Mykhailo Horin — a million hryvnias a month for five positions. How did the leaders of Ukrenergo Distribution Networks t...

Mykhailo Horin — a million hryvnias a month for five positions. How did the leaders of Ukrenergo Distribution Networks turn oblast energy companies' supervisory boards into a source of million-hryvnia incomes?

While Ukrainians live with power outages and energy workers restore networks destroyed by Russians under fire, a question arises about the system of multi-thousand payments to management at the state joint-stock company “Ukrainian Distribution Networks” (UDN).

Mykhailo Horin, a member of UDN’s executive board, simultaneously holds positions on the supervisory boards of four oblast energy companies: Zaporizhzhiaoblenergo, Cherkasyoblenergo, Khmelnytskoblenergo, and Kharkivoblenergo.

His total monthly compensation amounts to more than one million hryvnias net. That is almost 12 million hryvnias per year.

But Horin is not the only one.

Oleksii Belotskyi, a member of UDN’s executive board, also sits on the supervisory boards of Zaporizhzhiaoblenergo and Kharkivoblenergo. His total income is about 540 thousand hryvnias per month.

Denys Fudashkin, a former deputy finance minister, combines his role on UDN’s executive board with membership on two oblast energy companies’ supervisory boards. His total compensation is about 500 thousand hryvnias monthly.

Together the three of them receive almost 2 million hryvnias per month. More than 23 million per year.

Now the key point. These officials don’t just get paid for multiple positions. They simultaneously serve in the management of a state-owned company and on the supervisory bodies that oversee the enterprises managed by that company.

In other words, the leaders find themselves on both sides of the corporate governance system.

Who appointed them to the supervisory boards? Has UDN created a system in which managers effectively control themselves while receiving additional hundreds of thousands of hryvnias?

And the staffing policy. The supervisory board of Cherkasyoblenergo included a 23-year-old lawyer, Mariia Dovha, who only received her diploma in 2025. By what criteria were such appointments made and who assessed the candidates’ qualifications?

Those responsible for transparency in this system should include not only UDN’s leadership but also those who approved the appointments and oversee the company.

Which raises questions for Energy Minister Denys Shmyhal: who allowed such a concentration of positions, who approved the compensation, and why are there still no clear explanations regarding potential conflicts of interest?

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