amounted to UAH 22.37 million.
Vladyslav Andronov, Deputy Head of the Kyiv City State Administration, has been appointed Chairman of the Supervisory Board of PrJSC HC Kyivmiskbud, replacing Mykola Povoroznyk.
According to the company’s announcement in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the supervisory board made the decision on January 29.
In turn, the territorial community of Kyiv, which owns 80% of the shares of PrJSC HC Kyivmiskbud represented by the Department of Communal Property, on January 26 announced the recall and termination of the powers of the chairman of the supervisory board, Mykola Povoroznyk, who had held this position since December 2022.
Since June 2022, Andronov has been the deputy head of the KCSA for self-government powers. Previously, he served as State Secretary of the Ministry of Agrarian Policy and Food from 2017 to 2021.
As reported, at the end of December 2023, Kyiv Mayor Vitali Klitschko instructed to form a new composition of the Supervisory Board and the Management Board of Kyivmiskbud PrJSC in a short time. Earlier, the head of the company, Ihor Kushnir, announced that he was stepping down as the company’s chairman of the board and president after 12 years of service.
The audit of Kyivmiskbud conducted by Baker Tilly Ukraine Consulting, NHD-Audit LLC and Ernst & Young LLC found no signs of actions to bring the company to bankruptcy, concealment of financial insolvency or massive transactions by related parties. At the same time, the auditors found that Kyivmiskbud’s operations were disrupted by external factors, including COVID-19, a full-scale war, and the Ukrbud factor.
On November 17, the commission approved an interim report with recommendations and proposals for the further work of Kyivmiskbud, including the purchase of apartments in Kyivmiskbud facilities, consideration of a financial loan or additional capitalization of the company. The TAC also recommended that the Kyiv City Council appeal to the Cabinet of Ministers of Ukraine to compensate Kyivmiskbud for the total planned losses associated with the completion of Ukrbud’s projects in the amount of UAH 2.28 billion.
HC Kyivmiskbud was established on the basis of the property of the state municipal construction corporation Kyivmiskbud in 1994 by merging controlling stakes in 28 enterprises and other assets in its authorized capital. The holding company consists of 40 joint-stock companies in which the company owns shares, six subsidiaries and 51 companies as associate members.
The main shareholder of PrJSC HC Kyivmiskbud, according to the NSSMC, is the Kyiv City Council (80%).
The shareholders of Kryvyi Rih Mining and Metallurgical Plant PJSC ArcelorMittal Kryvyi Rih (AMKR, Dnipro region) have renewed the composition of the Supervisory Board.
According to the company’s announcement in the NSSMC’s information disclosure system, the shareholders considered personnel issues at the general meeting on December 28, 2023.
At the same time, the meeting terminated the powers of the members of the Supervisory Board, re-electing for a new term the CTO and Chief Strategy Officer of ArcelorMittal Clarke David George, Chief of Staff of the CEO and Chairman of the ArcelorMittal Group Anna Escobedo, Independent Director Sergey Ishchuk, Independent Director Oleg Lagodienko and CFO of ArcelorMittal Europe; Vijay Goyal, CEO of ArcelorMittal Downstream Solutions; and Vijay Goyal, CEO of ArcelorMittal CIS. Also, Sonya Neffati, Head of Organizations and Human Resources at ArcelorMittal Luxembourg, was elected to the Supervisory Board.
In addition, the shareholders terminated the powers of the members of the audit committee and did not elect new ones in connection with the liquidation of this controlling body.
As reported, at the meeting, AMKR shareholders planned to approve the results of the company’s financial and economic activities in 2021 and 2022, determine the procedure for repayment of losses, and amend the company’s charter and bylaws.
AMKR ended 2022 with a net loss of UAH 49 billion 9.104 million, while in 2021 it made a net profit of UAH 25 billion 216.068 million. The outstanding loss by the end of 2022 amounted to UAH 3 billion 283.553 million. The value of assets halved to UAH 52 billion 682.761 million from UAH 105 billion 800.975 million in 2021.
“ArcelorMittal Kryvyi Rih is the largest rolled steel producer in Ukraine. It specializes in long products, including rebar and wire rod.
ArcelorMittal owns the largest mining and metallurgical plant in Ukraine, ArcelorMittal Kryvyi Rih, and a number of small companies, including ArcelorMittal Berislav.
Mittal Steel Corporation acquired a 93.02% stake in Kryvorizhstal at an open tender on October 24, 2005 for UAH 24.2 billion at a starting price of UAH 10 billion, after which the plant was renamed Mittal Steel Kryvyi Rih and later ArcelorMittal Kryvyi Rih.
According to the company, Arcelor Mittal Duisburg GmbH (Germany) owns 95.128% of its shares.
The authorized capital of the plant is UAH 3 billion 859.533 million.
