15.04.2026
Energy Club is launching a project dedicated to corporate governance in the energy sector of Ukraine.
Today, this topic is back in the spotlight. Following high-profile corruption scandals in the energy sector, the renewal of supervisory boards in state-owned companies, and a new wave of discussion about the role of the state as an owner, it has become obvious: corporate governance can no longer be viewed merely as a formal donor requirement or a set of reporting procedures. It is about the quality of decisions, personal accountability, trust in companies, and the industry’s ability to attract investment for recovery and development.
The goal of the special project is to create a professional platform for a meaningful conversation about what the new model of governance in energy should look like. We want to focus not only on the composition of supervisory boards but also on the real balance of power between the state as a shareholder, the supervisory board as a control body, and management as the executive center of the company. A special emphasis is on how to transform corporate governance into a tool of investment trust rather than a formality. The government directly links the renewal of supervisory boards and corporate governance reform with transparency, accountability, efficiency, and integration into OECD standards.
Why this is important right now
First, corporate governance has become a matter of trust, not just form.
To rebuild the energy sector, Ukraine needs significant external resources, and international capital goes where there are clear rules, accountability, and predictability of decisions. This is directly stated by Ukrainian companies that have already undergone the transformation of corporate governance and link it with an increase in their own investment capacity.
Second, a new practice of supervisory boards’ work in state energy companies is being formed right now.
The renewal of the boards’ composition in Naftogaz, Energoatom, Ukrenergo, and other companies means that the industry is entering a new stage, where it is especially important to understand what exactly is expected from independent members, how the state should work as an owner, and where the line between strategic control and political influence lies.
Third, energy requires not only technical recovery but also institutional resilience.
The existence of a modern governance model directly affects the quality of decisions, personnel policy, financial discipline, the ability to work with donors and international banks, as well as the overall reputation of the sector.
Fourth, it is time to move from declarations to practical solutions.
Ukraine is already declaring its orientation towards OECD standards and modern approaches to corporate governance. The next step is to discuss how these principles are actually implemented in energy companies, what barriers arise in practice, and what solutions can be useful for both the public and private sectors.
The project will be useful for state and private energy companies, members of supervisory boards, top management, representatives of authorities, international financial institutions, donors, and the expert community. Our task is not just to discuss the problem, but to gather practical conclusions that can be applied during further reform of energy companies.
During the first two months, Energy Club will conduct a series of online meetings with members of supervisory boards, company heads, representatives of the state, international experts, lawyers, auditors, and corporate governance specialists.
The focus will be on practical issues: how a supervisory board actually works in a state company, where the line between control and interference in operational management lies, how to build relationships between the shareholder, the board, and the management, how to prevent conflicts of interest, and what exactly the independence of a supervisory board member means in today’s Ukrainian realities.
In parallel, a series of interviews with market participants and international experts will be published on Energy Club resources. This will allow showing not only the Ukrainian agenda but also an external view of how ready Ukrainian energy companies are for a new quality of governance.
In the third month of the project, an offline event will take place in Kyiv. It will become a platform for a final discussion between representatives of energy companies, the government, international partners, and the professional community.
The focus of this meeting will not be on general theoretical approaches, but on practical conclusions: what management mistakes of recent years should be taken into account, how to avoid institutional weakness in state companies, how to strengthen the role of supervisory boards without losing controllability, and what specific solutions can make the energy sector more understandable for investors.
Based on the results of the special project, Energy Club will prepare an analytical document, which will summarize the main conclusions of the discussions, interviews, and expert discussions.
It is not only about fixing problems but about forming a practical agenda: what changes are needed in the corporate governance of energy companies, how to increase the accountability and independence of management bodies, how to reduce political and corruption risks, and how to strengthen the investment attractiveness of the sector through quality governance.
https://www.iclub.energy/corporate-governance-energy/
