Independent oversight, merit-based leadership and an independent assessment lay the foundation for the next stage of change in 2027
Kyiv, 10 November 2026
One year ago, on 10 November 2025, the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialized Anti-Corruption Prosecutor's Office (SAPO) announced Operation Midas, an investigation into an alleged corruption scheme involving Energoatom's contractors. On 4 November 2026 NABU and SAPO completed the pre-trial investigation in the main proceedings; related proceedings remain ongoing and Energoatom continues to cooperate fully with the investigative authorities. Over the past year the Company has used this moment to begin building the systems that should prevent such schemes: how decisions are made and overseen, how money is spent and contracts are awarded, and how people are selected. “A year ago, Energoatom was at the center of one of the most serious corruption investigations in Ukraine,” said Rumina Velshi, Chair of the Supervisory Board. “Our responsibility as the new Supervisory Board is to ensure that weaknesses in governance, accountability and controls are independently examined and systematically addressed. We have begun strengthening independent oversight, selecting leaders on merit and working with management and external advisers to improve controls. Meaningful reform will be measured not by the decisions we announce, but by the results we deliver.”
A new Supervisory Board and a new governance architecture. The new Supervisory Board held its first meeting on 26 February 2026. Its first decisions mandated a comprehensive financial and operational analysis covering the full period of the alleged scheme, ordered the preservation of all corporate records, and directed full cooperation with NABU and the State Audit Service. The Supervisory Board set up four committees, each chaired by an independent member, introduced a structured management reporting framework and began aligning the Company's Charter with the OECD Guidelines on Corporate Governance of State-Owned Enterprises.
Independent control functions. Following competitive selection and integrity checks, the Supervisory Board appointed a Corporate Secretary and the heads of the internal audit, compliance and risk management functions, all reporting directly to the Supervisory Board. All four appointees are now in their roles. A temporary reporting channel has been opened, and procurement of an independent whistleblowing system has been approved. The Supervisory Board will monitor implementation, confidentiality, protection against retaliation and effective escalation to the Audit Committee. The new system is not yet operational.
“Strong controls are what protect Energoatom and its people,” said Laura Garbenciute-Bakiene, Chair of the Audit Committee. “Employees and suppliers will be able to raise concerns safely, outside the management line. The Audit Committee will oversee closely how these changes take hold. Our aim is simple: every reported concern should be investigated, challenged, recorded and, where necessary, acted upon.”
Leadership chosen on merit. Supported by an international executive search firm, the Supervisory Board has run open, merit-based selections for the Management Board. For the first time, the responsibilities for running the enterprise and for nuclear safety have been separated between a Chief Executive Officer and a Chief Nuclear Officer, in line with practice at leading nuclear operators. In September the Supervisory Board selected the winner of the open competition for Chief Executive Officer; the Supervisory Board is proceeding with the appointment, subject to completion of the applicable external regulatory procedures. Chief Nuclear Officer and Chief Financial Officer took up their duties in October, and the selection of the remaining members of the Management Board is at an advanced stage.
Early indicators of change in procurement. Early data indicate that the way the
Company buys is starting to change. In January–September 2026, open tenders and the e-catalogue delivered savings of 4.1% against expected value, up from 3.0% in the same period of 2025. Excluding one large one-off contract signed directly with manufacturer, the share of goods bought through intermediaries fell from 35% in 2025 to 31% in January-September 2026, and the share of contract value awarded in tenders with two or more bids rose from 16% in 2025 to 22% in January–September 2026. Competition remains a major concern: about half of open tenders still attract only one bid, and almost a quarter attract none. Savings against expected value alone do not establish value for money. Strengthening competition, validating procurement data and assessing actual outcomes will remain priorities in 2027.
An honest baseline. In October the Supervisory Board submitted to the Government the interim report of the independent assessment of corporate governance required by Cabinet of Ministers Order No. 1223-r. It sets a baseline maturity of 1.7 on a five-level scale as of 1 July 2026, a low baseline that underscores significant governance weaknesses, particularly in risk management and internal audit, and the scale of improvement required. The final report, with recommendations and a roadmap, will be submitted by 31 December 2026. In parallel, an independent comprehensive analysis is examining the business processes most exposed to integrity risk, to understand how controls failed and what must change.
Safe and reliable operation throughout. Through all of this, Energoatom's almost 30,000 employees have kept the nuclear fleet operating safely under wartime conditions, generating more than half of Ukraine's electricity.
Employees’ voice. As part of the independent assessment, more than 2,000 employees across the Company took part in a confidential survey on workplace culture, ethics and governance. The survey was run independently of the Company’s management, and results are reported only in aggregate. The Supervisory Board thanks everyone who took part. Employees’ views will inform the assessment’s conclusions, and the Supervisory Board intends to communicate key findings and resulting actions while protecting confidentiality.
What comes next. Personnel measures have been taken in respect of officers referred to in the NABU proceedings, and an internal investigation is ongoing. The independent assessment will be completed by the end of 2026, and its recommendations will guide the next stage of the transformation in 2027. The Supervisory Board expects the work to focus on a few key areas: clear accountability for key decisions and processes; stronger controls over procurement, contracts and payments; effective compliance and integrity safeguards, including protection for those who raise concerns; and leadership and people decisions based on merit. The Supervisory Board will establish measurable milestones, monitor implementation, assess its own effectiveness and report periodically to employees, the shareholder, international partners and other stakeholders on progress and remaining gaps.
“The work is far from finished,” Ms. Velshi added. “In 2027, we will translate the findings of the independent assessment into measurable improvements and report transparently on our progress. The people of Ukraine, and Energoatom’s employees who continue operating our nuclear plants under extraordinary wartime conditions, deserve nothing less.”
