The Cabinet of Ministers published Resolution No. 1596 of December 3, “Issues of Management of Certain Business Entities,” which, as previously reported by Prime Minister Yulia Svyrydenko, initiated the immediate termination of the powers of a significant part of the supervisory boards of key state-owned energy companies.
According to the document, the government expects the Ministry of Energy and the State Property Fund to terminate the powers of the members of the supervisory board of LLC “Gas Transmission System Operator of Ukraine” (OGTSU) Vitaliy Zubriy and Ruslan Strilets, JSC “Energy Company of Ukraine” – Oksana Osmachko and Oleksandr Muzhel, and JSC “Market Operator” Olena Kovalchuk and Andriy Stepanenko.
This list also includes three members of the supervisory board of PJSC Centrenergo, Volodymyr Velychko, Andriy Hota, and Serhiy Simonov, as well as five members of the supervisory board of JSC Ukrainian Distribution Networks, Yevhen Litvinov, Oleg Kantsurov, Andriy Kostrytsya, Svitlana Bilko, and Andriy Pochtaiev.
In addition, the Ministry of Economy, Environment, and Agriculture has been instructed to prepare proposals for convening an extraordinary general meeting of Ukrainian Energy Machines JSC with the aim of terminating the powers of independent member of the supervisory board Andriy Tkachenko.
CABINET OF MINISTERS, CENTRENERGO, MARKET OPERATOR, SUPERVISORY BOARD, ЕКУ, ОГТСУ, УРС
The Cabinet of Ministers has announced a competition for candidates for the positions of independent members of the supervisory board of NAEK Energoatom, according to the Ministry of Economy, Environment, and Agriculture.
“The competition for candidates for the supervisory board of Energoatom announced today is unscheduled. On November 11, 2025, the Cabinet of Ministers terminated the powers of the supervisory board ahead of schedule. At the time of this decision, there were two independent members on the board, and the competitive selection of independent candidates for two more vacant positions was ongoing. The new competition will allow the positions that became vacant due to the early termination of the supervisory board to be filled,” the ministry said in a statement on its website.
The relevant order was adopted at a government meeting on Tuesday.
In addition, by protocol decision, the government instructed the Ministry of Economy to submit to the Committee for the Appointment of Heads of Enterprises of Particular Importance to the Economy proposals for candidates for state representatives to the Supervisory Board of Energoatom.
As noted on his Facebook page by the head of the Ministry of Economy, Alexei Sobolev, the ministry will soon submit to this Committee the candidacies of state representatives to form the full composition of the supervisory board of Energoatom.
Earlier, with reference to Prime Minister Yulia Sviridenko, it was reported that on Tuesday, November 18, the government decided to announce a competition for positions on the supervisory board of Naftogaz of Ukraine (four independent members – ER).
“The contracts of the current members expire in January. Accordingly, we are launching the competition now in order to approve the new composition of the supervisory body in a timely manner and ensure the continuity of its work. We expect the new composition of the Naftogaz supervisory board to be formed by January 20, 2026,” Sviridenko wrote on Telegram.
On August 15, 2025, the Cabinet of Ministers amended the charter of Energoatom, increasing the number of members of the supervisory board from five to seven. Before its dissolution on November 11, following the publicity surrounding the Midas case, the company’s supervisory board consisted of four people: its chairman, Jarek Niewierowicz, and deputy chairman, Michael Elliott Kirst, as well as state representatives Timofey Milovanov and Vitaly Petruk. The third independent member of the supervisory board, Timothy Stone, refused to sign the contract.
On September 15, the government announced a competition to select two independent members of the Energoatom supervisory board by order No. 983-r.
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.
