Governance
Ignitis Group is one of the best governed state-owned enterprises in Lithuania. It has been awarded the highest rating of ‘A+’ in the Good Corporate Governance Index conducted by the Governance Coordination Centre.
The Group’s governance framework is based on the most advanced international and national practices, the recommendations of the OECD, the Corporate Governance Code for the Companies Listed on Nasdaq Vilnius and the guidelines on the Governance of State-Owned Enterprises in the Baltic States of the Baltic Institute of Corporate Governance.
Governance framework
Ignitis Group's governance is based on the Guidelines for Corporate Governance of the State-Owned Group of Energy Companies approved by the order of the Minister of Finance. Additionally, in its Letter of Expectations the Ministry of Finance expresses its expectations regarding the activities of Ignitis Group.
Corporate governance framework
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Shareholders’ rights and General Meetings of Shareholders
Our shareholders exercise their rights at the General Meeting of Shareholders. The General Meeting of Shareholders is the highest decision-making body of the parent company and adopts resolutions in accordance with the Law on Companies of the Republic of Lithuania. Each shareholder who has been entered in the register of shareholders of the parent company before the record date (the fifth day before the General Meeting of Shareholders) has the right to attend the General Meeting of Shareholders and exercise his/her power of decision in the matters falling within the competence of the General Meeting of Shareholders.
Notices about the convening of a General Meeting of Shareholders, including all the relevant and necessary information, the annexes of items on the agenda and the resolutions of the General Meeting of Shareholders are published on the website of the parent company. The notices about the meetings are also published through the Nasdaq Vilnius and London Stock Exchange notice publication systems.
Supervisory and management bodies
Supervisory Board
The Supervisory Board is a supervisory collegial body, which is elected by the General Meeting of Shareholders for a four-year term. The Supervisory Board of AB “Ignitis grupė” comprises seven members: two representatives of the Ministry of Finance and five independent members. The Supervisory Board elects its chair from among its members.
Management Board and CEO
The Management Board is a collegial management body. AB “Ignitis grupė” Management Board comprises five members, who elect the chair of the Management Board, who is also the CEO of the parent company, from among its members.
The Management Board members are responsible for ensuring that the Group's activities are carried out properly. They also supervise their respective areas.
Audit Committee
The committee members are elected for a four-year term.
Risk Management and Sustainability Committee
The Risk Management and Sustainability Committee submit conclusions and/or proposals to the Supervisory Board on the state of implementation of the governance and internal control systems, the most important risk factors and the risk management measures within the Group. The committee also oversees sustainability management, adherence to ethical conduct and corruption risk control. If necessary, it also submits recommendations to the Supervisory Board.
The committee members are elected for a four-year term.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee is responsible for evaluating the candidates for the management and supervisory bodies as well as senior executive positions at the Group companies, submitting conclusions or proposals to the Supervisory Board. The committee is also responsible for implementing measures that ensure the continuity of activities of the management and supervisory bodies as well as assessing the structure, size, composition and activities of the management and supervisory bodies of the Group companies.
The committee members are elected for a four-year term.
Other relevant information
Operational documents
Ignitis Group is determined to act justly and according to national legislative requirements and international standards. All activities of the Group are regulated by our policies.
Governance report
Integrated annual reports of the Group comprise all the relevant reports.
Remuneration
We are dedicated to attracting and retaining top talents who have a global vision and develop innovations. Our remuneration system is based on transparency.