The Supervisory Board of JSC NNEGC Energoatom continues to implement a comprehensive programme aimed at strengthening corporate governance, accountability, transparency, and independent oversight across the Company, in line with the expectations of the Government of Ukraine and international partners.

The Government’s Expectations

A key element of this effort is the implementation of the Government's decision set out in Cabinet of Ministers of Ukraine Resolution No. 1223-r of 13 November 2025, which established an important framework for strengthening governance and accountability within state-owned enterprises. In the case of Energoatom, the Government specifically requested the conduct of a comprehensive operational and financial (corporate governance) analysis of the Company, reflecting the strategic importance of Energoatom for Ukraine's energy security and economy.

The Supervisory Board has approached this mandate with the utmost seriousness and has undertaken a broad programme of measures designed to ensure that the review delivers practical and sustainable improvements for the Company. The Board considers that achieving meaningful results requires not only conducting an independent assessment but also ensuring that the Supervisory Board itself possesses the necessary instruments, expertise, and institutional capacity to effectively oversee the process and discharge its responsibilities.

An important step in this direction was the adoption of Cabinet of Ministers of Ukraine Resolution No. 497 of 22 April 2026, which regulates certain aspects of the activities of Energoatom's Supervisory Board, outlines specific features of exercising the state's corporate rights, and establishes special procurement procedures applicable to the Company during martial law. These provisions were introduced to enable the Supervisory Board to independently secure the professional support necessary to fulfil the tasks entrusted to it by the Government.

Establishing Internal Compliance and Risk-Management Functions

As part of its efforts to strengthen independent oversight within the Company, the Supervisory Board has completed competitive selection procedures and adopted decisions on the appointment of candidates to four key functions reporting directly to the Supervisory Board: Corporate Secretary, Head of Internal Audit Unit, Head of Compliance Unit and Head of Risk Management Unit.

The appointments were approved following successful integrity assessments and confirmation that no circumstances exist that could create conflicts of interest or otherwise impede the independent performance of their duties.

These appointments represent an important milestone in the institutional development of Energoatom's governance framework. The newly appointed leaders will be responsible for establishing and developing independent functions within the Company, including the creation of dedicated departments and the implementation of policies, procedures, and controls consistent with international corporate governance standards.

Selecting the Panel of External Independent Advisors

To support the implementation of the Government's mandate and to enable the Supervisory Board to effectively perform its statutory responsibilities, the Supervisory Board has also concluded several professional services engagements in accordance with the procedure established by Resolution No. 497.

Following a competitive selection process conducted under the applicable framework, Ernst & Young Poland was selected to perform the comprehensive operational, financial, governance, and control assessment required by the Government. The review will provide an independent evaluation of Energoatom's systems, processes, controls, governance arrangements, and organisational effectiveness, together with practical recommendations for further strengthening the Company.

The Supervisory Board has also continued its cooperation with Sayenko Kharenko Attorneys' Office, which has been providing strategic corporate governance support to the Supervisory Board and will continue to assist the Board in matters relating to governance, compliance, and implementation of best practices.

In addition, Limited Liability Company “KPMG-Ukraine” has been engaged to provide independent legal advisory support to the Supervisory Board in connection with the exercise of its duties and responsibilities.

All external advisors engaged by the Supervisory Board operate under the direct supervision and control of the Supervisory Board and within clearly defined scopes of work. The advisors do not exercise management functions or replace the responsibilities of the Supervisory Board. Their role is to provide independent professional expertise, analysis, and recommendations to support informed decision-making. The Supervisory Board retains full responsibility for evaluating the advisors' work, determining whether recommendations should be implemented, monitoring progress, and ensuring that all services delivered provide tangible value to the Company and its shareholder.

The Supervisory Board considers access to independent professional expertise to be essential for effective oversight of one of Ukraine's most strategically important state-owned enterprises. Energoatom operates critical national infrastructure, manages significant public assets, and operates in a highly regulated environment subject to substantial domestic and international scrutiny. Independent legal, governance, compliance, risk management, and audit support helps ensure that the Supervisory Board can make informed decisions, maintain appropriate oversight of management, and implement governance reforms in accordance with international standards and the expectations of the Company's shareholder.

All engagements were approved and procured in accordance with the requirements established by Resolution No. 497 and under the direct oversight of the Supervisory Board.

“Strong governance is not an end in itself – it is a prerequisite for accountability, resilience, and public trust. The Supervisory Board is committed to ensuring that Energoatom operates according to the highest standards of corporate governance and transparency. The establishment of independent oversight functions and the engagement of external experts are important steps in building a stronger institution capable of meeting the expectations of Ukraine's citizens, its shareholder, and its international partners”,

— Rumina Velshi, Chair of the Supervisory Board, JSC NNEGC Energoatom