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Audit Committee
The Audit Committee is responsible for monitoring the process of preparation of financial statements of the Group, with a focus on the relevance and consistency of accounting methods used. In addition, it is responsible for monitoring the effectiveness of the Group companies' internal control and risk management systems affecting the audited Group’s financial statements, as well as the effectiveness of internal audit. Also, the committee is responsible for oversight the audit of the annual financial statements of Group companies which are public interest entities and the consolidated financial statements of the Group. Also, the Audit Committee submits opinions on transactions with related parties as provided for in the Law on Companies of the Republic of Lithuania.
The Audit Committee consists of 5 members, which are appointed by the General Meeting of Shareholders for a period not exceeding 4 years, ensuring that the majority of the members of the Audit Committee are independent members. Two candidates for the Audit Committee are nominated by the Supervisory Board. The Chair of the Audit Committee is elected by the members of the Audit Committee from among their independent members.
The term of office of the effective Audit Committee is until 26/09/2025.
Regulations of the Audit Committee
Irena Petruškevičienė
Chairperson Independent Member
Irena Petruškevičienė
Irena Petruškevičienė is the Chair of the Audit Committee.
Irena has more than 25 years of experience in the field of auditing acquired in Lithuania and at international organisations. She worked for 10 years at an audit and consulting company PricewaterhouseCoopers, was a Head of Financial Strategy & Management Programme at ISM University of Management and Economics. Irena also worked for many years at international institutions including the European Court of Auditors, the European Commission and the UN World Food Programme. She is a member of the Lithuanian Association of Certified Auditors and the Association of Chartered Certified Accountants (ACCA) as well as was a member (Vice Chair) of the Board of Auditors of European Stability Mechanism. She was elected a member of the parent company's Audit Committee for the first time in November 2014.
Education
Vilnius University, Diploma in Economics.
Other current place of employment, position
Maxima Grupė Chair of the Audit Committee.
Number of shares in parent company
None.
Saulius Bakas
Independent member
Saulius Bakas
Saulius is an experienced professional with over 25 years of accounting & reporting, audit and assurance, internal controls, risk management experience in Lithuanian, USA and Ukrainian markets. He worked as an auditor at an audit and consulting company PricewaterhouseCoopers. Saulius was also a country managing partner at Deloitte Lithuania from 2012 to 2020. He is a member of the Lithuanian Association of Certified Auditors and a fellow member of the Association of Chartered Certified Accountants (ACCA).
Education
Vilnius University, Master’s degree in Economics; Vilnius University, Bachelor’s degree in Business Administration, CIA – Certified Internal Auditor.
Other current place of employment, position
Self-employed consultant at UAB Sauba.
Director of UAB “VIRIDIS Sustainability“
Number of shares in parent company
None
Marius Pulkauninkas
Independent member
Marius Pulkauninkas
Marius is a highly experienced finance and audit professional with a career of 14 years at an audit and assurance services company Ernst & Young, coupled with business experience as a CFO of Klaipėdos Nafta, a company operating oil and liquefied natural gas terminals in Lithuania. His business expertise was further developed at Valstybinių miškų urėdija, where he held a position of General Manager.
Education
Vilnius University, Master’s degree in Business Administration and Management; Baltic Institute of Corporate Governance, Professional Board Member Education Programme.
Other current place of employment, position
General Manager and shareholder at UAB Kalnų grupė.
Number of shares in parent company
None
Judith Buss
Independent member
Judith Buss
Judith Buss has more than 20 years of experience in various senior leadership positions in the global energy industry and financial markets and has worked internationally in Germany, Norway and the UK. She has significant experience in corporate finance, leading and negotiating large international M&A growth acquisitions, integration processes and organizational and cultural change processes. Judith has held several executive positions at E.ON group, most recently as Chief Financial Officer of E.ON Climate & Renewables. She also has experience in corporate governance serving as a member of several boards of directors in companies operating in Germany, Norway, the UK, Russia and Algeria.
Education
University of Augsburg, Master’s degree in Business Administration (Banking, Finance and Controlling); Leadership Programs at IMD Business School, Lausanne, and Massachusetts Institute of Technology, Boston.
Other current place of employment, position
Member of the Supervisory Board
Member of the Shareholder’s Committee
Chair of the Audit Committee of Hella KGaA.
Number of shares in parent company
None.
Ingrida Muckutė
Ingrida Muckutė
Ingrida is a highly experienced accounting and reporting, financial audit regulation professional with a career of 17 years working at the Ministry of Finance. She started her career in the Ministry of Finance as a Director of Accounting Methodology Department in 2004, where she initiated and led the public sector accounting reform. In 2013, during Lithuania’s presidency in the European Council, she was chairing Working Party on Company Law meetings on Audit Directive and Regulation. From then on, her responsibilities cover chairing the Committee of National Accounting Standards for private and public sectors. She also actively contributes to modernising the national systems of accounting, companies’ insolvency and property and business valuation through proposals of legal initiatives.
Before her career in the Ministry of Finance, she worked as a financial controller at Konica Minolta Baltija and as a senior auditor in Arthur Andersen, and later in Ernst & Young Baltic.
Education
Vilnius University, Master’s degree in Economics, Accounting, Finance and Banking; Uppsalla University (Sweden), Financial Management Programme.
Other current place of employment, position
Director of the Reporting, Audit, Property Valuation and Insolvency Policy Department at the Ministry of Finance of the Republic of Lithuania.
Number of shares in parent company
None.