Board Chair Rumina Velshi: “The status quo ends today.”
KYIV, March 2, 2026 – The newly constituted Supervisory Board of JSC “NNEGC “Energoatom” held its inaugural meeting on February 26, electing Rumina Velshi as Chair, and took immediate action to restore accountability at Ukraine’s largest energy company.
In a single session, the Board initiated a comprehensive analysis of the company’s financial activities covering the full period of the alleged Operation Midas corruption scheme, directed the preservation of all records, pledged assistance to NABU, SAPO, and the State Audit Service, launched a merit-based review of executive leadership, and terminated the powers of a suspended executive.
“The people of Ukraine deserve to know exactly what happened at this company, and they will,” said Chair Velshi. “We are opening the books, preserving the evidence, assisting law enforcement, and ensuring that the leadership of this critical national asset meets the highest standards of integrity. The status quo ends today.”
What the Board Did
Initiated a comprehensive analysis.
The Board mandated a comprehensive financial and operational analysis to be carried out by an independent comprehensive analysis firm with independent external legal counsel. The review will cover the full period during which the Operation Midas corruption scheme is alleged to have operated, reaching back to at least January 2022.
Locked down the evidence.
A company-wide document preservation directive took effect immediately. No record, electronic or physical, may be destroyed, deleted, or altered.
Opened the door to law enforcement.
The Board directed full assistance to NABU, SAPO, and the State Audit Service, and instructed management to fulfil any law enforcement request promptly. Chair Velshi will write directly to the heads of each institution to establish communication channels.
Launched an executive review.
Every executive and key governance position will be assessed against clear standards of qualification, performance, and integrity. Competent leaders will be retained. Where change is needed, the Board will run independent, merit-based searches.
Terminated a suspended executive.
The Board by unanimous vote terminated the powers of an acting Executive Body member who had been suspended by the Cabinet of Ministers in November 2025 on the basis of materials received from NABU in connection with Operation Midas. The executive submitted a resignation prior to the meeting.
Will submit a dividend proposal within statutory deadlines.
The Board will adopt a conditional dividend proposal before the statutory 15 March deadline, consistent with the Owner’s Letter of Expectations for 2026. The final dividend amount will be confirmed upon receipt of the independently audited financial statements, ensuring that any distribution is based on verified figures. The Board will ensure that the Shareholder is prepared to take a final dividend decision before the 1 May statutory deadline.
Protected nuclear safety.
The Board’s first substantive resolution affirmed that nuclear safety is non-negotiable and that all safety functions remain unchanged.
Put governance infrastructure in place.
The Board established four committees, directed a review of the company’s whistleblower mechanisms to ensure independence and anonymity, ordered a dedicated governance budget free from management control, and initiated procurement of Directors’ and Officers’ liability insurance.
Why This Matters
Energoatom generates more than 55% of Ukraine’s electricity. Nearly 34,000 employees keep the country’s lights on during a war, operating reactors under constant threat while one of the company’s plants, Zaporizhzhia, remains under Russian military occupation. These employees broke Ukraine’s dependence on Russian nuclear fuel, partnered with Westinghouse to build domestic fuel fabrication capability, and contributed over UAH 18.5 billion to frontline defence. They deserve leadership worthy of their service.
“This company’s 34,000 employees have done something no other nuclear workforce in the world has ever been asked to do,” said Chair Velshi. “They kept a national energy system running in the middle of a war. Our job is to make sure the institution they serve is governed with the same integrity they bring to their work every day.”
Board Composition
Patrick Fragman was elected Vice-Chair. The Supervisory Board comprises four independent members and three state representatives:
Independent Members: Rumina Velshi, Chair (Canada); Patrick Fragman, Vice-Chair (France); Laura Garbenciute-Bakiene (Lithuania); Brice Bohuon (France).
State Representatives: Vitaliy Kindrativ; Dariia Marchak; Maksym Malashkin.
About Energoatom
JSC NNEGC Energoatom operates all active nuclear power plants in Ukraine, providing over 55% of the country’s electricity. The Zaporizhzhia Nuclear Power Plant, Europe’s largest, has been under Russian military occupation since March 2022.
Media Contact: Tetiana [email protected]/(044) 206-97-12
