Revamping Management in Ukraine's Energy Sector

The Cabinet of Ministers of Ukraine has adopted a new action plan aimed at reforming the management structures in the fuel and energy sector. This announcement was made by Prime Minister Yulia Svyrydenko on November 17.

The primary goal is to refresh management by forming new supervisory boards for state energy companies, including:

• NAEC "Energoatom": establishment of a new supervisory board;
• Naftogaz of Ukraine: conducting a competition for new supervisory board members, forming executive bodies of the Naftogaz Group (PJSC "Ukrgasvydobuvannya", PJSC "Ukrnafta", LLC "Gas Distribution Networks of Ukraine");
• Ukrhydroenergo: appointing a new state representative to the supervisory board, conducting a competition for the head of the executive body;
• Gas Transmission System Operator of Ukraine: updating the state representative in the supervisory board, completing the competition for the head of the executive body;
• NEC "Ukrenergo": updating the state representative in the supervisory board;
• Centerenergo, Energy Company of Ukraine, Ukrainian Distribution Networks, Regional Electric Networks, Dniester Hydroelectric Power Plant, Kremenchuk Thermal Power Plant — forming new supervisory boards;
• Guaranteed Buyer: transforming from a state enterprise into a joint-stock company, forming a new supervisory board;
• Updating charters and regulations regarding the supervisory board in the energy sector according to international corporate governance standards.

"The top priority this week is to establish the new supervisory board for Energoatom," Svyrydenko added.