Skip to main content

Governance of AB “Ignitis grupė” subsidiaries is optimised

Written by Customer Service on . Posted in Public Companies.

The Supervisory Board and the Management Board of AB “Ignitis grupė” (hereinafter – the Group) have adopted decisions to replace a two-tier management model applicable in the Group’s main subsidiaries AB “Energijos skirstymo operatorius”, AB “Ignitis gamyba” and UAB “Ignitis” (hereinafter – the Subsidiaries) with a one-tier management model, i.e. to remove the Executive Boards made up of employees and instead to form Boards with a supervisory function that will be made up of at least 1/3 of independent members, civil servants and shareholder representatives. These Boards will have a duty to perform supervisory functions for the above-mentioned companies and therefore the Supervisory Boards currently operating in the Subsidiaries will be removed. UAB “Ignitis renewables” already applies a one-tier governance model and therefore it will not undergo any change.

This decision was adopted in accordance with the Group’s Corporate Governance Guidelines approved by the Ministry of Finance of the Republic of Lithuania, following an assessment of the external and internal business environment, an evaluation of the activities and structure of these companies and in order to make sure that the management and supervisory bodies of the Subsidiaries are optimal and ensure the implementation of the interests of the Group as the shareholder and those of other stakeholders as well as are in line with international and national best practices in corporate governance.

A one-tier governance model in the Subsidiaries will ensure simpler but at the same time effective governance which continues to meet the highest standards of governance, speedy decision-making, fast communication, and active involvement of independent members. The change will further ensure the Group’s transparency and openness, timely and accurate disclosure of information about the Group and its Subsidiaries, and the accountability of the management and supervisory bodies.

Given the different expiry dates of the terms of office of the Subsidiaries’ collegial bodies, the change in the governance model from a two-tier to a one-tier governance model will take place in two stages. In the first stage, the governance model of AB “Energijos skirstymo operatorius” and AB “Ignitis gamyba” is planned to be changed until the end of this year while the governance model of UAB “Ignitis” will be changed in the second stage until Q2 2023.

The governance model of the parent company AB “Ignitis grupė” will remain unchanged.

For more information, please contact:

Artūras Ketlerius
Head of Public Relations at Ignitis Group
arturas.ketlerius@ignitis.lt
+370 620 76076

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.