Management Board is a collegial management body set out in the Ignitis Group’s Articles of Association. The activities of the Management Board are regulated by the Law on Companies, its implemented legislation, the Corporate Governance Guidelines, the Articles of Association of Ignitis Group and the Rules of Procedure of the Management Board.
The Management Board consists of five members and elects the Chair, who is also the CEO of Ignitis Group, from among its members. The members of the Management Board are employees of the parent company, they are elected by the Supervisory Board on the proposal of the Nomination and Remuneration Committee. The Management Board is elected for a term of four years.
The Members of the Board of the Company must meet the general and specific criteria laid down by law. The Management Board of the parent company shall be formed in view of the provision that the competencies of the members of the Management Board must be diverse. The need for competencies is determined by the Nomination and Remuneration Committee and the Supervisory Board, which identify the required skills and, accordingly, approve the profiles of competencies of each of the Management Board members, during the formation of the Management Board.
