Ukraine's Government Finalizes Supervisory Boards for Energoatom and GTS Operator

Completion of Supervisory Board Appointments

According to Мін. Економіки: The Ukrainian government has officially completed the formation of supervisory boards for Energoatom and the Gas Transmission System Operator of Ukraine (OGTSU). This move is part of the government's broader effort to reform corporate governance within state-owned enterprises in the fuel and energy sector. The goal is to establish oversight that aligns with OECD standards for state-owned entities.

Two independent members have been appointed to the supervisory board of NNPC Energoatom:

• Dominique Minière, a French-Canadian national with over 35 years of experience in nuclear energy.
• Matthew Murray, a U.S. citizen and expert in governance, anti-corruption policy, and compliance, bringing more than 30 years of experience, including work in Ukraine.

For the supervisory board of JSC Gas Transmission System Operator of Ukraine, Yuriy Butsa, a Ukrainian national, has been appointed as the state representative. He is a specialist in public finance, public debt management, and corporate governance. These appointments are intended to strengthen the management of key state enterprises in Ukraine.

The Importance of Corporate Governance Reform

Finalizing these supervisory boards marks a significant milestone in Ukraine's corporate governance reform. Bringing international experts into these roles can help introduce new standards and practices that meet global requirements. This development is also expected to improve the country's investment climate and boost confidence among international partners in Ukraine's state-owned enterprises.

As the Ukrainian government takes steps to enhance corporate oversight, it is also addressing challenges within other state-owned enterprises. Recently, a significant reshuffle occurred in the supervisory board of Ukrhydroenergo, reflecting a broader commitment to improving governance standards across the energy sector. For more details on these changes and their implications, read about the dismissal of Ukrhydroenergo's board members.