Supervisory Board of Ukrenergo confirms dismissal of Kudrytskyi

Ukrenergo's Supervisory Board confirmed that it has decided to terminate the powers of Volodymyr Kudrytskyi as the company's Chairman of the Board of Directors by agreement of the parties. Daniel Dobbeny, Chairman of the Supervisory Board of NPC Ukrenergo, and Peder Andreasen, a member of the Supervisory Board, have submitted their written notices of early termination of their powers as members of the company's Supervisory Board. This is stated in their statement, UNN reports.

Yesterday, on September 2, the Supervisory Board held an extraordinary meeting at the initiative of the Chairman of the Management Board Volodymyr Kudrytskyi, who presented a report on the protection of high-voltage network facilities during Russian attacks and the situation around the company in the public domain. During the meeting, the majority of the Supervisory Board members decided to terminate the powers of Volodymyr Kudrytskyi as Chairman of the Management Board of the Company early by agreement of the parties

Dobbeny and Andreason announced that today, on September 3, they submitted their written notices of early resignation as members of the company's supervisory board.

We believe that the decision to dismiss the CEO of Ukrenergo early is politically motivated and, based on the results of the report presented, has no justified grounds. We pay tribute to the Management Board of Ukrenergo and the entire staff of the Company, who demonstrated unprecedented courage and professionalism in the turbulent times of war. The results of Ukrenergo's work over these 2.5 years are the best evidence of this

In their statement, they said that Ukrenergo had successfully fulfilled its main strategic goals despite the Russian invasion.

The company is a member of the energy association ENTSO-E, the energy system of Ukraine is united with the energy system of continental Europe. The Company's management ensured process control and control over the power system, both in the first three weeks of the isolated mode of operation of Ukraine's power system, and during massive Russian missile attacks on the company's facilities, the statement states.

It is also reported that more than 60 objects of unique complex anti-drone protection have been built at high-voltage substations. The pace of restoration of the high-voltage network after unprecedented missile and drone attacks allows the Company to fully fulfill the function of the energy system operator.

During the full-scale war, Ukrenergo attracted more than 1.5 billion euros of international support for restoring the power system, maintaining liquidity and building engineering defenses.

This is evidence of transparent procurement processes in the Company and its impeccable reputation among international stakeholders, the statement says.

They note that as ex-presidents of the association of operators of the European continental network ENTSO-E, they joined the Supervisory Board of the Company in December 2021, when the "Ukrenergo" team was preparing the energy system of Ukraine for disconnection from the energy systems of Russia and Belarus, for integration with the European network , and the company to membership in ENTSO-E.

Our strategic task as members of HP was to help the Company successfully go through this path and guarantee the political and business independence of the system operator. After all, this is one of the key prerequisites for membership in ENTSO-E. From the first days of our work in the Supervisory Board of Ukrenergo, we felt political pressure and observed constant attempts to bypass the competition to appoint people whose professional qualities were questionable to the Company's Management Board. We regularly received reports from the Company's management during meetings about the negative impact on the Company's reputation of anonymous sources in social networks and pressure on employees from law enforcement agencies, the statement states.

They note that in the conditions when the corporate management of the Company according to OECD standards is called into question, they do not see the possibility of continuing their work in the Supervisory Board of "Ukrenergo".

Violating the principles of corporate governance and making a decision to dismiss its manager without proof of improper management is unacceptable and may affect the further cooperation of Ukrenergo with ENTSO-E member operators - the statement emphasized.