The Supervisory Board of JSC NNEGC Energoatom has adopted a series of decisions aimed at strengthening integrity, accountability, and corporate governance at the Company. The launch of the international executive search and the related procurements were authorised at the tenth meeting of the Supervisory Board on 8 May 2026. The actions in response to information from anti-corruption authorities were taken at an extraordinary meeting on 10 May 2026.
Immediate actions following information from anti-corruption authorities
The Supervisory Board received on 8 May 2026 a referral from the National Anti-Corruption Bureau of Ukraine identifying facts that may indicate the commission of criminal offences by certain Company officials. The information was corroborated by a separate complaint.
The Supervisory Board has directed the following actions, to be implemented from the morning of 11 May 2026:
— Internal investigation. A formal internal investigation has been opened into the circumstances set out in the NABU referral and the corroborating complaint. The Supervisory Board will be kept informed of progress.
— Suspension of employees. Several Company employees have been suspended from work and from the performance of their duties for the duration of the investigation.
— Organisational restructuring. With the aim of strengthening control over the executive body's activities, the Supervisory Board has instructed to carry out measures for the reorganization of specific structural units of the Company responsible for physical protection and economic security. The restructuring is to be implemented no later than 19 June 2026.
The Supervisory Board considers cooperation with anti-corruption authorities critically important. It fully supports independent investigations, expects complete cooperation from the Company and its employees, and views accountability and transparency as essential for restoring public trust. The Supervisory Board records its appreciation to the National Anti-Corruption Bureau of Ukraine for the referral, and to the source whose complaint corroborated the matters identified.
International search for new leadership
The Supervisory Board has authorised the retention of an international executive search firm to support the merit-based selection of the Chief Executive Officer, Chief Nuclear Officer, Chief Financial Officer, and other positions appointed by the Supervisory Board. The Chief Executive Officer is the first priority, with parallel processes for the Chief Nuclear Officer and Chief Financial Officer.
A merit-based selection process, conducted free of interference, is the only way to attract candidates of the calibre this Company requires, and the only basis on which Energoatom's international partners — whose financing and operational support are essential — will sustain their engagement. Energoatom is operating Europe's largest nuclear fleet under wartime conditions; that responsibility allows for no other standard. The Supervisory Board will conduct the process on that basis, and on no other.
Independent governance review
The Supervisory Board has authorised two further procurements:
— A comprehensive governance assessment to be conducted by an international audit or consulting firm, benchmarked against OECD, ISO, COSO and IPPF standards, with a public report due by the end of 2026.
— Independent external legal counsel to support the Supervisory Board and its committees in the exercise of their statutory functions on a continuous basis.
Message to Energoatom employees
The Supervisory Board records, finally, what Energoatom's more than 30,000 employees have achieved. They have maintained the safe operation of a national nuclear fleet generating over 55 per cent of Ukraine's electricity through more than four years of full-scale war, with the Zaporizhzhia Nuclear Power Plant under Russian military occupation since March 2022. In 2025, the Company recorded its lowest number of significant safety events in recent years, with no events rated as accidents or incidents under the INES scale. They broke Ukraine's dependence on Russian nuclear fuel by transitioning the Company's uranium, enrichment, and fuel fabrication supplies to Western partners. They contributed over UAH 21.6 billion to frontline defence. They have done all of this notwithstanding a series of unacceptable behaviours and harmful actions in recent years that have undermined the compliance culture on which a nuclear operator depends. The Supervisory Board is determined to bring these to an end, restore integrity, and rebuild that culture. It will continue to work closely with the investigative authorities to ensure that misconduct is addressed and, where required, that those responsible are held to account. Energoatom's employees deserve governance worthy of their service, and this Supervisory Board is determined to provide it.
BACKGROUND
The Supervisory Board's work since February 2026
The Supervisory Board took office in February 2026 with a mandate to restore accountability, complete corporate governance reform, and position Energoatom as a credible, investable enterprise capable of delivering on Ukraine's nuclear ambitions.
On integrity, the Supervisory Board's first personnel decision was to terminate the powers of the executive suspended in November 2025 in connection with the Operation Midas materials. The Supervisory Board has mandated a comprehensive assessment covering the full period during which the alleged scheme is reported to have operated, with potential extension to 1 January 2022, and directed the immediate preservation of all corporate records from that date. It has directed full cooperation with the National Anti-Corruption Bureau, the Specialized Anti-Corruption Prosecutor's Office, and the State Audit Service of Ukraine. The Supervisory Board has also approved the procurement of an independent whistleblower reporting system.
On governance architecture, the Supervisory Board has established four committees, each chaired by an independent member: Audit; Nomination and Remuneration; Strategy and Financial Planning; and Environment, Health, Safety and Quality. It has advanced a comprehensive review and alignment of the Company's Charter with the model charter for state-owned enterprises in the energy sector and best corporate governance practices. It carries on selection processes for the Corporate Secretary and the heads of the Company's internal audit, compliance, and risk functions.
On the modernisation of the executive model, the Supervisory Board has agreed the separation of the Chief Executive Officer and Chief Nuclear Officer functions, with the support of the State Nuclear Regulatory Inspectorate and the Cabinet of Ministers. The Company inherited a Soviet operating model in which the two functions were fused, with the chief executive personally required to hold a nuclear licence. That arrangement has long been left behind by serious Western nuclear operators — Constellation and Southern Nuclear in the United States, EDF in France, Bruce Power and Ontario Power Generation in Canada — and by the post-Soviet utilities of Central Europe that have since made the same transition. The separation is the symbol of a larger migration the Supervisory Board is committed to leading away from Soviet-era governance and towards Western operating norms, and it widens the pool from which the next Chief Executive Officer can be drawn.
On financial oversight, the Supervisory Board has reviewed and approved the Company's 2025 financial and performance reporting, recommended a 2025 dividend of 50 per cent of net profit (UAH 9,344.2 million, payable in instalments through end-2026), and endorsed amendments to certain financial indicators and maximum threshold for capital investments for 2026.
On the operating conditions of the Supervisory Board, the independent members have served since February without receiving either the Directors' and Officers' liability insurance or remuneration to which they are contractually entitled under the civil-law agreements approved by the Government. Notwithstanding these gaps, the Supervisory Board has continued to discharge its duties throughout, but records that conditions of this kind compromise the independence the Supervisory Board is required by law to maintain and are contrary to the international standards of corporate governance to which the Government has committed. The Supervisory Board has received assurances that recent regulatory changes have created the basis on which both matters can now be resolved, and the Supervisory Board expects them to be without further delay.
On nuclear safety, the Supervisory Board affirmed at its inaugural meeting that all nuclear safety functions, decision-making processes, operational controls, and regulatory compliance obligations remain fully unchanged.
The Chair has communicated formally with the Director General of the International Atomic Energy Agency, the European Bank for Reconstruction and Development, the G7 Ambassadors' Support Group for Ukraine, and the Ambassador of the European Union to Ukraine.
