Best governance practices continue to be implemented on the proposal of the Supervisory Board of Ignitis Group

Taking into consideration the proposals from the Supervisory Board of Ignitis Groupand independent experts and continuing to implement best governance practices as well as aiming to initiate the selection of the Group’s Supervisory Board for a new term of office, the Ministry of Finance proposes changes in the Corporate Governance Guidelines.

Upon implementation of the planned changes, the Supervisory Board would form three advisory committees from its members: the Audit and Risk Committee, the Nomination and Remuneration Committee, and the Sustainability Committee. The Supervisory Board would consist of 9 members, 6 of whom would be independent members and 3 would be civil servants. Additionally, efforts would be made to ensure that at least one-third of the Supervisory Board members continue to work for a new term of office.

Currently, the Group’s corporate governance structure consists of the General Meeting of Shareholders, the Supervisory Board, the Management Board, and the CEO. The Supervisory Board has established the Risk Management and Sustainability Committee and the Nomination and Remuneration Committee. Additionally, the Group has the Audit Committee elected by the General Meeting of Shareholders. The current Supervisory Board of Ignitis Group is composed of 7 members, 5 of whom are independent.

Decisions on the proposed changes will be made at the General Meeting of Shareholders to be held on 7 May. If positive decisions are made, the updated Corporate Governance Guidelines and the Articles of Association of Ignitis Group will apply to the structure of the new Supervisory Board and the selection of its committees for a new term of office. The current Supervisory Board’s term of office expires on 25 October 2025.