Ex-head of Ukrenergo Kudrytsky counts on independent supervisory board in company’s exit from technical default

The presence of a majority of independent members in the composition of NPC Ukrenergo's supervisory board, who are professionals with a good reputation, should be key to the company's exit from technical default, maintaining corporate governance according to European standards and independence from political influence, said former head of the board of Ukrenergo Volodymyr Kudrytsky.

"All these people are highly qualified professionals with a reputation in the European Union, which they will definitely not risk. For Ukrenergo, the presence of a majority of truly independent members in the supervisory board is a guarantee of professional management, maintaining corporate governance according to OECD standards, and the company's independence from political influence," he wrote on Facebook on Wednesday.

At the same time, Kudrytsky emphasized that this would be a signal to creditors and investors that the company has a "healthy" corporate climate, which should be key to its successful exit from technical default, since it will unblock financing from international financial institutions.

"This financing is necessary to resume the process of restructuring the company's debt, which was supposed to be carried out in September of this year," Kudrytsky noted.

As reported, the Cabinet of Ministers of Ukraine, by order No. 1168-r dated November 26, 2024, approved four independent members to the supervisory board of NPC Ukrenergo.

Patrick Graichen served as State Secretary of the German Ministry of Economic Affairs and Climate Protection in 2021-2023, Luigi De Francisci is a former top manager of TERNA and Enel, who was already a member of the Ukrenergo Supervisory Board, Jeppe Kofod is a former Minister of Foreign Affairs of Denmark, and Jan Montell has experience as a top manager and member of the board of directors of a number of Finnish energy companies.

Since November 9, 2024, Ukrenergo has temporarily suspended payments on debt obligations on $825 million in green sustainable development bonds issued in 2021.