16.04.2026
The topic of corporate governance in the energy sector is back in the spotlight, and this is no coincidence.
Recent events surrounding state-owned energy companies have once again demonstrated a simple truth: the mere existence of a supervisory board, formally drafted procedures, or public declarations of transparency does not guarantee that the system is functioning correctly. Genuine corporate governance begins where there is respect for roles, procedures, defined boundaries of authority, and accountability for decisions.
This is particularly critical for the energy sector. We are talking about a sector operating under wartime conditions, requiring massive investment, facing constant pressure, yet mandated to remain manageable, stable, and transparent to the state, the market, and international partners. In such a context, corporate governance is not a secondary issue—it is a fundamental requirement for a company’s viable operation.
It is especially noteworthy that a new phase for supervisory boards is currently unfolding within the state sector. Board compositions are being refreshed, approaches are being reviewed, and the question of the state’s role as an owner is being raised anew. Yet, the central question remains: what exactly are we trying to build in practice? A truly independent and accountable management system, or merely an outward imitation of one?
In my view, the primary flaw in Ukrainian practice is that corporate governance is too often assessed by its external attributes. There is a board, there are committees, there are regulations, and there are meetings. But this is not enough. The real question lies elsewhere: how are decisions actually made? Does the supervisory board function as an oversight body or merely as a decorative element? Does management have a clear space for responsibility? Does the state exercise its ownership function through established rules rather than through “manual” interference? This is where the true substance of the matter lies.
For business, this is not a theoretical exercise. The quality of corporate governance directly impacts how a company navigates a crisis, secures financing, interacts with the regulator, undergoes audits, and how it is perceived by creditors, donors, and investors. This is particularly true in energy, where management errors carry not only financial but systemic consequences.
Today, Ukraine requires vast resources to restore its energy infrastructure. However, international capital does not flow into environments lacking clear management logic, where accountability is blurred, and where it is unclear who truly makes the decisions. That is why the topic of corporate governance is now directly linked to investment trust.
There is another aspect that cannot be ignored: corporate governance in the state sector is always a matter of balance. On one hand, as the shareholder, the state has every right to define strategic priorities, demand efficiency, and oversee asset utilization. On the other hand, if the system shifts into a mode of constant, situational interference, no company can operate effectively—especially in a sector as complex as energy.
This is why Energy Club is launching a special project dedicated to corporate governance in the energy sector.
We intend to discuss this topic without formalities or empty slogans. We are not interested in how correct the documents sound, but in how the system works in real life. Where is the line between strategic oversight and interference in operational management? How should a supervisory board in a state-owned company function? What does the independence of its members mean in practice, rather than just on paper? How can we avoid conflicts of interest? How do we ensure that corporate governance becomes a real tool for resilience and trust rather than just a reporting formality?
Over the next three months, we will conduct a series of online meetings and interviews with supervisory board members, CEOs, lawyers, auditors, government officials, and international experts. The project will culminate in an offline discussion in Kyiv. Based on these findings, we will prepare an analytical document featuring conclusions and practical recommendations.
It is vital for us that this conversation remains professional. Without unnecessary noise. Without reducing everything to specific names or isolated incidents. We are talking about the system. It is the quality of this system that will determine whether Ukrainian energy companies will be manageable, accountable, attractive to investors, and capable of long-term performance.
Now is the right moment for this dialogue—not because the topic has become popular, but because without quality corporate governance, the energy sector will be unable to successfully navigate the period of recovery and development.
