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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
Chair, Member since 13/10/2017
Re-elected on 27/09/2021
Independent
Term of office expires: 26/09/2025
Experience
Irena has over 30 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 and European Stability Mechanism.
She is a member of the Lithuanian Association of Certified Auditors and the Association of Chartered Certified Accountants (ACCA), and a member of the Association of Internal Auditors. She was elected as 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. State Enterprise Centre of Registers, Member of the Audit Committee. UAB “Vilniaus viešasis transportas”, Member of the Audit Committee.
Owned shares of the parent company
None.
Saulius Bakas
Independent member
Saulius Bakas
Member since 27/09/2021
Independent
Term of office expires: 26/09/2025
Experience
Saulius is an experienced professional with over 25 years of experience in accounting & reporting, audit and assurance, internal controls and risk management. From the start of his career until 2020 he worked at international accounting and audit firms (Big4) and most recently from 2012 to 2020 was a partner with Deloitte Central Europe and in-charge of audit and assurance business in the Baltics region. Since 2021 he is a partner at Viridis sustainability, a boutique sustainable finance advisory firm. 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.
Other current place of employment, position
Co-founder and CEO at Viridis Sustainability.
Owned shares of the parent company
None.
Marius Pulkauninkas
Independent member
Marius Pulkauninkas
Member since 27/09/2021
Independent
Term of office expires: 26/09/2025
Experience
Marius is a highly experienced finance and audit professional with a career of 14 years working at an audit and assurance services company Ernst & Young, coupled with business experience as a CFO at KN Energies (former Klaipėdos Nafta), a company operating oil and liquefied natural gas terminals in Lithuania. His business expertise was further developed at Valstybinė miškų ūrėdija, 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”.
Owned shares of the parent company
None.
Judith Buss
Independent member
Judith Buss
Member since 12/11/2020
Re-elected on 26/10/2021
Independent
Competence: financial management
Committees: Audit Committee
Term of office expires: 25/10/2025
Experience
Judith has held senior executive leadership positions in the E.ON Group (a leading European energy company in the DAX-40 Group) for more than 20 years, including as Chief Financial Officer of the global E.ON Climate & Renewables Group with a portfolio of assets >10bn€ in development, construction and operations of onshore and offshore wind and solar assets in Europe, North America and APAC. Judith has broad experience in the global energy industry and in financial markets/M&A, as well as in corporate governance and sustainability, serving as a member of several boards of directors in companies operating in Germany, Lithuania, 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; University of Duesseldorf, Bachelor‘s degree in art history.
Other current place of employment, position
Member of the Supervisory Board of Uniper SE; Chair of Audit Committee of Uniper SE; Member of Supervisory Board of Hella GmbH & Co. KGaA, Lippstadt, Germany; Member of Shareholder’s Committee of Hella GmbH & Co. KGaA, Lippstadt, Germany; Chair of Audit Committee of Hella GmbH & Co. KGaA, Lippstadt, Germany.
Owned shares of the parent company
None.
Ingrida Muckutė
Majority Shareholder’s representative
Ingrida Muckutė
Member since 26/10/2021
Majority Shareholder’s representative
Competence: public policy and governance
Committees: Audit Committee
Term of office expires: 25/10/2025
Experience
Ingrida is a highly experienced accounting and reporting, financial audit regulation professional since 2004 working at the Ministry of Finance. She started her career in the Ministry of Finance as a Director of Accounting Methodology Department, where she initiated and led the public sector accounting reform.
In 2013, during Lithuania’s presidency in the European Council, she was chairing the Task Force 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.
Owned shares of the parent company
None.